YISHENG(SZ:002458) Huaan Securities·2025-08-05 09:41Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The decline in chick prices has negatively impacted profitability, while the sales of breeding pigs are entering a release phase [2] - In the first half of 2025, the company achieved revenue of 1.32 billion yuan, a year-on-year decrease of 4.0%, and a net profit attributable to the parent company of 6.155 million yuan, down 96.6% year-on-year [4][5] - The company has seen a 15.7% year-on-year increase in the sales volume of white feather broiler chicks, but the price drop has affected profitability [4][5] Financial Performance Summary - In 1H2025, the company's revenue from broiler chicken business was 1.006 billion yuan, a decrease of 16.5% year-on-year, with a gross profit of 98 million yuan, down 72.8% [5] - The sales volume of breeding pigs reached 38,000 heads in 1H2025, a year-on-year increase of 355%, with revenue from the pig business at 204 million yuan, up 128.7% [5] - The company expects to achieve main business revenues of 3.384 billion yuan, 4.010 billion yuan, and 5.005 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 141 million yuan, 450 million yuan, and 469 million yuan [7][10] Sales and Production Insights - The company introduced 230,000 sets of Hubbard breeding chickens in 2024, a year-on-year increase of approximately 44%, laying a solid foundation for growth in parent and commercial chick sales in 2025 [5] - The sales price for white feather parent chicks in 1H2025 was approximately 30 yuan per set, while the price for commercial chicks ranged from 2.3 to 2.4 yuan per chick [5] - The company anticipates steady growth in the sales volume of its 909 small white feather broiler chicks in 2025 [5] Future Projections - The company projects parent chick sales of 12 million sets, 12 million sets, and 13 million sets for 2025, 2026, and 2027 respectively, with commercial chick sales of 665 million, 632 million, and 664 million [7] - The expected compound annual growth rate for breeding pig sales from 2024 to 2027 is 145.5%, with a projected sales volume of 100,000 heads, 150,000 heads, and 200,000 heads for the respective years [7]