Yuehai Feeds Group(001313) 华鑫证券·2025-03-15 14:23Investment 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][5]. Summary by Sections Financial Performance - The company forecasts revenues of 6.01 billion yuan in 2024, with a projected increase to 8.57 billion yuan in 2025, representing a growth rate of 42.6% [11]. - The expected net profit for 2025 is projected at 102 million yuan, recovering from a net loss of 85 million yuan in 2024 [11]. Strategic Initiatives - The "Spring Action" initiative is designed to assist aquaculture clients in increasing production and income, thereby indirectly improving the company's accounts receivable management [4][5]. - The company plans to enhance its research and development efforts in aquaculture seedling production, which is expected to become a new revenue source [4]. Market Positioning - The company is pursuing a strategic acquisition of 51% of Yixing Tianshi Feed Co., aiming to strengthen its market position in the aquaculture feed sector and expand into overseas markets [8]. - The company is focused on improving its accounts receivable collection processes, with a net accounts receivable of 1.923 billion yuan as of Q3 2024 [5][7].