YISHENG(002458)2025-01-08 09:46Company Overview - Yisheng Co., established in 1989, is the largest ancestor meat chicken breeding enterprise in China and Asia, holding approximately 33% of the imported white feather meat chicken market share [3] - The company focuses on breeding high-quality livestock and poultry, with major products including parent and commercial meat chicken chicks, breeding pigs, and agricultural equipment [3] - The company has received multiple honors for its disease purification efforts and quality recognition in the poultry industry [3] Industry Overview - The total poultry meat production in China is on the rise, with white feather chicken meat accounting for nearly 50% of the poultry meat market in 2023 [4] - The per capita chicken consumption in China is increasing but still lags behind major chicken-consuming countries like the USA [4] - The Ministry of Agriculture aims to improve breeding efficiency by reducing average feed consumption per unit of animal product by 7% by 2030 [4] Market Dynamics - The company plans to import 230,000 sets of ancestor breeding chickens in 2024, maintaining a 33% share of the domestic imported ancestor white feather meat chicken market [8] - The expected sales volume of commercial chicken chicks in 2024 is approximately 570 million, reflecting a year-on-year decrease of about 9% [9] - The low price of live chickens is limiting the price support for commercial chicken chicks [10] Future Projections - The supply of commercial chicken chicks is expected to remain tight in 2025, with prices influenced by demand and potential increases in chicken meat prices [11] - The company anticipates an increase in the supply of parent chicken chicks in 2025 due to the import of ancestor breeding chickens [13] - The white feather chicken industry is projected to grow, driven by its cost-effectiveness and increasing consumer demand [14] Challenges - The inability to import breeding stock from the USA due to avian influenza may lead to a tighter supply of parent chicken chicks in the second half of 2025, impacting the supply of commercial chicken chicks in 2026 [6][14]