YISHENG(002458) 银河证券·2025-03-28 09:08Investment Rating - The report maintains a "Recommended" rating for Yisheng Co., Ltd. (stock code: 002458.SZ) [1] Core Views - Yisheng Co., Ltd. is expected to see significant growth in chicken and pig production capacity by 2025, despite facing challenges in 2024 due to low chicken prices [4] - The company reported a revenue of 3.136 billion yuan in 2024, a decrease of 2.76% year-on-year, with a net profit of 504 million yuan, down 6.84% year-on-year [4] - The company is projected to benefit from rising chick prices in Q4 2024, leading to a notable increase in revenue and profitability [4] - The company maintains a leading position in the poultry industry, with a focus on high-generation livestock breeding as its core competitive advantage [4] Financial Performance Summary - In 2024, the company's revenue from chicken business was 2.697 billion yuan, accounting for 86% of total revenue, with a gross margin of 33.54% [4] - The company’s pig business revenue reached 224 million yuan in 2024, a significant increase of 320.39% year-on-year, contributing to 7.13% of total revenue [4] - The projected net profits for 2025-2027 are 655 million yuan, 756 million yuan, and 880 million yuan respectively, with corresponding EPS of 0.59 yuan, 0.68 yuan, and 0.79 yuan [5] Production Capacity and Market Position - The company is expected to enhance its breeding capacity for both chickens and pigs in 2025, with chicken breeding capacity projected to increase year-on-year [4] - The company has maintained its supply advantage in the breeding sector, with a historical high in parent stock and commodity chicken inventory expected in 2025 [4] - The company has successfully resumed imports of breeding stock from France, which had been disrupted due to avian influenza outbreaks [4] Financial Forecasts - The financial forecasts for 2024-2027 indicate a gradual recovery in revenue and profit margins, with a projected revenue growth rate of 13.87% in 2025 [5] - The company’s operating profit is expected to increase significantly, with a projected operating profit of 655 million yuan in 2025 [6] - The company’s total assets are projected to reach 7.800 billion yuan by 2027, with a debt-to-asset ratio decreasing to 17.48% [7]