YISHENG(SZ:002458)2024-10-31 10:49Group 1: Company Overview - Yisheng Co., established in 1989, is the largest ancestor meat chicken breeding enterprise in China, holding approximately 33% of the domestic market share [2] - The company sold over 14,000 breeding pigs in the first three quarters of 2024, representing a year-on-year increase of over 700% [2] - The sales of parent white feather meat chicken chicks in the first three quarters of 2024 reached over 9 million sets, a decrease of 20% year-on-year [2] Group 2: Sales Performance - In the first three quarters of 2024, the company sold 420 million commercial chicken chicks, a year-on-year decrease of 15% [2] - The company expects to sell over 3 million parent white feather meat chicken chicks in the fourth quarter of 2024, and 140 million commercial chicken chicks [2] - The company anticipates that the price of parent chicken chicks will remain high at 70 yuan per chick in the fourth quarter [4] Group 3: Market Outlook - The supply of ancestor meat chicken is tight, with the company importing 160,000 sets, accounting for nearly 40% of the total imports in 2023 [2] - The demand for chicken chicks is supported by the continuous expansion of downstream breeding and slaughtering [3] - The chicken meat market is expected to benefit from favorable consumption policies and a shift in consumer preferences towards chicken as a cost-effective protein source [3] Group 4: Future Projections - The company plans to increase its sales volume of parent chicken chicks to 1 million sets next year, supported by new breeding facilities [4] - The company expects to maintain high prices for parent chicken chicks due to tight supply and strong demand from large clients [5] - The company’s breeding pig sales are projected to reach 150,000 heads by 2025 [4]