益生股份：聚焦高代次种源的白羽肉鸡种苗龙头

Investment Rating - The report maintains an "Outperform the Market" rating for the company [3][4]. Core Views - The company focuses on high-generation poultry breeding and is currently the largest supplier of white feather broiler chicks in China, with a significant market share in both parent and commercial broiler chicks [1][10]. - The white feather broiler industry is expected to gradually recover, with the company benefiting from a strong pricing power in the breeding segment, which has higher profit margins compared to downstream farming and processing sectors [1][24]. - The company has established partnerships to ensure stable supply and sales growth, and its self-developed "Yisheng 909" small white feather broiler has shown promising sales performance [1][19]. Summary by Sections Company Overview - The company is the largest supplier of white feather broiler chicks in China, covering the entire breeding process from parent stock to commercial chicks [1][10]. - It has a market share of approximately one-third in the parent stock segment and nearly one-tenth in the commercial chick segment [1][10]. Industry Analysis - The white feather broiler industry has a high degree of scale and concentration, with breeding being a crucial profit segment [1][24]. - The industry is currently experiencing tight supply due to external factors like avian influenza, while demand is expected to rise with the recovery of pig prices [1][24]. Company Highlights - The company enjoys significant sales premiums for its broiler chicks, with parent stock prices approximately 10 CNY per set above the industry average [1][19]. - The introduction of the "Yisheng 909" breed has led to sales nearing 80 million chicks in 2023, outperforming traditional breeds [1][19]. - The company has expanded its operations into high-generation pig breeding, with a projected capacity of 40,000 pigs by 2024, and has seen a 625% year-on-year increase in pig sales in the first seven months of 2024 [1][19]. Financial Forecast and Valuation - The average selling price of white feather broiler chicks for 2024 has been revised upward to 4.40 CNY per chick, leading to an increase in the net profit forecast to 502 million CNY [2][4]. - The stock is valued in the range of 11.80 to 12.70 CNY, reflecting a favorable outlook based on the company's growth potential [3][4].