LIHUA(300761) 新浪财经·2025-04-22 12:43Core Insights - The company reported strong financial performance for 2024, with revenue of 17.725 billion yuan, a year-on-year increase of 15.44%, and a net profit of 1.521 billion yuan, marking a turnaround from a loss of 437 million yuan in 2023 [1] - The company plans to distribute a cash dividend of 5 yuan per 10 shares [1] - The first quarter of 2025 showed continued growth, with revenue of 4.086 billion yuan, up 11.6% year-on-year, and a net profit of 206 million yuan, a significant increase of 157.47% [1] Financial Performance - In 2024, the company's comprehensive gross margin was 15.92%, an increase of 11.08 percentage points year-on-year, while the expense ratio was 6.96%, up 1.64 percentage points [1] - For Q4 2024, the comprehensive gross margin was 15.47%, a year-on-year increase of 9.41 percentage points, and the expense ratio was 6.04%, down 0.06 percentage points [1] - In Q1 2025, the comprehensive gross margin was 12.05%, an increase of 3.06 percentage points year-on-year, with an expense ratio of 7.83%, up 0.43 percentage points [2] Poultry Business - In 2024, the company sold 516 million yellow feathered chickens, a year-on-year increase of 12.95%, achieving a market share of 15.48%, up 2.77 percentage points [2] - The revenue from the chicken business was 14.531 billion yuan, accounting for 81.98% of total revenue, with a gross margin of 14.56%, up 7.84 percentage points [2] - The company plans to expand its market presence in southern, southwestern, and central China while maintaining its market share in eastern China, expecting a 8-10% increase in output over the next three years [2] Swine Business - In 2024, the company achieved a revenue of 2.927 billion yuan from its pork business, a year-on-year increase of 76.51%, with a gross margin of 23.46%, up 33.37 percentage points [3] - The company sold 1.298 million pigs, a year-on-year increase of 51.8%, and had a total pig production capacity of 2 million heads by the end of 2024 [3] - The complete cost of pig farming decreased to below 14 yuan/kg by the end of 2024, benefiting from improved production performance and lower feed prices [3] Investment Outlook - The company is positioned as the second-largest yellow feathered chicken producer in China, focusing on expanding production capacity and improving farming efficiency [3] - Earnings per share (EPS) are projected to be 1.51 yuan and 2.13 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 14 times and 10 times [3]