新希望聚焦业务利润大增，“瘦身”行动仍在继续

Core Viewpoint - New Hope Liuhe Group reported a significant decline in total revenue for 2024, primarily due to the divestment of its poultry and food processing segments, while achieving substantial growth in profits driven by improved pig farming conditions and cost management [1][2]. Financial Performance - Total revenue for 2024 was 103.06 billion yuan, a decrease of 27.27% year-on-year [1] - Operating profit reached 999.8 million yuan, an increase of 232.21% year-on-year [1] - Total profit amounted to 481 million yuan, up 170.58% year-on-year [1] - Net profit attributable to shareholders was 474 million yuan, reflecting a 90.05% increase year-on-year [1] - Net profit after deducting non-recurring items was 616 million yuan, a growth of 113.37% year-on-year [1] - Basic earnings per share were 0.09 yuan, up 125% year-on-year [1] - Return on equity was 1.73%, an increase of 1.02 percentage points year-on-year [1] Strategic Actions - In late 2023, New Hope divested its poultry and food processing segments, continuing its "streamlining" efforts into 2024 [2] - The company is focusing on its core businesses of feed, pig farming, and slaughtering to drive high-quality development [2] - New Hope has made several equity transfer announcements, including the sale of stakes in various subsidiaries for a total of approximately 9.09 billion yuan [2] Business Operations - In the feed business, New Hope achieved total feed sales of 25.96 million tons in 2024, with external sales of 21.21 million tons [3] - The company maintained a leading position in the domestic market, with significant external sales in poultry feed (14.72 million tons) and pig feed (4.22 million tons) [3] - In pig farming, New Hope reported a total of 16.52 million pigs sold and 2.78 million pigs slaughtered in 2024 [4] - The company improved production management, reducing the cost of weaned piglets to 263 yuan per head and achieving a survival rate of 93% during the fattening phase [4] Future Outlook - New Hope forecasts a net profit attributable to shareholders of 430 million to 500 million yuan for Q1 2025, compared to a loss of 1.934 billion yuan in the same period last year [5] - The expected basic earnings per share for Q1 2025 is between 0.09 yuan and 0.11 yuan [5]