益生股份：鸡苗业务值得期待，种猪销售步入释放期

Investment Rating - The report assigns a "Buy" rating for the company, Yisheng Co., Ltd. (002458) [1][8] Core Viewpoints - Yisheng Co., Ltd. is the largest breeding enterprise for white feather broiler parent stock in China, holding approximately one-third of the imported white feather broiler market share. The company has been a leader in the breeding of broiler chicks for nearly 20 years and is expected to benefit from the rising prices of broiler chicks [4][7][75] - The company has a strong focus on the chicken breeding industry and is expanding its pig breeding business, with the release of breeding pig capacity expected in 2024 [4][6][7] - The white feather broiler chick business has been the main source of revenue and profit for the company, accounting for 79%-93% of total revenue from 2015 to 2023, with a gross profit of 3.6 billion yuan from this segment in the first half of 2024 [4][16] Summary by Sections Company Overview - Established in 1989, Yisheng Co., Ltd. specializes in the breeding and supply of high-generation livestock and poultry breeds, including broiler chicks and breeding pigs. The company has maintained its position as the largest breeding enterprise for white feather broiler parent stock in China [4][14] Chicken Business Expansion - The company has seen a steady increase in the sales of parent and commercial broiler chicks, with sales rising from 373 million to 586 million from 2019 to 2024. The sales of the 909 small white feather broiler chicks also increased from 76.44 million to 82.99 million during the same period [5][60] - The price of parent and commercial broiler chicks has been rising, driven by factors such as low import volumes and increased demand for white feather chicken products [5][42][56] Pig Breeding Business - Yisheng Co., Ltd. has over 20 years of experience in breeding pigs, with sales increasing from 0.2 million heads in 2021 to 3 million heads in 2024, reflecting a compound annual growth rate of 145.5% [6][66] - The company plans to sell 150,000 breeding pigs in 2025, with a target of reaching 200,000 heads at full capacity [6][66] Financial Projections - The company is projected to achieve main business revenues of 3.26 billion yuan, 5.06 billion yuan, and 5.5 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 559 million yuan, 1.38 billion yuan, and 1.44 billion yuan [7][75]