NWF(SH:600975) Minsheng Securities·2024-04-30 16:00Investment Rating - The report maintains a "Recommended" rating for the company [5][13]. Core Views - The company reported a revenue of 5.63 billion yuan in 2023, representing a year-on-year growth of 12.5%. However, it incurred a net loss attributable to shareholders of 1.20 billion yuan, a significant decline of 1,448.7% compared to the previous year [5]. - The company has shown a rapid increase in pig production, with a total of 3.20 million pigs sold in 2023, marking a 75.2% increase year-on-year. The company is strategically expanding its production capacity and has established a strong presence in the Hunan province and surrounding regions [5]. - The company has significantly enhanced its feed self-sufficiency, with feed sales increasing by 156.8% in Q1 2024. Several feed production projects have been launched, contributing to the overall growth in production capacity [5]. - The company raised 1.55 billion yuan through a private placement in 2023, which will strengthen its breeding system and enhance its operational capabilities in the pig farming industry [5]. - The forecasted net profits for 2024-2026 are expected to be 312 million yuan, 623 million yuan, and 893 million yuan respectively, with corresponding EPS of 0.25 yuan, 0.49 yuan, and 0.71 yuan [5]. Financial Forecast and Indicators - The projected revenue for 2024 is 9.78 billion yuan, with a growth rate of 73.6%. The net profit is expected to recover to 312 million yuan, with a significant growth rate of 126.0% [5]. - The company’s PE ratio is projected to decrease from 35 in 2024 to 12 in 2026, indicating an improving valuation as profitability increases [5]. - The company’s total assets are expected to grow from 12.66 billion yuan in 2023 to 15.46 billion yuan in 2026, reflecting a solid growth trajectory [5].