顺鑫农业：盈利水平同比改善，加速打造金标牛单品

Investment Rating - The report maintains a "Buy" rating for the company with an expected relative return of over 20% within the next six months [5][17]. Core Viewpoints - The company is expected to achieve a net profit attributable to shareholders of 330-480 million yuan in the first half of 2024, marking a significant turnaround from losses in the previous year [1]. - The white liquor business is driven by the "Bai Niu Er" and "Jin Biao" brands, with a focus on enhancing product structure and marketing efforts, which are anticipated to improve profitability [2]. - The pork business is expected to reduce losses due to an improving industry outlook and cost-cutting measures [2]. - The real estate segment has been divested, and its performance will no longer impact the company's financial statements [2]. Financial Forecast - The company aims to focus on its core businesses of white liquor and pork, with projected revenues of 10.91 billion yuan in 2024, growing to 12.94 billion yuan by 2026 [3]. - The net profit is forecasted to be 540 million yuan in 2024, increasing to 887 million yuan by 2026, indicating a strong recovery trajectory [3]. - The report anticipates a decrease in the price-to-earnings (P/E) ratio from 24x in 2024 to 15x in 2026, reflecting improved earnings and valuation [3]. Financial Data and Valuation - The company's revenue for 2024 is projected at 10.91 billion yuan, with a growth rate of 3% compared to the previous year [4]. - The net profit attributable to shareholders is expected to be 540 million yuan in 2024, with a significant improvement in profitability compared to previous years [4]. - The report provides a detailed financial outlook, including EBITDA and earnings per share (EPS) forecasts, indicating a positive trend in financial performance [4][12].