WENS FOODSTUFF GROUP CO.(300498) 财信证券·2025-02-27 06:16Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a strong performance in 2024, with total revenue reaching 104.906 billion yuan, a year-on-year increase of 16.66%, and a net profit attributable to shareholders of 9.245 billion yuan, up 244.68% year-on-year [6][7] - The pig farming segment has turned profitable, becoming the core driver of profit growth, with a total pig output of 30.1827 million heads, a year-on-year increase of 14.93% [6][7] - The company aims to maintain a competitive edge in pig farming costs, targeting an average comprehensive cost of 13 yuan per kilogram for 2025 [6][7] Summary by Sections Financial Performance - The company’s main revenue for 2022 was 83.708 billion yuan, projected to increase to 104.402 billion yuan in 2024 and 101.369 billion yuan in 2025 [4][9] - The net profit attributable to shareholders was -6.390 billion yuan in 2023, expected to recover to 9.257 billion yuan in 2024 and 6.704 billion yuan in 2025 [4][9] - Earnings per share (EPS) is projected to be 1.39 yuan in 2024, decreasing to 1.01 yuan in 2025, and then increasing to 1.50 yuan in 2026 [4][9] Business Segments - In the pig farming sector, the average selling price of pigs was 16.71 yuan per kilogram in 2024, a year-on-year increase of 12.83%, with comprehensive costs significantly reduced to 14.4 yuan per kilogram [6][7] - The poultry segment saw a slight increase in chicken output to 1.208 billion heads, despite a decrease in average selling price to 13.06 yuan per kilogram [6][7] Future Outlook - The company expects to maintain its profitability in the pig farming sector due to a slow recovery in production capacity, which will limit the supply growth in 2025 [6][7] - The company has set a target for pig output in 2025 to be between 33 million and 35 million heads, focusing on quality and steady growth [6][7]