新希望：已走出低谷期 围绕降本增效做文章

Core Viewpoint - The company has returned to profitability in the first quarter after three years, focusing on its core businesses of feed and pig farming, and is optimistic about its overall development [1] Cost Reduction Efforts - The company is continuously optimizing pig farming costs, aiming for a cost of 12.5 yuan/kg by Q1 2025 and 12 yuan/kg by the end of 2024 for its top 25% production lines [1] - The company is shifting its focus from merely raising pigs to improving pig quality through genetic enhancements and has increased investments in breeding systems [1][2] Quality and Market Strategy - The company is exploring a full industry chain development model, establishing a meat quality laboratory to analyze consumer demand and optimize breeding and feeding strategies accordingly [2] - The company remains cautious about future pig prices, emphasizing cost management to maintain stable profits regardless of market fluctuations [2] Technological Advancements - The company is actively exploring the application of AI and digital technologies in pig farming to enhance efficiency and reduce costs [3] - Various digital tools, such as autonomous robots and handheld weight estimation devices, are being implemented to improve operational efficiency [3][4] International Feed Business Expansion - The feed business is a key growth driver, with overseas feed operations expected to become a significant growth segment, targeting a net profit of 9.7 billion yuan in 2024 [5] - The company plans to increase overseas feed production capacity by 3-4 million tons over the next 3-5 years, focusing on high-margin products and expanding in key international markets [5]