LIHUA(300761) 国海证券·2024-04-22 12:30Investment Rating - The report maintains a "Buy" rating for the company [1][8][20] Core Views - The company has shown significant cost optimization effects, leading to a turnaround in performance in Q1 2024, with a net profit of 80.03 million yuan compared to a loss of 153 million yuan in Q4 2023 [2][20] - The overall market conditions for yellow feathered chickens and pigs were weak in 2023, impacting the company's performance, but the company managed to maintain strong competitive production metrics [2][20] - The company plans to control feed costs aggressively and optimize feed formulas, which contributed to a decrease in the cost of chicken production to below 6.8 yuan per kilogram, resulting in profitability for the yellow chicken business [2][20] Financial Performance Summary - In 2023, the company reported total revenue of 15.354 billion yuan, a year-on-year increase of 6.28%, but a net loss of 437 million yuan [1][3] - For Q1 2024, the company achieved total revenue of 3.662 billion yuan, a year-on-year increase of 7.34%, and a net profit of 80.03 million yuan [1][2] - Revenue projections for 2024 to 2026 are 17.455 billion yuan, 18.786 billion yuan, and 19.620 billion yuan respectively, with net profits expected to be 1.302 billion yuan, 1.533 billion yuan, and 1.162 billion yuan [3][20] - The company's P/E ratios for 2024 to 2026 are projected to be 13.08, 11.11, and 14.65 respectively [3][20] Market Performance - The company's stock performance over the last month is +2.8%, over three months is +3.8%, and over twelve months is -3.7% [2][20] - The current stock price is 20.58 yuan, with a 52-week price range of 15.20 to 40.65 yuan [2][20] - The total market capitalization is approximately 17.03 billion yuan [2][20]