NEW HOPE(SZ:000876) Zheng Quan Shi Bao Wang·2025-06-18 15:43Core Viewpoint - New Hope has shown significant recovery in its financial performance in 2024, with a strategic focus on improving management and operational efficiency in its core businesses of feed and pig farming [3][4][6]. Financial Performance - In 2024, New Hope reported revenue of 103.06 billion yuan, a decrease of 27.27% year-on-year, while net profit reached 474 million yuan, an increase of 90.05% [3]. - The company achieved a turnaround in Q1 2025, with revenue of 24.42 billion yuan, a year-on-year increase of 2.13%, and net profit of 444.5 million yuan, compared to a loss of 1.93 billion yuan in the same period last year [3][6]. Pig Farming Segment - New Hope's pig farming segment saw an increase in production, with 16.52 million pigs sold in 2024, ranking third among domestic listed companies [4]. - The average PSY (pigs weaned per sow per year) remained above 25, indicating industry-leading performance [4]. - The average pig price for 2024 increased by approximately 10% compared to 2023, despite a "V-shaped" price trend throughout the year [4][5]. Cost Management and Efficiency - The company has focused on cost reduction and improved production metrics, achieving a decrease in total production costs by 1.8 yuan, bringing it below 13 yuan/kg for the first time [6]. - New Hope's pig farming segment achieved profitability in the last three quarters of 2024, despite fluctuating pig prices [5][6]. Feed Business - In 2024, New Hope's total feed sales reached 25.96 million tons, accounting for 8.2% of the national total, although this represented a slight decline from 2023 due to reduced livestock numbers [7]. - The domestic feed industry faced challenges, with total production declining by 2.1% to 315 million tons in 2024, marking the first decrease in three years [7]. International Expansion - New Hope has been actively expanding its overseas feed business, achieving sales of 5.25 million tons in 2024, with a target of 6 million tons for the current year [8]. - The company has over 20 years of experience in international markets and plans to continue focusing on high-margin products in overseas regions [9].