LONGDA(002726) 开源证券·2024-05-20 23:30Investment Rating - The investment rating for the company is "Buy" (首次) [7] Core Viewpoints - The pre-prepared food industry is experiencing rapid penetration and growth, with a strong focus on B-end customers, which enhances customer stickiness and provides a first-mover advantage. The company is expected to see significant growth in its pre-prepared food business, while the slaughtering business is anticipated to improve as well [14][15]. Summary by Sections Company Overview - The company primarily engages in pig farming, slaughtering, and food processing, including pre-prepared dishes, cooked products, and fresh frozen meat. It has developed into a comprehensive "full industry chain" meat processing enterprise with significant slaughtering capacity concentrated in Shandong Province [22][23]. Pre-prepared Food Industry - The pre-prepared food sector is characterized by a diverse and rapidly growing landscape, driven by the demand for standardized and efficient supply chains in the restaurant industry. The company has established a complete product system and production capacity, with a focus on R&D to meet market demands [9][15][37]. Slaughtering and Farming Business - The slaughtering business is influenced by the price fluctuations of pigs, with the company adjusting slaughter volumes and product structures to optimize profitability. The farming segment has shown stable growth in pig output, although it is currently affected by low pig prices [4][59]. Financial Performance - In 2023, the company's food segment achieved revenue of 2.223 billion yuan, with a year-on-year growth of 34.6%, increasing its share to 16.7% of total revenue. The overall revenue for the company is projected to recover in the coming years, with expectations of improved profitability as market conditions stabilize [41][59]. Strategic Development - The company is implementing a "one body, two wings" strategy, focusing on pre-prepared foods as the core business while leveraging its strengths in farming and slaughtering to support this growth. This strategic shift aims to enhance its competitive position in the market [51][53].