Hunan Xiangjia Animal Husbandry Company Limited(SZ:002982) EBSCN·2024-10-11 08:07Investment Rating - The report maintains a "Buy" rating for Xiangjia Co., Ltd. (002982.SZ) [2][4] Core Views - The fresh chicken business continues to lead, with attention on the seasonal rebound of yellow chicken prices [2] - The company has established itself as a leading player in the fresh yellow chicken market in China, with a mature cold chain logistics and distribution network [2] - Despite short-term pressure on yellow chicken sales prices due to weak consumer demand, the company is expected to benefit from a recovery in prices as the traditional consumption peak season approaches [2] Summary by Sections Sales Performance - In September 2024, the company sold 3.8697 million live poultry, generating sales revenue of 83.701 million yuan, with an average selling price of 11.04 yuan/kg. Month-on-month changes were 2.04%, 1.47%, and -1.34%, while year-on-year changes were -10.61%, -17.88%, and -13.07% respectively [1] Yellow Chicken Sales - From January to September 2024, the company sold 32.782 million yellow chickens, a slight decrease of 0.55% year-on-year, with sales revenue of 714 million yuan, down 0.63% year-on-year. The yellow chicken sales price in September decreased by 13.07% year-on-year [2] Market Position and Network - The company has become a leading enterprise in China's fresh yellow chicken market, with fresh chicken sales revenue of 1.089 billion yuan in the first half of 2024, accounting for 58.76% of total revenue. The company has developed a robust cold chain logistics system and sales network covering 28 provinces and cities nationwide [2] Profit Forecasts - The report revises the net profit forecast for 2024 to 90 million yuan (a decrease of 74.58% from the previous forecast) and for 2025 to 168 million yuan (a decrease of 48.62%). A new forecast for 2026 is set at 309 million yuan, with corresponding EPS of 0.63/1.18/2.17 yuan [2][3]