地产业务符合预期，生猪养殖成本优化

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company achieved a revenue of 12.42 billion yuan in 2023, representing a year-on-year growth of 107.1%, and a net profit attributable to shareholders of 1.746 billion yuan, up 125.9% year-on-year [5][9] - The real estate segment continues to contribute significantly to profits, with a total sales area of 138,900 square meters in 2023, an increase of 221.9% year-on-year [6] - The company has optimized its pig farming costs, leading to a rapid increase in pig sales volume, with approximately 1.845 million pigs sold in 2023, a year-on-year increase of 45.9% [2][5] Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 2.489 billion yuan, a decrease of 34.7% year-on-year, with a net profit of 488 million yuan, an increase of 40.4% year-on-year [5] - The company’s gross profit margin for 2023 was 38.7%, with a return on equity (ROE) of 45.3% [9] Business Segments - The feed business saw sales of 215,000 tons in 2023, a slight decrease of 0.3% year-on-year, while revenue from feed reached 920 million yuan, up 4.2% year-on-year [3] - The poultry segment generated revenue of 64.72 million yuan, down 7.86% year-on-year, with a total of 22.069 million chicks sold, a growth of 1.2% [3] Production Capacity - As of the end of 2023, the company had a total fixed asset value of 6.052 billion yuan, an increase of 25.49% year-on-year, and a breeding sow inventory of approximately 112,000 heads [7]