WENS FOODSTUFF GROUP CO.(300498) 华鑫证券·2025-01-10 01:43Investment Rating - The report maintains a "Buy" investment rating for the company [2][11]. Core Insights - The company achieved a record high in revenue, with 2024 annual revenue surpassing 100 billion yuan, and a strong profit growth, expecting a net profit attributable to shareholders of 9-9.5 billion yuan [6][11]. - The company successfully met its pig sales targets for three consecutive years, with a total of 30.1827 million pigs sold in 2024, a year-on-year increase of 14.93%, generating sales revenue of 61.753 billion yuan, up 33.50% year-on-year [7]. - The financial structure of the company continues to improve, with a significant reduction in the debt-to-asset ratio from 61.41% at the end of the previous year to 53% at the end of 2024, driven by improved profitability and active debt repayment [10]. Summary by Sections Revenue and Profitability - The company reported a historical high in revenue, with 2024 revenue expected to exceed 100 billion yuan, and a strong profit growth forecast of 9-9.5 billion yuan in net profit attributable to shareholders [6][11]. - The pig farming business and chicken farming business are projected to generate profits of 8.2-8.4 billion yuan and 2.1-2.3 billion yuan, respectively [6]. Sales Performance - The company sold 30.1827 million pigs in 2024, a 14.93% increase year-on-year, with sales revenue from pigs reaching 61.753 billion yuan, a 33.50% increase year-on-year [7]. - The chicken business also showed steady growth, with 1.208 billion chickens sold in 2024, a 2.08% increase year-on-year, although sales revenue decreased by 3.37% due to lower prices [8]. Cost Management - The company has optimized its breeding costs, with the comprehensive cost of pig farming expected to decrease to 6.5 yuan per jin in 2025, down from approximately 7.2 yuan per jin in 2024 [7]. - The chicken farming business has also seen cost reductions, with the total cost of chicken farming dropping to 6 yuan per jin in 2024, a decrease of 0.8 yuan per jin year-on-year [8]. Financial Health - The company's financial structure is improving, evidenced by a reduction in the debt-to-asset ratio and two cash dividend distributions totaling 1.66 billion yuan in 2024, reflecting long-term investment value and confidence in development [10]. - The company forecasts revenues of 104.774 billion yuan, 105.502 billion yuan, and 115.535 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.39 yuan, 1.22 yuan, and 1.08 yuan [11].