LIHUA(SZ:300761) EBSCN·2025-05-06 03:10Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company has shown significant cost reduction effects, leading to a substantial increase in profits from its dual main businesses [1]. - In 2024, the company achieved a revenue of 17.725 billion yuan, a year-on-year increase of 15.44%, and a net profit of 1.521 billion yuan, turning from a loss in 2023 [1]. - For Q1 2025, the company reported a revenue of 4.086 billion yuan, up 11.60% year-on-year, with a net profit of 206 million yuan, a remarkable increase of 157.47% [1]. Summary by Sections Sales Performance - In 2024, the company sold 516 million yellow feathered chickens, a year-on-year increase of 12.95%, generating a revenue of 14.531 billion yuan, up 8.01% [2]. - For Q1 2025, the company sold 123 million meat chickens, a year-on-year increase of 8.69%, with a revenue of 3.018 billion yuan, down 5.42% [2]. Cost Management - The company has significantly improved its breeding costs, with the complete cost of yellow chickens at 5.9 yuan per pound in 2024, reduced to 5.5 yuan per pound in Q1 2025 [2]. - The slaughtering business saw over 60 million chickens processed in 2024, with expectations for a faster growth in the proportion of slaughtered products to better serve the fresh market [2]. Swine Business - In 2024, the company’s pig output reached 1.298 million heads, a year-on-year increase of 51.80%, with sales revenue of 2.927 billion yuan, up 76.51% [3]. - For Q1 2025, the company sold 483,700 meat pigs, a year-on-year increase of 150.49%, generating a revenue of 904 million yuan, up 178.15% [3]. - The complete cost of pig breeding was 7.46 yuan per pound in 2024, dropping below 7 yuan per pound by year-end, indicating significant cost optimization [3]. Profit Forecasts - The net profit forecast for 2025 has been raised to 1.741 billion yuan, an increase of 0.64% from previous estimates, and for 2026, it is projected at 2.270 billion yuan, up 92.70% [3]. - The report also introduces a new net profit forecast for 2027 at 2.536 billion yuan, with corresponding EPS estimates of 2.10, 2.74, and 3.06 yuan for 2025, 2026, and 2027 respectively [3].