公司信息更新报告：生猪成本下降出栏稳增，黄鸡经营稳健保持盈利

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company has reported a decrease in pig farming costs and stable growth in output, while the chicken business remains profitable [6] - The 2023 revenue was 89.92 billion yuan (+7.40%), with a net profit of -6.39 billion yuan (-220.81%). The Q1 2024 revenue was 21.85 billion yuan (+9.38%), with a net profit of -1.24 billion yuan (+55.04%) [6] - The company expects profit improvement in H2 2024 as the pig cycle reverses, leading to an upward revision of profit forecasts for 2024 and 2026 [6] Summary by Sections Pig Farming - In 2023, the revenue from pig farming was 48.50 billion yuan (+13.75%), with an output of 26.26 million pigs (+46.45%). The average sales price was 14.81 yuan/kg (-22.26%), and the total cost was 16.70 yuan/kg [7] - For Q1 2024, revenue was 12.31 billion yuan (+24.45%), with an output of 7.18 million pigs (+28.32%) and a sales price of 14.26 yuan/kg. The total cost decreased to 15.20 yuan/kg [7] - The company anticipates a total output of 30-33 million pigs in 2024 (+14.23% to 25.66%) [7] Chicken Business - In 2023, the revenue from chicken operations was 36.66 billion yuan (+3.04%), with sales of 1.18 billion chickens (+9.51%). The average sales price was 13.69 yuan/kg (-11.51%), and the total cost was approximately 13.60 yuan/kg [8] - For Q1 2024, revenue was 7.65 billion yuan (-0.98%), with sales of 267 million chickens (+0.20%) and a sales price of 13.02 yuan/kg (+1.29%). The total cost decreased to 12.80 yuan/kg [8] - The company expects chicken sales to grow by 5% to 10% in 2024 [8] Financial Forecasts - The company’s revenue is projected to reach 119.20 billion yuan in 2024 (+32.6%), with a net profit of 1.13 billion yuan. The EPS for 2024 is expected to be 1.71 yuan, with a P/E ratio of 11.2 [9] - For 2025, revenue is forecasted at 132.01 billion yuan (+10.7%) and a net profit of 17.58 billion yuan, with an EPS of 2.64 yuan and a P/E ratio of 7.3 [9] - The 2026 forecast includes a revenue of 128.85 billion yuan (-2.4%) and a net profit of 8.89 billion yuan, with an EPS of 1.34 yuan and a P/E ratio of 14.4 [9]