温氏股份(300498)：生猪与黄鸡养殖成绩改善 资产负债表稳步修复

Group 1 - The company achieved a turnaround in net profit for 2024, with a year-on-year increase in revenue of 16.68% to 104.92 billion yuan and a net profit of 9.23 billion yuan [1] - The improvement in profitability is attributed to the recovery in meat pig prices and better livestock production performance, with estimated comprehensive costs for pig farming in Q1 2025 around 12.6-12.8 yuan/kg, a decrease of nearly 0.8 yuan/kg from the previous quarter [1] - The company has a competitive advantage in pig farming, with selling prices approximately 0.5 yuan/kg higher than peers, leading to superior profitability per head [1] Group 2 - The company's financial situation is strong, with a debt-to-asset ratio of 51.45% as of Q1 2025, a decrease of 1.69 percentage points from the end of 2024, and cash reserves of 5.781 billion yuan, up 29.62% from the end of 2024 [2] - The company plans to expand production steadily, with a fixed asset investment of about 5 billion yuan in 2025, focusing on the construction and upgrading of pig farms, chicken farms, slaughterhouses, and egg-laying facilities [2] - In 2024, the company sold 30.1827 million pigs, a year-on-year increase of 14.93%, and 1.208 billion chickens, a growth of 2.09%, with sales targets for 2025 set at 33-35 million pigs and a growth of 5% or more for chicken sales [2]