Q1低鸡价拖累业绩，产能释放销量稳增

Investment Rating - The report maintains a "Buy-A" rating for the company [4][3]. Core Views - The company experienced a decline in performance in Q1 2024 due to low chicken prices, resulting in a revenue drop of 7.10% year-on-year, with a net profit loss of 619.24 million yuan, a decrease of 169.23% year-on-year [1]. - Despite the challenges, the company is expected to see a recovery in performance, with projected net profits of 1.78 billion yuan, 1.89 billion yuan, and 2.25 billion yuan for 2024, 2025, and 2026 respectively, indicating a significant growth rate of 168.6% in 2024 [3][7]. - The company has expanded its production capacity and improved its sales channels, which are anticipated to support future growth [3]. Summary by Sections Performance Overview - In Q1 2024, the company achieved a revenue of 4.215 billion yuan, down 7.10% year-on-year, and a net profit of -61.92 million yuan, down 169.23% year-on-year. The decline was attributed to low industry chicken prices and increased asset impairment losses of 67.21 million yuan, up 419.72% year-on-year [1]. Sales and Production - The company sold 293,500 tons of live chicken in Q1 2024, an increase of 10.84% year-on-year, generating a sales revenue of 2.983 billion yuan, up 15.08% year-on-year. The average price was 10,200 yuan per ton, up 3.83% year-on-year [2]. - The food segment saw sales of 80,600 tons of chicken products, a year-on-year increase of 11.02%, with a revenue of 1.918 billion yuan, down 4.43% year-on-year, and an average price of 23,800 yuan per ton, down 13.92% year-on-year [2]. Investment Recommendations - The company is positioned as a leading player in the domestic white feather chicken breeding industry, with sufficient production capacity and improving sales channels. The expected target market capitalization for 2024 is 28.64 billion yuan, with a target price of 23.03 yuan per share [3][4].