上游景气恢复，业绩环比改善

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price-to-earnings (P/E) ratio of 10x for 2024 [3][22]. Core Insights - The company experienced a recovery in upstream market conditions, with a quarter-on-quarter improvement in performance. In Q1 2024, the company sold 130 million broiler chicks, a year-on-year decrease of 13.5%, but the average selling price increased by 42.3% quarter-on-quarter to 4.2 yuan per chick. This price increase is attributed to a reduction in the import of grandparent stock since May 2022, leading to a supply shortage in the market [2][12]. - The financial projections for 2024-2026 indicate a net profit attributable to the parent company of 1.055 billion, 548 million, and 632 million yuan, representing year-on-year growth rates of +95.1%, -48.0%, and +15.2%, respectively [3][4]. Financial Summary - Revenue for 2024 is projected at 3.911 billion yuan, reflecting a year-on-year growth of 21.3% [4]. - The net profit for 2023 was 541 million yuan, a significant recovery from a loss of 367 million yuan in 2022, with a projected net profit of 1.055 billion yuan for 2024 [4]. - The earnings per share (EPS) are expected to be 0.95 yuan in 2024, with a projected P/E ratio of 10.0 [4][22]. - The company’s return on equity (ROE) is expected to reach 19.8% in 2024, up from 12.1% in 2023 [4].