Q1猪料销量拐点向上，24年量增具备弹性

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 18.2 CNY per share, indicating a potential upside from the current price of 12.96 CNY [3][22]. Core Insights - The company is expected to experience significant growth in revenue and net profit, with projected compound annual growth rates of 42.3% and 82% for 2024-2026, respectively [2][14]. - The company plans to implement a stock option incentive plan, granting 10.78 million options, which represents approximately 6.4% of the total share capital, with an exercise price of 12.85 CNY per option [2][33]. Summary by Sections Financial Performance - In 2023, the company reported revenue of 1.65 billion CNY, a year-on-year decrease of 0.7%, and a net profit of 83.89 million CNY, down 30% year-on-year. For Q1 2024, revenue was 410 million CNY, up 6% year-on-year, while net profit was 20.33 million CNY, down 13% year-on-year [10][25]. - The company anticipates revenue growth to approximately 2.34 billion CNY in 2024, with net profit expected to reach 153 million CNY, reflecting a significant recovery from previous years [14][26]. Market Dynamics - The report highlights a recovery in pig prices, which is expected to drive demand for pig feed, marking a turning point in sales volume for 2024. The company is well-positioned to benefit from this trend due to its focus on high-end feed products [6][13]. - The company’s feed sales volume is projected to grow significantly, with estimates of 59,000 tons in 2024, representing a year-on-year increase of 46.8% [36]. Stock Option Plan - The stock option plan is designed to enhance employee motivation and align their interests with the company's performance, with performance targets set for revenue and net profit growth over the next three years [2][33][34].