Investment Rating - The report maintains a "Recommended" rating for the company [1][5]. Core Views - In 2024, the company achieved a revenue of 137.95 billion yuan, a year-on-year increase of 24.43%, and a net profit attributable to shareholders of 17.88 billion yuan, turning from a loss of 4.26 billion yuan in the previous year [5]. - The company plans to slaughter between 72 million to 78 million pigs in 2025, with a total of 71.60 million pigs slaughtered in 2024, representing a year-on-year increase of 12.2% [5]. - The company has improved its gross profit margin significantly, with a comprehensive gross margin of 19.05% in 2024, up by 15.94 percentage points year-on-year [5]. Financial Performance Summary - **Revenue and Profit**: The company reported a revenue of 1379.47 million yuan in 2024, with a net profit of 178.81 million yuan, showing a significant recovery from previous losses [5][6]. - **Quarterly Performance**: In Q4 2024, the company achieved a revenue of 411.72 million yuan, a year-on-year increase of 47.61%, and a net profit of 74.00 million yuan, also turning from a loss [5]. - **Cost Management**: The company has optimized its breeding costs, with the total breeding cost dropping to approximately 14 yuan/kg in 2024, and further down to 13 yuan/kg by the end of the year [5]. Production and Sales - The company has established a nationwide pork sales network, with over 70 service stations across 20 provincial-level administrative regions [5]. - The average selling price of commodity pigs was approximately 16.5 yuan/kg in 2024, reflecting a year-on-year increase of 13.91% [5]. Future Projections - The company is expected to continue its growth trajectory, with projected earnings per share (EPS) of 3.47 yuan in 2025 and 4.80 yuan in 2026, corresponding to price-to-earnings (PE) ratios of 11 times and 8 times, respectively [5][6].