立华股份：成本领先的黄羽鸡与生猪养殖优质标的

Investment Rating - The report maintains an "Outperform the Market" rating for the company [7]. Core Viewpoints - The company is recognized as a leading player in the domestic yellow feather chicken and pig farming sectors, with a complete industrial chain from breeding to processing [2][19]. - The company has achieved a chicken output scale of 457 million in 2023, with a market share of nearly 13%, making it one of the largest yellow feather chicken producers in China [2][19]. - The report anticipates continued profitability in the pig and yellow feather chicken industries through 2025, driven by recovery in downstream demand and effective management of leading enterprises [2][3]. Summary by Relevant Sections Company Overview - The company primarily engages in the breeding, slaughtering, and sales of yellow feather chickens, as well as the breeding and sales of pigs and geese [19]. - The company has expanded its production capacity and is transitioning to fresh chicken sales, establishing a complete industrial chain [2][19]. Business Expansion and Transformation - The yellow feather chicken output has maintained a growth rate of around 10% in recent years, with ongoing expansion into southern markets [3]. - The company has established a cost advantage through breeding innovations and partnerships, which supports its ability to navigate market cycles [3]. - The transition to fresh chicken sales is expected to enhance profitability per bird by increasing product value and brand premium [3]. Pig Farming Business - The company has reached a pig farming capacity of 1.8 million, with an expected output of 1.2 million pigs in 2024 [4]. - Cost improvements have been significant, with total costs dropping below 15 RMB/kg, positioning the company to benefit from an upswing in the pig market [4]. Financial Forecast and Valuation - The report projects revenues of 16.71 billion, 19.00 billion, and 19.78 billion RMB for 2024, 2025, and 2026, respectively, with net profits of 1.40 billion, 1.76 billion, and 1.08 billion RMB [5]. - The estimated reasonable valuation for the company is between 24.10 and 27.00 RMB per share [7][5].