LIHUA(300761) 申万宏源证券·2025-04-23 07:18Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported strong performance in Q1 2025, with revenue of 4,086 million yuan, a year-on-year increase of 11.6%, and a net profit of 206 million yuan, up 157.5% year-on-year [7] - The company achieved a total revenue of 17,725 million yuan in 2024, a 15.4% increase year-on-year, and a net profit of 1,521 million yuan, recovering from a loss of 437 million yuan in 2023 [7] - The company continues to focus on shareholder returns, proposing a cash dividend of 4.14 billion yuan for 2024, resulting in a total cash dividend rate of 43.5% [7] Financial Data and Profit Forecast - The company forecasts total revenue of 19,326 million yuan for 2025, with a year-on-year growth of 9.0%, and a net profit of 1,428 million yuan, a decrease of 6.1% year-on-year [6] - The projected earnings per share for 2025 is 1.73 yuan, with a price-to-earnings ratio of 12 [6] - The company expects to maintain a stable profit margin, with a gross margin of 14.4% in 2025 [6] Business Segments - In the chicken business, the company sold 5.16 million chickens in 2024, a 13.0% increase year-on-year, achieving a market share of 15.5% [7] - The pig farming segment saw a significant increase, with 1.298 million pigs sold in 2024, a 51.8% increase year-on-year, contributing 29.27 billion yuan to total revenue [7] - The company anticipates a continued decline in breeding costs, with the cost of chicken expected to drop to 11.8 yuan/kg in 2024 [7]