LIHUA(300761)2025-04-22 12:20Group 1: Company Performance Overview - In 2024, the company sold 516 million yellow feathered chickens, a year-on-year increase of 12.95% [2] - The company sold 1.298 million pigs, a year-on-year increase of 51.8% [2] - The company sold 2.0963 million geese, a year-on-year increase of 21.73% [2] - The total operating revenue for 2024 was 17.725 billion yuan, a year-on-year increase of 15.44% [2] - The net profit attributable to shareholders was 1.521 billion yuan, marking a significant turnaround from losses [2] - In Q1 2025, the company sold 123 million chickens, a year-on-year increase of 8.69% [2] - The company sold 483,700 pigs in Q1 2025, a year-on-year increase of 150.49% [2] - The net profit attributable to shareholders in Q1 2025 was 206 million yuan, a year-on-year increase of 157.47% [2] Group 2: Cost and Production Insights - The complete cost of chicken in 2024 was 5.9 yuan per kilogram, reduced to 5.5 yuan in Q1 2025 [3] - The company aims for an annual growth target of 8%-10% in yellow feathered chicken output [4] - The target for pig output in 2025 is 2 million heads, with a complete cost of 6.4 yuan per kilogram [4] - The company has established a slaughter capacity of 120 million chickens, with a target of 100 million for 2025 [5] Group 3: Research and Development - In 2024, the company invested 140 million yuan in R&D, primarily for breeding improvements [6] - The company has set up four breeding bases and a genomic breeding laboratory to enhance chicken breeding technology [6] - The breeding team consists of professionals with advanced degrees, focusing on improving breeding quality and biosecurity [6] Group 4: Market Outlook - The company is optimistic about the future of the yellow feathered chicken market, despite cyclical fluctuations [7] - From 2022 to 2024, the cumulative net profit reached nearly 2 billion yuan, with an average revenue growth rate of 42% [8]