粤海饲料（001313）：Q1销售实现开门红，期待全年业绩回暖

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Views - The company reported a revenue of 5.912 billion yuan in 2024, a year-on-year decrease of 13.98%, and a net profit attributable to shareholders of -85 million yuan, indicating a loss compared to the previous year [1]. - In Q1 2025, the company achieved a revenue of 933 million yuan, reflecting a year-on-year increase of 9.58%, with a net profit of -25 million yuan, showing a significant reduction in losses [1]. - The company is expected to see a recovery in performance driven by improved market conditions in the aquaculture sector, which is anticipated to boost feed demand [3]. Summary by Sections Sales Performance - In 2024, the company faced a decline in feed sales volume to 787,100 tons, down 9.6% year-on-year due to a sluggish market and adverse weather conditions [2]. - The company has successfully launched new products, with certain feed types like tilapia feed and sea bass feed experiencing growth rates of 15%-40% [2]. - In Q1 2025, feed sales volume reached 117,400 tons, marking a year-on-year increase of 12.2% [2]. Financial Management - The company has strengthened its accounts receivable management, leading to a significant reduction in bad debt provisions, which decreased by 87.85% year-on-year in Q1 2025 [3]. - The report forecasts net profits for 2025-2027 to be 250 million, 330 million, and 430 million yuan respectively, with corresponding EPS of 0.4, 0.5, and 0.6 yuan [3]. Market Outlook - The report highlights that the recovery in aquaculture prices since early 2025 is expected to enhance the willingness of farmers to invest in seedlings, further driving feed demand [2]. - The company is actively pursuing growth strategies, including the development of new bases in Vietnam and Anhui, as well as mergers and acquisitions, which are expected to contribute to its long-term growth potential [3].