LIHUA(300761) 东海证券·2025-04-24 06:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5]. Core Insights - The company has demonstrated excellent cost management and profitability improvements, with significant growth in both revenue and net profit for 2024 and Q1 2025 [5]. - The company is a leading player in the yellow feathered chicken breeding industry, with a target annual growth rate of 8-10% for yellow feathered chicken output [5]. - The report highlights a continuous decline in breeding costs and an increase in slaughter capacity utilization, contributing to enhanced profitability [5]. Financial Performance Summary - For 2024, the company achieved a revenue of 177.25 billion yuan, representing a year-on-year increase of 15.44%, and a net profit of 15.21 billion yuan, up 447.72% [5]. - In Q1 2025, the company reported a revenue of 40.86 billion yuan, a year-on-year increase of 11.6%, with a net profit of 2.06 billion yuan, up 157.47% [5]. - The yellow feathered chicken segment saw sales of 516 million birds in 2024, a 12.95% increase year-on-year, with revenue of 145.31 billion yuan, up 8.01% [5]. - The average selling price for commodity chickens was 12.94 yuan/kg, down 5.48% year-on-year, while the total cost for yellow feathered chickens decreased to 11.8 yuan/kg [5]. - The company invested 140 million yuan in R&D in 2024, a 75% increase year-on-year, to enhance breeding competitiveness [5]. Profit Forecast and Valuation Summary - The forecast for 2024-2027 indicates a steady increase in revenue and net profit, with expected net profits of 18.94 billion yuan in 2025, 19.98 billion yuan in 2026, and 22.17 billion yuan in 2027 [5][6]. - The earnings per share (EPS) are projected to be 2.29 yuan in 2025, 2.41 yuan in 2026, and 2.68 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 9, 8, and 7 respectively [5][6].