巨星农牧：公司信息更新报告：成本稳步下降优势显著，出栏高增持续成长-20250325

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated significant cost advantages and continues to achieve high growth in livestock output, with expectations to navigate through cycles profitably [5][6] - The company reported a revenue of 6.078 billion yuan for 2024, representing a year-over-year increase of 50.43%, and a net profit of 519 million yuan, up 180.36% year-over-year [5] - The company aims to achieve a pig output target of 4 million heads in 2025, maintaining a high growth trajectory [6] Financial Performance Summary - In 2024, the company's pig farming business generated revenue of 5.574 billion yuan, a year-over-year increase of 60.94%, with a total output of 2.7552 million heads, up 3.05% year-over-year [6] - The company has set a goal to reduce its total cost of pig farming to below 13 yuan per kilogram by the end of 2025 [6] - The financial projections for 2025-2027 indicate net profits of 918 million yuan, 1.411 billion yuan, and 2.383 billion yuan respectively, with corresponding EPS of 1.80, 2.77, and 4.67 yuan [5][7] Business Segment Performance - The leather business achieved revenue of 128 million yuan in 2024, a growth of 49.96%, with a gross margin of -29.48% [7] - The company has actively adjusted its sales strategy in the leather segment to expand its customer base, resulting in increased sales orders [7] Market Position and Valuation - The current stock price is 19.49 yuan, with a market capitalization of 9.941 billion yuan [2] - The projected P/E ratios for 2025, 2026, and 2027 are 10.8, 7.0, and 4.2 respectively, indicating a favorable valuation outlook [5][7]