2023年年报及2024年一季报点评：成本优势依然显著，长期成长兑现可期

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [2][3]. Core Insights - The company reported a revenue of 4.04 billion yuan in 2023, a year-on-year increase of 1.8%, but a net profit attributable to shareholders of -645 million yuan, a significant decline of 508.2% [2][3]. - In Q1 2024, the company achieved a revenue of 950 million yuan, up 6.2% year-on-year, but down 8.3% quarter-on-quarter, with a net profit of -140 million yuan, an improvement of 32.8% year-on-year and 54.4% quarter-on-quarter [2]. - The pig farming business saw a revenue of 3.46 billion yuan in 2023, a 15.8% increase, with a total of 2.674 million pigs sold, a 74.7% increase year-on-year [2][3]. - The company aims to expand its production capacity to over 10 million pigs annually by enhancing genetic management and optimizing herd structure [2]. Financial Forecasts - The company forecasts net profits for 2024, 2025, and 2026 to be 421 million, 1.255 billion, and 1.722 billion yuan respectively, with corresponding EPS of 0.81, 2.46, and 3.38 yuan [2][3]. - The projected PE ratios for the same years are 43, 14, and 10 times, indicating a potential recovery in the pig cycle in the second half of 2024 [2][3]. - The company expects significant revenue growth in the coming years, with projected revenues of 7.473 billion, 11.803 billion, and 15.611 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 85.0%, 57.9%, and 32.3% [3][6]. Capital and Funding - As of the end of 2023, the company had cash reserves of 450 million yuan, indicating a relatively strong liquidity position [2]. - The company plans to raise up to 1.2 billion yuan through a private placement, with the controlling shareholder expressing confidence in the company's long-term development [2].