Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [2]. Core Insights - In April, the breeding profits improved, and the pet food export volume increased by 20% in Q1 [1]. - The agricultural index outperformed the CSI 300 index, with a rise of 3.3% from early April to April 29, while the CSI 300 fell by 2.89% [5][12]. - The domestic pet food market continues to expand, with a Q1 export value increase of 12% [5]. Summary by Sections Price Indicators and Agricultural Performance - In March, the CPI was down 0.1% year-on-year, with a 46% reduction in agricultural trade deficit [7]. - The total market value of the agriculture, forestry, animal husbandry, and fishery sector was 12,849.69 billion yuan, accounting for 1.38% of the total A-share market value [12]. Breeding Profits and Pet Food Exports - The breeding profits for pigs improved in April, with the price on April 23 being 15.09 yuan/kg, down 7.2% from the end of 2024 [5][31]. - The number of reproductive sows was 40.39 million, a 1% decrease from the previous quarter [34]. - The pet food market reached a scale of 107.2 billion yuan in 2024, with a CAGR of 12.7% from 2017 to 2024 [5]. Investment Recommendations and Stock Pool - Focus on leading pig farming companies with strong cost control and healthy financial conditions, such as Muyuan Foods and Wens Foodstuffs [5]. - The report suggests monitoring the poultry industry, particularly the yellow-feathered chicken sector, due to potential price increases [5]. - Attention is also drawn to feed industry leaders like Haida Group and animal vaccine companies such as Reap Bio and Kexin Bio [5].

Core Viewpoint - Jiangsu Lihua Food Group Co., Ltd. successfully issued 55,922,501 shares at a price of RMB 22.71 per share, raising a total of approximately RMB 1.27 billion, with a net amount of approximately RMB 1.26 billion after deducting related fees [1][2]. Group 1: Fundraising Details - The issuance was approved by the China Securities Regulatory Commission and listed on the Shenzhen Stock Exchange on August 31, 2022 [2]. - The net proceeds from the fundraising amounted to RMB 1,260,644,075.21 after deducting underwriting and other related expenses [1]. Group 2: Sponsorship and Oversight - Zhongtai Securities acted as the sponsor for the issuance and will continue its supervisory responsibilities until December 31, 2024 [2]. - The sponsor committed to ensuring the accuracy and completeness of the report and accepted regulatory inquiries from the CSRC [2]. Group 3: Due Diligence and Compliance - During the due diligence phase, the company cooperated with the sponsor by providing necessary documents and information for the issuance process [6]. - The company has adhered to regulatory requirements for information disclosure and operational compliance during the ongoing supervision phase [8]. Group 4: Changes in Fund Usage - On August 4, 2023, the company announced changes to its fundraising projects, reallocating unused funds from the "Luoyang Lihua Breeding Farm Project" to the "Yangzhou Lihua Poultry Breeding Project" [5]. - The completion dates for several poultry slaughtering projects were adjusted to December 31, 2023, to align with actual construction progress [5]. Group 5: Fund Management and Review - The sponsor reviewed the management and usage of the raised funds, confirming compliance with relevant regulations and proper storage in dedicated accounts [9]. - As of December 31, 2024, all raised funds have been fully utilized and the accounts closed [9].

Investment 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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5]. Core Views - The company has demonstrated excellent cost management and profitability improvements, with significant growth in both revenue and net profit [5]. - The company is a leading player in the yellow feathered chicken breeding industry, with a target annual growth rate of 8-10% for chicken output, while also having sufficient pig production capacity and potential for further cost reductions [5]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 17.725 billion yuan, a year-on-year increase of 15.44%, and a net profit attributable to shareholders of 1.521 billion yuan, up 447.72% year-on-year [5]. - For Q1 2025, the company reported a revenue of 4.086 billion yuan, a year-on-year increase of 11.6%, and a net profit of 206 million yuan, up 157.47% year-on-year [5]. Cost Management and Production - The cost of yellow feathered chicken continues to decline, with the total cost per kilogram dropping to 11.8 yuan in 2024, significantly enhancing profitability [5]. - The company sold 516 million yellow feathered chickens in 2024, accounting for 15% of the national output, with a revenue of 14.531 billion yuan from this segment [5]. - The company’s pig farming segment saw a 51.8% increase in the number of pigs sold in 2024, contributing 2.927 billion yuan to total revenue [5]. Future Projections - The company’s net profit forecasts for 2025, 2026, and 2027 are 1.894 billion yuan, 1.998 billion yuan, and 2.217 billion yuan, respectively, with corresponding EPS of 2.29 yuan, 2.41 yuan, and 2.68 yuan [5][6]. - The projected P/E ratios for 2025, 2026, and 2027 are 8.69, 8.24, and 7.43, indicating a favorable valuation outlook [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The company has shown significant cost improvements and its main business is performing well [1][6]. - In 2024, the company achieved a revenue of 17.725 billion yuan, a year-on-year increase of 15.44%, and a net profit attributable to shareholders of 1.521 billion yuan, showing substantial growth [5][7]. - For Q1 2025, the company reported a revenue of 4.086 billion yuan, up 11.6% year-on-year, and a net profit of 206 million yuan, a remarkable increase of 157.47% [5][7]. Summary by Sections Sales Performance - In 2024, the company sold 516 million yellow feathered chickens, a year-on-year increase of 12.95%, 1.298 million pigs, up 51.8%, and 2.0963 million geese, up 21.73% [7]. - In Q1 2025, the company sold 123 million chickens, an increase of 8.69%, and 483,700 pigs, a significant rise of 150.49% [7]. Cost Improvements - The complete cost for yellow chicken in 2024 was 5.9 yuan per jin, which further decreased to 5.5 yuan per jin in Q1 2025 [7]. - The complete cost for pigs in 2024 was 7.46 yuan per jin, which dropped to 6.5 yuan per jin in Q1 2025 [7]. Profitability Forecast - The revenue forecast for 2025-2027 is adjusted to 17.592 billion, 19.270 billion, and 21.010 billion yuan respectively, with net profits of 1.528 billion, 1.781 billion, and 2.494 billion yuan [6][10]. - The corresponding P/E ratios for 2025-2027 are projected to be 11, 9, and 7 times [6][10].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported strong performance in Q1 2025, with revenue of 4,086 million yuan, a year-on-year increase of 11.6%, and a net profit of 206 million yuan, up 157.5% year-on-year [7] - The company achieved a total revenue of 17,725 million yuan in 2024, a 15.4% increase year-on-year, and a net profit of 1,521 million yuan, recovering from a loss of 437 million yuan in 2023 [7] - The company continues to focus on shareholder returns, proposing a cash dividend of 4.14 billion yuan for 2024, resulting in a total cash dividend rate of 43.5% [7] Financial Data and Profit Forecast - The company forecasts total revenue of 19,326 million yuan for 2025, with a year-on-year growth of 9.0%, and a net profit of 1,428 million yuan, a decrease of 6.1% year-on-year [6] - The projected earnings per share for 2025 is 1.73 yuan, with a price-to-earnings ratio of 12 [6] - The company expects to maintain a stable profit margin, with a gross margin of 14.4% in 2025 [6] Business Segments - In the chicken business, the company sold 5.16 million chickens in 2024, a 13.0% increase year-on-year, achieving a market share of 15.5% [7] - The pig farming segment saw a significant increase, with 1.298 million pigs sold in 2024, a 51.8% increase year-on-year, contributing 29.27 billion yuan to total revenue [7] - The company anticipates a continued decline in breeding costs, with the cost of chicken expected to drop to 11.8 yuan/kg in 2024 [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [8][11]. Core Insights - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 17.725 billion yuan, a year-on-year growth of 15.44%, and net profit of 1.521 billion yuan, a remarkable increase of 447.72% [5][8]. - The first quarter of 2025 also showed strong performance, with revenue of 4.087 billion yuan, up 11.60% year-on-year, and net profit of 206 million yuan, reflecting a 157.47% increase [5][8]. - The company has successfully reduced costs in its chicken and pig farming operations, leading to improved profitability and competitive advantages in the market [6][7]. Summary by Sections Company Overview - The latest closing price is 20.53 yuan, with a total market capitalization of 17 billion yuan and a circulating market value of 12.3 billion yuan [4]. Financial Performance - The company achieved a total revenue of 17.725 billion yuan in 2024, with a projected revenue of 18.467 billion yuan for 2025, reflecting a growth rate of 4.19% [9][10]. - The net profit attributable to the parent company for 2024 was 1.521 billion yuan, with an expected increase to 1.657 billion yuan in 2025, indicating a growth rate of 8.96% [9][10]. Cost Management - The company has seen a decrease in the cost of chicken farming, with the total cost per kilogram dropping from 11.8 yuan in 2024 to 11.2 yuan in Q1 2025 [6]. - In pig farming, the total cost per jin decreased from 8.8 yuan in Q1 2024 to 6.7 yuan in Q1 2025, with a target of 6.5 yuan for the entire year [7]. Profitability Forecast - The earnings per share (EPS) are projected to be 2.00 yuan for 2025, 2.96 yuan for 2026, and 3.36 yuan for 2027, indicating a positive growth trajectory [8][9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [8][11]. Core Insights - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 17.725 billion yuan, a year-on-year growth of 15.44%, and net profit of 1.521 billion yuan, a remarkable increase of 447.72% [5]. - In Q1 2025, the company continued its strong performance with revenue of 4.087 billion yuan, up 11.60% year-on-year, and a net profit of 206 million yuan, reflecting a 157.47% increase [5]. - The company has successfully reduced costs in its poultry and pig farming operations, enhancing profitability while maintaining stable output growth [6][7]. Summary by Sections Company Overview - The latest closing price of the company's stock is 20.53 yuan, with a total market capitalization of 17 billion yuan [4]. - The company has a total share capital of 828 million shares, with 601 million shares in circulation [4]. Financial Performance - The company achieved a total revenue of 17.725 billion yuan in 2024, with a projected revenue of 18.467 billion yuan for 2025, indicating a growth rate of 4.19% [9]. - The EBITDA for 2024 was approximately 2.586 billion yuan, with an expected increase to 2.751 billion yuan in 2025 [9]. - The earnings per share (EPS) are projected to be 2.00 yuan for 2025, increasing to 2.96 yuan in 2026 and 3.36 yuan in 2027 [8][9]. Market Position - The company has demonstrated strong competitive advantages in the poultry sector, with a 12.95% increase in chicken sales volume in 2024, totaling 516 million chickens sold [6]. - In the pig farming sector, the company achieved a sales price of 17.30 yuan per kilogram in 2024, a year-on-year increase of 14.57%, with a total of 1.298 million pigs sold, reflecting a 51.80% growth [7]. Cost Management - The total cost of chicken farming was approximately 11.8 yuan per kilogram in 2024, which further decreased to 11.2 yuan per kilogram in Q1 2025 [6]. - The total cost of pig farming was 7.46 yuan per jin in 2024, with a target reduction to 6.5 yuan per jin for 2025 [7].

Core Insights - The company reported a significant increase in net profit for Q1 2025, with a year-on-year growth of 157.47% to reach 206 million yuan, driven by improved costs and higher prices for poultry and pigs [1] - The revenue for Q1 2025 was 4.086 billion yuan, reflecting an 11.60% year-on-year increase, attributed to higher output of chickens and pigs [1] - The company expects continued cost improvements in chicken and pig farming due to lower feed costs and stable production [2] Group 1: Poultry Business - The company achieved a chicken output of 123 million birds in Q1 2025, a year-on-year increase of 8.69%, supported by capacity expansion in southern and central regions [1] - The average selling price for chicken in Q1 2025 was 11.00 yuan/kg, down 14.86% year-on-year, but the company maintained strong production performance with core indicators at their best level in five years [1] - The company anticipates further cost reductions in Q1 2025, benefiting from low industry capacity and upcoming consumption peaks during holidays [1] Group 2: Pork Business - The company reported a pork output of 483,700 heads in Q1 2025, a substantial year-on-year increase of 162.60%, due to expanded breeding capacity and improved production stability [2] - The average selling price for pork in Q1 2025 was 15.31 yuan/kg, reflecting a year-on-year increase of 4.92%, although there was a slight decline compared to the previous quarter [2] - The company has enhanced biosecurity measures and optimized personnel structure, leading to improved production stability and a reduction in breeding costs to below 14 yuan/kg by the end of 2024 [2] Group 3: Future Outlook - The company has adjusted its net profit forecast for 2025 to 1.05 billion yuan, down from 1.76 billion yuan, while increasing the 2026 forecast to 1.52 billion yuan, reflecting expectations of mid-term consumption improvement [3] - The company is positioned to benefit from ongoing cost improvements and capacity reserves, with a projected EPS of 1.3/1.8/2.0 yuan for 2025-2027 [3] - The company maintains a strong market position in chicken farming with steady output expansion and continued growth in the pork business [3]

事件 公司披露2024 年报，实现营收177.25 亿元，同比增长15.44%；归母净利润15.21亿元，大幅扭亏为盈。 拟向全体股东每10 股派发现金红利5 元（含税）。 25Q1 公司业绩亮眼，全年表现值得期待 公司披露2025 年一季报，实现营收40.86 亿元，同比增长11.60%；归母净利润2.06 亿元，同比增长 157.47%。 养殖行情回暖叠加成本改善，2024 年利润率提升明显2024 年公司养殖毛利率为15.92%（同比 +11.08pct），其中鸡业务毛利率14.56%（同比+7.84pct），猪业务毛利率23.46%（同比+33.37pct）。费 用方面，公司2024年销售/管理/研发/财务费用分别为2.20/7.90/1.40/0.84 亿元，同比分别 +12.67%/+16.52%/+75.46%/-8.93%。 2024 年鸡板块量增提升明显，猪板块显著改善公司2024 年鸡板块实现营收145.31 亿元（同比 +8.01%），肉鸡销量5.16 亿羽（同比+12.95%），2024 年公司养鸡板块生产成绩保持较强竞争力。公 司2024 年猪板块实现营收29.27 亿元（同比+76 ...