DBN Group(SZ:002385) Xin Lang Cai Jing·2025-04-29 02:43Core Viewpoint - The company reported a revenue of 28.767 billion yuan for 2024, a year-on-year decrease of 13.85%, while the net profit attributable to shareholders was 346 million yuan, an increase of 115.91% [1] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 8.625 billion yuan, down 8.81% year-on-year but up 22.39% quarter-on-quarter [1] - The company's feed business revenue for 2024 was 19.1 billion yuan, a year-on-year decline of 20%, primarily due to falling feed prices and slight volume decreases [2] - The total sales volume of feed for the year was 5.41 million tons, down 7.6% year-on-year, with pig feed sales at 4.28 million tons, down 8.2% [2] Group 2: Business Segments - The pig farming segment generated a revenue of 6.28 billion yuan in 2024, a year-on-year increase of 10%, with a gross margin of 19.8%, significantly improved from -27.9% in 2023 [2] - The company plans to sell 6.4 million pigs in 2024, a year-on-year increase of 5.8%, with 3.59 million from the controlling company and 2.81 million from joint ventures [2] Group 3: Research and Development - The company has obtained 20 biosafety certificates for genetically modified organisms (15 for corn and 5 for soybeans) as of the end of 2024, with 15 new varieties approved this year [3] - The R&D expenditure for 2024 was 675 million yuan, with an R&D expense ratio of 2.3%, an increase of 0.11 percentage points year-on-year [3] Group 4: Profit Forecast and Valuation - The profit forecast for 2025 has been adjusted down to 730 million yuan, a decrease of 34%, and for 2026 to 500 million yuan, a decrease of 69% [4] - The target price for the company is set at 5.12 yuan, down from the previous 5.56 yuan, maintaining a "buy" rating [4]