LIHUA(300761) 东海证券·2025-04-24 05:36Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5]. Core Views - The company has demonstrated excellent cost management and profitability improvements, with significant growth in both revenue and net profit [5]. - The company is a leading player in the yellow feathered chicken breeding industry, with a target annual growth rate of 8-10% for chicken output, while also having sufficient pig production capacity and potential for further cost reductions [5]. Summary by Sections Financial Performance - 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, up 447.72% year-on-year [5]. - For Q1 2025, the company reported a revenue of 4.086 billion yuan, a year-on-year increase of 11.6%, and a net profit of 206 million yuan, up 157.47% year-on-year [5]. Cost Management and Production - The cost of yellow feathered chicken continues to decline, with the total cost per kilogram dropping to 11.8 yuan in 2024, significantly enhancing profitability [5]. - The company sold 516 million yellow feathered chickens in 2024, accounting for 15% of the national output, with a revenue of 14.531 billion yuan from this segment [5]. - The company’s pig farming segment saw a 51.8% increase in the number of pigs sold in 2024, contributing 2.927 billion yuan to total revenue [5]. Future Projections - The company’s net profit forecasts for 2025, 2026, and 2027 are 1.894 billion yuan, 1.998 billion yuan, and 2.217 billion yuan, respectively, with corresponding EPS of 2.29 yuan, 2.41 yuan, and 2.68 yuan [5][6]. - The projected P/E ratios for 2025, 2026, and 2027 are 8.69, 8.24, and 7.43, indicating a favorable valuation outlook [6].