证券研究报告|公司动态报告 [Table_Date] 2025 年 08 月 22 日 [Table_Title] 黄鸡价格回升，Q3 有望迎来业绩拐点 [Table_Title2] 立华股份(300761) 分析判断: ► 黄羽肉鸡养殖龙头，市占率渐提升 自 2014 年起，除 2020 年之外，随着畜禽养殖规模扩大，公司 营业总收入保持稳步增长，2014 年至 2024 年，公司营业总收入 由 40.74 亿元增长至 177.25 亿元，10 年 CAGR+15.84%。从归母 净利润来看， 2014-2019 年持续抬升，由 3.52 亿元增长至 19.64 亿元，屡创历史新高；2020 年至今，公司黄羽肉鸡和生猪 养殖规模继续扩大，同时畜禽产品价格波动较大，公司归母净利 润跟随畜禽产品价格呈现显著周期性波动。2024 年受益于黄羽肉 鸡和生猪市场行情回暖，公司实现归母净利润 15.21 亿元，同 比大幅扭亏为盈。2025H1，受益主产品出栏量同比增长，公司实 现营业总收入 83.53 亿元，同比增长 7%；实现归母净利润 1.49 亿元，同比下降 74%，主要是受黄羽肉鸡价格下降影响。2024 年 出 ...

Sales Performance - In July 2025, the company sold 780,200 pigs, including 741,900 commercial pigs, generating a revenue of RMB 1.427 billion [1] - The average selling price of commercial pigs in July 2025 was RMB 14.21 per kilogram, a decrease of 0.70% compared to June 2025 [1] - For the seven months ending July 31, 2025, the company sold a total of 5,897,500 pigs, with 5,586,200 being commercial pigs, resulting in a total revenue of RMB 11.449 billion [1] Poultry Sales - In July 2025, the company sold 7,382,600 yellow-feathered broilers, achieving a revenue of RMB 204 million [1] - The average selling price of yellow-feathered broilers in July 2025 was RMB 12.04 per kilogram, down by 6.52% from June 2025 [1] - For the seven months ending July 31, 2025, the company sold 50,085,900 yellow-feathered broilers, generating a total revenue of RMB 1.506 billion [1]

Core Viewpoint - The actual controller of Lihua Co., Ltd. plans to reduce its holdings while implementing incentive measures for core employees as the breeding business shows significant recovery [1][2]. Group 1: Shareholding and Reduction Plans - The actual controller Cheng Lili and its action partner, Pentium Animal Husbandry, plan to reduce their holdings by up to 25.12 million shares, accounting for 3% of the total share capital [1]. - The reason for the reduction is to repay equity pledge loans and interest, while also incentivizing long-term employees who have contributed to the company's growth [1]. - Prior to this, Cheng Lili's action partners had multiple reduction plans, including a 5.98% reduction plan in February 2023, followed by a total reduction of 4.24% from March to August 2023 [2]. Group 2: Financial Performance - In 2024, Lihua Co., Ltd. achieved operating revenue of 17.725 billion yuan, a year-on-year increase of 15.44%, and net profit of 1.521 billion yuan, marking a return to profitability [3]. - The chicken breeding segment generated 14.531 billion yuan in revenue, up 8.01%, accounting for 81.98% of total revenue [3]. - The company sold 1.298 million pigs, a 51.80% increase, with the pig segment revenue rising by 76.51% to 292.7 million yuan [3].

Core Viewpoint - The company focuses on enhancing core competitiveness and reducing breeding costs while adapting to changing consumer demands [1] Financial Performance - In Q1 2025, the company achieved a net profit of 206 million, a year-on-year increase of 157.47% [2] - In 2024, the company listed 516 million yellow feather broilers, a 12.95% increase year-on-year; 1.298 million pigs, a 51.80% increase; and 2.0963 million geese, a 21.73% increase [2] - The company reported a total revenue of 17.725 billion, a 15.44% increase year-on-year, and a net profit of 1.521 billion, marking a turnaround from losses [2] Business Segments - The core business of the company is yellow feather broiler breeding, slaughtering, and sales, contributing 81.98% of total revenue with sales of 14.531 billion, an 8.01% increase year-on-year [2] - The pig farming segment generated 2.927 billion in sales, a 76.51% increase year-on-year, accounting for 16.51% of total revenue [2] Industry Insights - The overall pig farming industry has turned profitable in 2024 after a period of losses, with expectations of continued profitability in 2025 despite potential price declines [3] - The industry is expected to see increased concentration, with companies focusing on product development, brand building, and cost control [3] Cost Management - The company has reduced the complete cost of pig farming to below 6.50 per kg and the complete cost of yellow feather broilers to below 5.5 per kg [3] - Effective cost management is deemed essential for achieving good profitability in the breeding industry [3]