亏损低于预告中值，向全球极具竞争力猪企迈进

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [6]. Core Views - The company has reported a lower-than-expected loss, moving towards becoming a globally competitive pig farming enterprise. The 2023 revenue reached 4.04 billion yuan, a year-on-year increase of 1.83%, while the net loss attributable to shareholders was 645 million yuan, reflecting a significant decline compared to the previous year [1][2]. - The company aims to expand its pig farming operations significantly, targeting an output of over 10 million pigs in the long term, supported by a capital increase plan to raise up to 1.75 billion yuan for production capacity construction [1][2]. - The overall trend in the pig farming cycle is improving, with expectations of a gradual reduction in supply and a resilient recovery in domestic consumption, which may positively impact pig prices [1][2]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 4.04 billion yuan, with a net loss of 645 million yuan, which was better than the forecasted range [1]. - The company recorded a pig output of 2.6737 million heads, an increase of 74.74% year-on-year, with pig products contributing 3.463 billion yuan to total revenue, accounting for 85.9% of total sales [1][2]. Strategic Goals - The company is focused on expanding its scale and optimizing costs, with a goal to maintain breeding costs at 80% of the industry average. In 2023, the average cost per pig was 1,309 yuan, down 18.2% year-on-year [1][2]. - The company is collaborating with Pipestone and PIC to enhance its operational capabilities and achieve its strategic objectives [1]. Market Outlook - The supply of pigs is expected to peak and then gradually contract, while domestic consumption is showing strong resilience, which may support a favorable market for pig prices in the future [1][2].