TRS(002567) 太平洋·2024-04-30 14:00Investment Rating - The report maintains a "Buy" rating for the company [1][7]. Core Views - The company is expected to achieve significant growth in its three main business segments: pig farming, feed, and meat products, with a clear development plan and a mature operating model [7]. - The feed business is projected to see further improvements in gross margin, while the meat business has shown notable growth, with a 64.28% increase in sales volume to 100,100 tons in 2023 [7]. - The company aims to leverage its low-cost competitive advantage and is actively promoting strategic transformations across its three major business areas [7]. Financial Summary - Revenue for 2023 was 26.949 billion, with a growth rate of 1.55%. The forecast for 2024 is 34.389 billion, representing a growth rate of 27.61% [8]. - The net profit for 2023 was -1.526 billion, with a projected recovery to 442 million in 2024, and further growth to 1.812 billion in 2025 [8]. - The earnings per share (EPS) is expected to improve from -1.06 in 2023 to 0.31 in 2024, and further to 1.26 in 2025 [8]. Business Performance - The company reported a pig output of 3.7126 million heads in 2023, a year-on-year increase of 72.05%, with a focus on expanding its fattening capacity [17]. - The feed sales volume reached 7.0831 million tons in 2023, an increase of 14.87%, outperforming the overall industry growth [17]. - The gross margin for the feed business improved to 6.52% in 2023, up by 0.5 percentage points from the previous year, driven by a shift towards higher-margin products and increased production efficiency [17].