LIHUA(300761) 国海证券·2025-04-23 08:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The company has shown significant cost improvements and its main business is performing well [1][6]. - In 2024, the company achieved a revenue of 17.725 billion yuan, a year-on-year increase of 15.44%, and a net profit attributable to shareholders of 1.521 billion yuan, showing substantial growth [5][7]. - For Q1 2025, the company reported a revenue of 4.086 billion yuan, up 11.6% year-on-year, and a net profit of 206 million yuan, a remarkable increase of 157.47% [5][7]. Summary by Sections Sales Performance - In 2024, the company sold 516 million yellow feathered chickens, a year-on-year increase of 12.95%, 1.298 million pigs, up 51.8%, and 2.0963 million geese, up 21.73% [7]. - In Q1 2025, the company sold 123 million chickens, an increase of 8.69%, and 483,700 pigs, a significant rise of 150.49% [7]. Cost Improvements - The complete cost for yellow chicken in 2024 was 5.9 yuan per jin, which further decreased to 5.5 yuan per jin in Q1 2025 [7]. - The complete cost for pigs in 2024 was 7.46 yuan per jin, which dropped to 6.5 yuan per jin in Q1 2025 [7]. Profitability Forecast - The revenue forecast for 2025-2027 is adjusted to 17.592 billion, 19.270 billion, and 21.010 billion yuan respectively, with net profits of 1.528 billion, 1.781 billion, and 2.494 billion yuan [6][10]. - The corresponding P/E ratios for 2025-2027 are projected to be 11, 9, and 7 times [6][10].