温氏股份：猪鸡共振成本优化，公司产能稳步扩张

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Insights - The report highlights the optimization of costs in pig and chicken production, with a steady expansion of production capacity [2] - The financial projections indicate a revenue increase from 89.92 billion in 2023 to 107.87 billion in 2024, representing a growth rate of 20% [3] - The report anticipates a decline in revenue to 102.88 billion in 2025, followed by a recovery to 116.90 billion in 2026, with respective growth rates of -4.6% and 13.6% [3] Financial Summary - The company is projected to have a net profit of -6.39 billion in 2023, with a turnaround to 9.29 billion in 2024 and further to 4.24 billion in 2025, reaching 10.90 billion in 2026 [3][5] - The return on equity (ROE) is expected to improve from -19.3% in 2023 to 22.8% in 2024, then stabilize at 9.5% in 2025 and rise to 20.1% in 2026 [3][5] - The gross margin is projected to increase from 0.8% in 2023 to 16.2% in 2024, followed by 11.3% in 2025 and 16.7% in 2026 [5] Key Financial Ratios - The company's debt-to-equity ratio is expected to decrease from 61.4% in 2023 to 46.8% in 2026, indicating improved financial stability [5] - The current ratio is projected to improve from 1.07 in 2023 to 1.68 in 2026, reflecting better liquidity [5] - The earnings per share (EPS) is forecasted to recover from -0.96 in 2023 to 1.40 in 2024, then to 0.64 in 2025 and 1.64 in 2026 [3][5]