降本增效，业绩显著回升

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [1]. Core Insights - The company has significantly improved its performance through cost reduction and efficiency enhancement, with a notable increase in net profit by 61.66% year-on-year in 2023 [1]. - The poultry breeding and processing segment has shown potential for growth, with a focus on optimizing operations and increasing production capacity [2][3]. Summary by Sections Business Performance - In 2023, the company achieved a revenue of 18.487 billion yuan, a year-on-year increase of 9.93%, and a net profit of 664 million yuan, reflecting a growth of 61.66% [1]. - The poultry breeding segment sold 9.01 million sets of parent stock chicks, maintaining the largest market share among domestic sources [1]. - The food processing segment reported a revenue of 6.394 billion yuan, with a year-on-year growth of 28.14% and a gross margin of 18.67% [2]. Financial Projections - The projected net profits for 2024, 2025, and 2026 are 1.265 billion yuan, 2.098 billion yuan, and 2.242 billion yuan, respectively, with corresponding EPS of 1.02 yuan, 1.69 yuan, and 1.80 yuan [2][3]. - The company’s revenue is expected to grow from 20.383 billion yuan in 2024 to 25.581 billion yuan in 2026, with a compound annual growth rate of approximately 10.1% [3]. Market Position - The company has successfully upgraded its breeding technology, launching the "Shenze 901plus" breed, which has shown significant performance improvements [1]. - The company is actively expanding its production capacity, with plans for a new processing facility expected to add approximately 60,000 tons of capacity in 2024 [2].