YISHENG(002458)2024-11-22 10:57Group 1: Company Overview - Yisheng Co., established in 1989, focuses on breeding and promoting high-quality poultry breeds, being the largest ancestor meat chicken breeding enterprise in China and Asia [2][4] - The company has maintained the largest chicken breeding scale in China for nearly 20 years, accounting for approximately 1/3 of the imported white feather meat chicken market [4] Group 2: Sales Performance - In the first three quarters of 2024, the company sold over 14,000 breeding pigs, a significant increase from 1,600 in the same period last year [4] - The sales of parent white feather meat chicken seedlings reached 9 million sets, a decrease of 20% year-on-year; sales of commercial chicken seedlings were 420 million, down 15% year-on-year [4] - The company expects to sell over 3 million parent white feather meat chicken seedlings and 14 million commercial chicken seedlings in Q4 2024 [4] Group 3: Market Supply and Demand - In 2023, China imported over 400,000 sets of ancestor meat chicken, with the company accounting for 160,000 sets, nearly 40% of the total [4] - The overall supply of commercial chicken seedlings has decreased by 15% due to low import volumes, contributing to lower chicken prices [4] - Downstream expansion in breeding and slaughtering supports demand for chicken seedlings [6] Group 4: Future Outlook - The company anticipates that the price of parent chicken seedlings will remain high due to tight supply conditions [6] - The growth of the takeaway industry and the rise of prepared dishes are expected to further boost chicken consumption [6] - National policies aimed at stimulating consumption are likely to enhance chicken prices, thereby increasing demand for chicken seedlings [6][8] Group 5: Industry Trends - The white feather chicken market is projected to continue growing, driven by its cost-effectiveness and nutritional advantages compared to other meats [8] - The increasing proportion of poultry meat consumption in the overall meat market indicates a positive trend for the white feather chicken sector [8]