东瑞股份2024年财报：营收增长显著，净利润仍陷亏损

Core Insights - Dongrui Co., Ltd. reported a significant increase in total revenue for 2024, reaching 1.52 billion yuan, a year-on-year growth of 46.58% compared to 1.037 billion yuan in 2023 [1][4] - The company achieved a gross profit of 324 million yuan, successfully turning around from a loss, but still reported a net loss of 66 million yuan, despite an 87.28% year-on-year improvement [1][4] - The company operates in the pig farming, feed production, and slaughter processing sectors, establishing a complete pig industry chain and holding a significant position in the Hong Kong and Macau markets [1] Revenue and Profitability - The substantial revenue growth indicates effective market expansion and business optimization efforts by the company [4] - The gross profit improved significantly from a loss of 14.08 million yuan in 2023 to 324 million yuan, marking a successful turnaround [4] - Despite the improvements, the net loss remains a challenge, particularly in the slaughtering business and joint ventures, which are major contributors to the overall losses [4][7] Business Segments Pig Farming - Dongrui's pig farming business made notable progress in 2024, with quality pig production capacity reaching 2 million heads, including seven registered farms for supplying live pigs to Hong Kong and Macau [4] - The company has developed an integrated industry chain of self-breeding and self-raising, optimizing the distribution of pig products in the Hong Kong and Guangdong markets [4] Feed and Slaughtering - To support stable pig farming operations, Dongrui has established a comprehensive feed supply system with two production bases and an annual capacity of approximately 750,000 tons [6] - The slaughtering business has a capacity of 1 million heads annually, with the company actively expanding its operations through various business models, including opening multiple retail stores and exploring processed meat products [6][7] - Despite the positive market feedback for new products like cured meats, the slaughtering segment continues to face significant losses, which the company aims to address through innovation and product development [7]