Yuehai Feeds Group(001313) 华鑫证券·2025-03-15 12:48Investment Rating - The report assigns an "Accumulate" investment rating for the company, indicating a positive outlook for future performance [9]. Core Views - The company is expected to significantly improve its financial performance in 2025, potentially turning losses into profits due to new strategic initiatives [4][9]. - The company anticipates a net loss of 69 to 98 million yuan for 2024, marking its first loss since its IPO, primarily due to impairment losses [3][4]. - The "Spring Action" initiative launched in 2025 aims to enhance feed sales and broaden growth opportunities by providing technical support and optimizing cost structures for aquaculture clients [4][9]. - The company plans to strengthen its receivables management and expects to see improvements in cash collection as the aquaculture industry gradually recovers [5][7][9]. - A proposed acquisition of 51% of Yixing Tianshi Feed Co., Ltd. is expected to enhance the company's competitive position in the aquaculture feed market [8][9]. Summary by Sections Financial Performance - The company forecasts revenues of 6.01 billion yuan in 2024, with a significant increase to 8.57 billion yuan in 2025, reflecting a growth rate of 42.6% [11]. - The projected net profit for 2025 is expected to be 102 million yuan, recovering from a net loss of 85 million yuan in 2024 [11]. Market Strategy - The "Spring Action" initiative is designed to support aquaculture farmers, aiming to improve their profitability and, in turn, enhance the company's receivables management [4][5]. - The company is focusing on research and development in aquaculture seedling business, which is anticipated to become a new revenue source [4][9]. Competitive Position - The acquisition of Yixing Tianshi Feed Co., Ltd. is aimed at consolidating resources and enhancing market competitiveness, particularly in the area of nutritional additives for aquaculture [8][9].