LIHUA(300761) 金融界·2025-04-22 05:54Core Insights - Lihua Co., Ltd. reported a total revenue of 17.725 billion yuan for 2024, marking a year-on-year increase of 15.44%, and a net profit of 1.521 billion yuan, a significant year-on-year growth of 447.72%, indicating a successful turnaround from losses in 2023 [1] Group 1: Yellow-feathered Chicken Business - The yellow-feathered chicken business remains the core segment, generating sales revenue of 14.531 billion yuan in 2024, up 8.01%, accounting for 81.98% of total revenue [4] - The average selling price of commodity chickens was 12.94 yuan per kilogram, reflecting a year-on-year decrease of 5.48%, indicating increased market competition and pricing pressure [4] - Despite stable performance, the company faces challenges in maintaining profitability amid price fluctuations in the yellow-feathered chicken sector [4] Group 2: Pig Farming Business - The pig farming business achieved significant progress with sales revenue reaching 2.927 billion yuan, a year-on-year increase of 76.51%, contributing 16.51% to total revenue [5] - The company’s pig output exceeded one million, reaching 1.298 million heads, a year-on-year growth of 51.80% [5] - The cost of pig farming decreased significantly, with the total cost per pound at 7.46 yuan, dropping below 7 yuan by the end of the period, benefiting from improved industry conditions and lower feed prices [5] Group 3: Goose and Slaughtering Business - The goose business showed strong performance with sales of 2.0963 million geese, a year-on-year increase of 21.73%, generating sales revenue of 163 million yuan, up 5.19% [6] - The slaughtering business expanded, with over 60 million yellow-feathered chickens processed, enhancing competitiveness in the fresh market [6] - The company is expected to see a gradual increase in the proportion of slaughter products as slaughtering capacity is released, aiding in managing industry cyclicality [6]