24Q1亏损收窄，生猪养殖成本行业领先

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Insights - The company reported a narrowing loss in Q1 2024, with revenue of 1.08 billion yuan, a year-on-year increase of 20.82%. The net profit attributable to shareholders was -0.04 billion yuan, showing a reduction in losses compared to the same period last year [1]. - In 2023, the company experienced revenue growth of 17.76% to 3.89 billion yuan, but the net profit turned to a loss of -0.40 billion yuan, compared to a profit of 0.26 billion yuan in 2022. The company’s gross margin decreased by 14.14 percentage points to 4.38% [1][3]. - The company is focusing on the pig farming industry chain, which includes feed processing and sales, pig farming and sales, slaughtering, and fresh pork food sales. The expected improvement in pig prices may enhance the company's performance in the coming years [8]. Financial Summary - In 2023, the company’s revenue was 3,891.28 million yuan, with a growth rate of 17.76%. The net profit attributable to shareholders was -401.28 million yuan, reflecting a decline of 257.13% [3][5]. - The forecast for 2024 estimates revenue to reach 6,236.06 million yuan, with a growth rate of 60.26%. The net profit is projected to recover to 735.02 million yuan, indicating a growth rate of 283.17% [3][5]. - The company’s earnings per share (EPS) for 2024 is expected to be 1.40 yuan, with a price-to-earnings (PE) ratio of 26 [8]. Operational Highlights - In 2023, the company sold 1.52 million pigs, a year-on-year increase of 63.66%. The average selling price was 1,376 yuan per pig, down 26.95% from the previous year [1]. - The company aims to achieve a pig output target of 2.5 million heads in 2024, which represents a year-on-year increase of approximately 64% [1]. - The company is actively expanding its slaughtering and food processing business, which saw a revenue increase of 38.06% in 2023, contributing 1.23 billion yuan to total revenue [1].