20240801-国海证券-立华股份-300761.SZ-2024年中报点评报告_成本快速下降_业绩同比扭亏_5页_252kb

报告摘要

Summary of Li Hua Shares (300761) Research Report

This report discusses the mid-year 2024 performance and analysis of Li Hua Shares (300761), providing key financial insights and investment outlook from Guo Hai Securities.

Performance Overview

Market performance: The company's stock outperformed the S&P 500, rising 180% year-to-date compared to the index's -143%.
Financial metrics: Revenue surged to 780.5 billion yuan in 2024H1, up 121.6% from the previous year, with normalized profitability after a loss of 59.2 billion yuan in 2023. Net profit for the half-year was 57.5 billion yuan.

Key Business Highlights

Yellow-feathered chicken segment: Cost reductions in feed drove profit improvement. Sales volume increased by 106.9% year-over-year, with cost-per-unit dropping significantly by over 40%, supported by lower raw material prices and higher selling prices.
Pig farming: Prices improved, and costs lowered due to operational efficiencies. Sales volume grew by 188.3%, with a target of over 1.2 billion heads annually. Pigs sales均价 rose by 71.3% year-over-year.

Investment Recommendation

Maintain "Buy" rating with PE projections of 13x to 12x for 2024-2026. Adjusted revenue and earnings forecasts reflect strong growth potential in both poultry and pig segments.

Financial Projections

Revenue forecast: 175.8 billion yuan for 2024, growing at 15% to 18.316 billion yuan by 2025.
Net profit: Expected to rise to 150.1 billion yuan in 2024, scaling to 1,638 billion yuan by 2025. Growth rates indicate steady improvement from losses in previous years.