According to the GLONGHUI July 19丨Guoxin Securities research report on the 18th, Aonong Biotech (603363.SH) expects to lose 56-680 million yuan in net profit in the first half of 2023, 670 million yuan in the same period last year; it expects to lose 38-50 million yuan in 2023Q2. The company's pig list is expanding steadily. The number of pigs released in 2023H1 is 2,923,500, an increase of 24.73% over the previous year. The company announced in July 2023 that it plans to introduce capital war investment. The controlling shareholder, Aonong Investment, plans to transfer 43.98 million company shares (5.049% of the company's total share capital) to Zhangzhou Gold Investment. The transfer price is 889 yuan/share, and the total transfer price is about 390 million yuan. It is believed that the introduction of state-owned war investment shareholders will help optimize the company's shareholder structure and provide an effective guarantee for the steady operation of the company's future business. The company is one of the newest brands in pig farming. The company is expected to see a steady improvement in farming costs in 2023 as the utilization rate of fattening capacity is further increased. As a rookie in pig breeding, the company gradually laid out the fattening end from the top down from the top down, and it is expected that fattening production capacity will increase steadily in the future. Considering that pig price losses in the first half of 2023 exceeded expectations and downgraded the company's 2023-2024 profit forecast, the net profit for the return mother is estimated to be -8.24/14.69/1,362 billion yuan in 23-25 (originally estimated net profit of 2023-2024 to 20.49/1,472 billion yuan), the EPS is -0.95/1.69/1.56 yuan respectively, corresponding to the current stock price PE of -9.8/5.5/5.9X, maintaining the “buy” rating.