Yuehai Feeds Group(001313) 华鑫证券·2025-03-15 13:44Investment Rating - The report assigns an "Accumulate" 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 challenging 2024, with projected losses due to industry-wide issues affecting the aquaculture sector [3][4]. Summary by Sections Financial Performance - The company forecasts a net loss of 69 to 98 million yuan for 2024, marking its first loss since its IPO, primarily due to expected impairment losses exceeding 300 million yuan [3]. - Revenue projections for 2024, 2025, and 2026 are 60.11 billion yuan, 85.69 billion yuan, and 103.39 billion yuan respectively, with a significant recovery expected in 2025 [9][11]. Strategic Initiatives - The "Yuehai Chuangfu Xing · Zhan Chun Action" initiative launched in early 2025 aims to enhance feed sales and support aquaculture farmers through cost reduction and efficiency improvements [4]. - The company plans to increase its focus on research and development in aquaculture seedling business, 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 enhance its competitive edge in the aquaculture feed market and expand into overseas markets [8]. - The company is actively managing its accounts receivable, with a net amount of 1.923 billion yuan as of Q3 2024, and is implementing measures to improve collection efficiency [5][7]. Earnings Forecast - The earnings per share (EPS) are projected to be -0.12 yuan in 2024, recovering to 0.15 yuan in 2025 and 0.22 yuan in 2026, reflecting a positive trend in profitability [9][11].