YISHENG(SZ:002458) Guohai Securities·2024-03-06 16:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 3.225 billion yuan in 2023, representing a year-on-year growth of 52.71%. The net profit attributable to shareholders was 541 million yuan, a significant turnaround from a loss of 367 million yuan in the previous year, primarily due to a high demand in the broiler chicken industry and increased sales prices of parent stock and commercial broiler chicks [1][3] - The company expects better market conditions for commercial broiler chicks in 2024, as the price trends are anticipated to improve due to reduced breeding stock [1] - The company is progressing towards a dual-driven strategy of breeding pigs and chickens, with a significant increase in pig production expected in 2024 following a successful fundraising of 1.16 billion yuan for breeding projects [1] Financial Summary - Revenue Forecast: - 2023: 3.225 billion yuan - 2024E: 3.740 billion yuan (growth rate: 16%) - 2025E: 3.740 billion yuan (growth rate: 0%) - 2026E: 4.210 billion yuan (growth rate: 13%) [5] - Net Profit Forecast: - 2023: 541 million yuan - 2024E: 1.103 billion yuan (growth rate: 104%) - 2025E: 787 million yuan (growth rate: -29%) - 2026E: 1.150 billion yuan (growth rate: 46%) [5] - Earnings Per Share (EPS) Forecast: - 2023: 0.49 yuan - 2024E: 1.00 yuan - 2025E: 0.71 yuan - 2026E: 1.04 yuan [5] - Price-to-Earnings (P/E) Ratio: - 2023: 19.93 - 2024E: 10.32 - 2025E: 14.47 - 2026E: 9.90 [5]