SHUNXIN AGRICULTURE(SZ:000860) Tebon Securities·2024-07-14 05:30Investment Rating - The report maintains a "Buy" rating for Shunxin Agriculture (000860.SZ) [2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 330 to 480 million yuan in the first half of 2024, a significant turnaround from a loss of 80.97 million yuan in the same period last year [5][6] - The second quarter of 2024 is projected to have a net profit ranging from -120 million to 29.42 million yuan, compared to a loss of 410 million yuan in the previous year, indicating a substantial reduction in losses [5][6] - The company is focusing on market development and marketing innovation, maintaining stability in its liquor business while reducing losses in its pork business due to a recovery in the pig industry [6] Financial Projections - Expected revenue for 2024-2026 is projected at 10.86 billion, 11.92 billion, and 13.01 billion yuan, with year-on-year growth rates of 2.5%, 9.8%, and 9.1% respectively [7] - The net profit attributable to shareholders is forecasted to be 630 million, 800 million, and 970 million yuan for 2024-2026, with year-on-year growth rates of 311.8%, 27.8%, and 20.9% respectively [7] - The company aims to improve its profitability through a "dual-wheel drive" strategy focusing on product segmentation and enhancing brand recognition [8]