Huatong Meat(SZ:002840) Xin Lang Cai Jing·2025-04-27 00:36Core Viewpoint - The company is experiencing steady growth in pig production and a continuous decline in costs, leading to an upward revision of profit forecasts for 2025-2027 and maintaining a "Buy" rating [1]. Group 1: Revenue and Profit Growth - In 2024, the company's revenue is projected to be 9.092 billion yuan (+5.98%), with a net profit attributable to shareholders of 73 million yuan (+112.08%) [1]. - For Q4 2024, revenue is expected to reach 2.607 billion yuan (+7.96%), with a net profit of 20 million yuan (+107.96%) [1]. - The company has revised its profit forecasts for 2025-2027, expecting net profits of 283 million yuan, 338 million yuan, and 1.121 billion yuan respectively, with corresponding EPS of 0.45 yuan, 0.53 yuan, and 1.77 yuan [1]. Group 2: Pig Production and Cost Management - In 2024, the company plans to sell 2.558 million pigs (+11.10%), with an average selling price of 16.55 yuan/kg (+10.66%) [2]. - The company aims for pig production targets of 3-3.5 million in 2025 and 4-5 million in 2026, indicating steady growth [2]. - The total cost of pig production in 2024 is estimated at 15.4 yuan/kg, with a target of 14.2 yuan/kg by Q3 2025, driven by high-performance breeding and expanded contract farming [2]. Group 3: Slaughtering Operations and Financial Health - In 2024, the company's revenue from pig slaughtering is expected to be 8.684 billion yuan (+7.78%), with a slaughter volume of 4.35 million pigs and an average profit of approximately 13 yuan per pig [3]. - The company anticipates slaughtering over 5 million pigs in 2025 [3]. - As of December 2024, the company's debt-to-asset ratio is 72.36% (-2.32 percentage points), with cash reserves of 666 million yuan (+5.97%) [3]. - The successful completion of a capital increase raising 1.6 billion yuan will further improve the company's financial situation and support ongoing expansion [3].