YISHENG(SZ:002458) GOLDEN SUN SECURITIES·2025-03-29 13:59Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company reported a revenue of 3.136 billion yuan in 2024, a decrease of 2.76% year-on-year, and a net profit attributable to shareholders of 504 million yuan, down 6.84% year-on-year. However, in Q4 2024, revenue reached 982 million yuan, an increase of 73.41% year-on-year, with net profit of 203 million yuan, up 242.33% year-on-year [1][2] - The price of commodity chicken seedlings has increased significantly since Q4 2024, contributing to improved profitability. The estimated profit from parent stock is approximately 250 million yuan, while the profit from commodity stock is around 350 million yuan [1] - The company expects a recovery in demand for white chicken consumption and restocking to positively impact profitability [1] Financial Performance Summary - In 2024, the company sold approximately 570 million commodity chicken seedlings, a decrease of 9% year-on-year, with an average selling price of 3.3 yuan per chick. The sale of parent stock was about 12 million sets, down 20% year-on-year, with an average price of nearly 39 yuan per set [1] - The company forecasts net profits of 550 million yuan, 586 million yuan, and 614 million yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 9.3%, 6.3%, and 4.9% [2][3] - The financial indicators show a projected revenue increase to 3.504 billion yuan in 2025, with a growth rate of 11.7% year-on-year, and a net profit of 551 million yuan, reflecting a growth rate of 9.3% year-on-year [3][8] Stock Information - The company's stock closed at 9.67 yuan on March 28, 2025, with a total market capitalization of approximately 10.699 billion yuan [4]