TECON(002100) 民生证券·2024-05-02 06:00Investment Rating - The report maintains a "Recommended" rating for the company [11][18]. Core Insights - The company achieved a revenue of 19.03 billion yuan in 2023, a year-on-year increase of 12.0%, but reported a net loss attributable to shareholders of 1.36 billion yuan, a significant decline of 585.5% year-on-year [10][21]. - In Q1 2024, the company generated a revenue of 3.78 billion yuan, a decrease of 2.9% year-on-year, but successfully turned a profit with a net income of 50 million yuan [10][11]. - The company aims to sell approximately 300-350 million pigs in 2024, with a target PSY (Pigs per Sow per Year) of around 28 and a complete cost control target of 15.5 yuan/kg [2][11]. Summary by Sections Sales and Production - In 2023, the company sold 2.816 million pigs, an increase of 38.9% year-on-year, with an average selling price of 14.2 yuan/kg, down 18.0% year-on-year [2]. - In Q1 2024, the company sold 647,000 pigs at an average price of 13.4 yuan/kg [2]. Financial Performance - The company reported a net profit of -1.36 billion yuan in 2023, with a significant asset impairment loss of 500 million yuan impacting overall performance [10][21]. - The forecast for net profit attributable to shareholders for 2024-2026 is 518 million, 1.084 billion, and 1.497 billion yuan, respectively, with corresponding EPS of 0.38, 0.79, and 1.10 yuan [11][21]. Business Segments - The feed business achieved a revenue of 6.49 billion yuan in 2023, a year-on-year increase of 17.4%, while the veterinary medicine segment generated 1 billion yuan, up 5.93% [18]. - In Q1 2024, the feed business sold 669,000 tons, a year-on-year increase of 13.5%, and the animal vaccine segment reported a revenue of 340 million yuan, up 13.1% [18]. Cost Management - The company has successfully reduced its pig farming costs, with the complete cost dropping below 16.5 yuan/kg in September and October 2023, and further down to 15.99 yuan/kg in Q1 2024 [2].