WENS FOODSTUFF GROUP CO.(300498) 华安证券·2025-02-24 09:57Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit of 9.24 billion yuan in 2024, marking a significant turnaround from losses in previous years. Revenue is projected to reach 104.9 billion yuan, reflecting a year-on-year growth of 16.7% [2] - The core production metrics are continuously improving, with the comprehensive cost of raising pigs dropping to 14 yuan per kilogram in Q4 2024. The company plans to increase its pig sales target for 2025 to between 33 million and 35 million heads [2][3] - The company has also seen a steady increase in chicken output, with a total of 1.208 billion chickens raised in 2024, a 2.1% increase year-on-year. The comprehensive cost of chicken production decreased to 11.4 yuan per kilogram in Q4 2024 [3][4] Financial Summary - The company forecasts pig output of 30.18 million heads in 2024, increasing to 34 million heads in 2025 and 37 million heads in 2026. Chicken output is expected to rise from 1.208 billion in 2024 to 1.332 billion in 2026. Corresponding net profits are projected at 9.255 billion yuan for 2024, 12.349 billion yuan for 2025, and 11.183 billion yuan for 2026, with year-on-year growth rates of 244.9%, 33.4%, and -9.4% respectively [7] - The company's revenue is expected to grow from 89.921 billion yuan in 2023 to 105.169 billion yuan in 2024, with a year-on-year growth of 17%. The gross profit margin is projected to improve to 17% in 2024 [9]