YISHENG(002458) 国投证券·2025-04-01 15:12Investment Rating - The report maintains a "Buy-A" rating for the company with a 6-month target price of 12.07 CNY [7]. Core Views - The company has experienced a decline in chicken seedling sales in 2024, but Q4 saw a significant recovery in prices, contributing positively to profits. The total revenue for 2024 was 3.136 billion CNY, down 2.76% year-on-year, while net profit was 504 million CNY, down 6.84% year-on-year. In Q4 alone, revenue reached 982 million CNY, up 73.41% year-on-year, and net profit was 203 million CNY, up 242.33% year-on-year [1][4]. - The company is expected to see an increase in white feather chicken sales in 2025, with a projected growth in revenue from the white feather chicken business. The company sold 586 million white feather chicken seedlings in 2024, a decrease of 9.3% year-on-year, generating sales revenue of 2.385 billion CNY, also down 9.6% year-on-year [2]. - The company faces challenges due to outbreaks of highly pathogenic avian influenza in major breeding regions, which have led to a significant reduction in the supply of grandparent stock. In early 2025, the company imported 36,000 sets of grandparent chickens from France to alleviate supply issues [3]. Financial Summary - The company is projected to achieve revenues of 4.010 billion CNY, 4.340 billion CNY, and 4.520 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 27.9%, 8.2%, and 4.1% [4]. - Net profit is expected to reach 668 million CNY, 763 million CNY, and 772 million CNY for the same years, with growth rates of 32.5%, 14.2%, and 1.2% respectively [4]. - The company’s earnings per share (EPS) is projected to be 0.60 CNY, 0.69 CNY, and 0.70 CNY for 2025, 2026, and 2027 respectively [5].