益生股份：种源优势显著，淡季盈利平稳

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company has a significant genetic advantage and stable profitability during the off-season. In the first half of 2024, the company achieved revenue of 1.376 billion yuan, a year-on-year decrease of 25.77%, and a net profit attributable to shareholders of 183 million yuan, down 67.61% year-on-year [1]. - The price of chick seedlings has decreased during the off-season, but the premium for varieties remains. The company sold 280 million white feather chick seedlings in the first half of 2024, a year-on-year decrease of 15.6%, with an average selling price of 3.8 yuan per chick, down 21.5% year-on-year [1]. - The company has seen a significant increase in breeding pigs, with sales of 8,452 heads in the first half of 2024, a year-on-year increase of 631.8%, and an average price of 2,699 yuan per head, down 29.9% year-on-year [1]. Financial Summary - In 2024, the company is expected to achieve revenue of 3.091 billion yuan, a decrease of 4.2% year-on-year, and a net profit of 449 million yuan, down 17% year-on-year. The EPS is projected to be 0.41 yuan [3]. - The company's net asset return rate is expected to be 9.5% in 2024, with a P/E ratio of 22.0 times [3]. - The total market capitalization of the company is approximately 9.891 billion yuan, with a closing price of 8.94 yuan as of August 2 [4].