YISHENG(SZ:002458) GOLDEN SUN SECURITIES·2024-03-11 16:00Investment Rating - The report maintains a "Buy" rating for Yisheng Co., Ltd. (益生股份) [12][16]. Core Views - The company has shown strong growth in its main business, with a significant increase in both sales volume and price of broiler chicks. In 2023, the company sold 645 million broiler chicks, a year-on-year increase of 12.3%, with an average selling price of 4.1 RMB per chick, up 48% year-on-year [2]. - The increase in average price is attributed to the inclusion of higher-priced parent stock chicks in sales, with the average price of parent stock chicks reaching 54.5 RMB per set, a 93.3% increase year-on-year. The average price of commercial broiler chicks was 3 RMB per chick, up 30.9% year-on-year [2]. - The company reported a total revenue of 3.225 billion RMB in 2023, a year-on-year increase of 52.71%, and a net profit attributable to shareholders of 541 million RMB, a year-on-year increase of 247.34% [12]. - The company expects a decline in chick prices in the second half of 2024, leading to a projected net profit of 1.055 billion RMB in 2024, representing a year-on-year increase of 95.1% [12]. Financial Summary - In 2023, the company achieved a revenue of 3.225 billion RMB, with a growth rate of 52.71% compared to 2022. The net profit attributable to shareholders was 541 million RMB, with a growth rate of 247.34% [12][14]. - The projected financials for 2024 to 2026 include revenues of 3.911 billion RMB, 4.097 billion RMB, and 4.290 billion RMB, with corresponding net profits of 1.055 billion RMB, 548 million RMB, and 632 million RMB [14]. - The earnings per share (EPS) for 2023 was 0.49 RMB, with projections of 0.95 RMB for 2024 and 0.50 RMB for 2025 [14].