益生股份：销量减少，苗价下跌，Q2归母净利润同比-71%

Investment Rating - The investment rating for the company is "Outperform the Market" [4][2][18] Core Views - The company experienced a significant decline in sales volume and price of chicks, leading to a year-on-year decrease in net profit attributable to shareholders by 67.61% in Q2 2024 [1][2] - The overall revenue for the first half of 2024 was 1.376 billion yuan, down 25.77% year-on-year, with Q2 revenue at 688 million yuan, a decrease of 26.76% [1][2] - The decline in revenue and profit is primarily attributed to reduced sales volume and prices of chicken chicks, influenced by decreased imports of grandparent white feather broilers since May 2022 [1][2] Summary by Sections Chicken Business - The sales volume of white feather broiler chicks decreased by 15.55% to 277 million chicks in H1 2024, with an average selling price down by 21.50%, resulting in a 31.61% decline in overall revenue from chicken business to 1.205 billion yuan [1][2] - Despite cost reduction measures and lower feed costs, the gross margin for the chicken business fell by 13.98 percentage points to 30.01%, with gross profit down 53.35% to 362 million yuan [1][2] Pig Business - The pig business began to contribute to profitability in Q2 2024, with sales of two-way breeding pigs increasing by 632% to 8,452 heads, leading to a 29% increase in revenue to 89.34 million yuan in H1 2024 [1][2] - The overall gross margin for the pig business decreased by 4.38 percentage points to 5.47%, but gross profit increased by 121.97% to 4.89 million yuan [1][2] Market Outlook - The supply of white feather broiler chicks is expected to tighten in the short term due to import restrictions, which may lead to a significant reduction in the production of commodity white feather broiler chicks in the second half of the year [1][2] - The current pig cycle is entering an upward phase, which is anticipated to boost demand for broilers and chicken meat, suggesting a potential recovery in the white feather broiler industry in the latter half of 2024 [1][2]