生猪出栏量同比高增，养殖成绩持续优化

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 4.041 billion yuan in 2023, with a year-on-year growth of 1.8%, but reported a net profit attributable to shareholders of -645 million yuan, indicating a significant loss compared to the previous year [2][3] - The company experienced a rapid increase in pig output, with a total of 2.674 million heads, representing a year-on-year growth of 74.7%. However, the pig farming business faced losses due to persistently low prices [2][3] - The company is focusing on its core pig farming business while facing challenges in its leather and feed businesses, which saw significant revenue declines [2][3] Financial Performance Summary - In 2023, the company's pig farming revenue was 3.463 billion yuan, up 15.8% year-on-year, while feed revenue dropped by 17.1% to 457 million yuan, and leather revenue fell by 71.7% to 86 million yuan [2][3] - The estimated loss for the pig farming segment in 2023 is around 500 million yuan, primarily due to asset impairment provisions [2][3] - The company aims to improve production management and reduce farming costs, with estimated production costs for fattened pigs at approximately 14.68 yuan per kilogram [2][3] Future Projections - Revenue projections for 2024 to 2026 are 6.480 billion yuan, 12.213 billion yuan, and 14.196 billion yuan, respectively, with expected year-on-year growth rates of 60.4%, 88.5%, and 16.2% [3][6] - The net profit attributable to shareholders is projected to recover to 511 million yuan in 2024, 2.202 billion yuan in 2025, and 1.391 billion yuan in 2026 [3][6] - The company is expected to maintain a cost advantage and growth elasticity in the pig farming sector, with a focus on adjusting production capacity based on market conditions [2][3]