Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 26.73 CNY per share, indicating an expected strong performance relative to the market [3][4]. Core Views - The company reported a significant increase in performance for Q3 2024, with revenue reaching 75.42 billion CNY (up 16.6% year-on-year) and a net profit of 6.408 billion CNY (up 241.5% year-on-year), driven by rising livestock prices and decreasing breeding costs [1][2]. - The company sold 21.562 million pigs in the first three quarters, a 17.7% increase year-on-year, with a Q3 average selling price of 19.48 CNY/kg and estimated profit per pig of approximately 680-700 CNY [1]. - Chicken sales also saw a year-on-year increase of 4.7% in Q3, with an average selling price of 13.14 CNY/kg and estimated profit per chicken of 2.5-2.7 CNY [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 75.42 billion CNY and a net profit of 6.408 billion CNY, with a significant increase in profitability compared to the previous year [1][2]. - The company’s EPS for 2024 is projected to be 1.57 CNY, with expected growth rates of 263.4% for net profit in 2024 and 21.6% in 2025 [2][19]. - The company’s asset-liability ratio decreased to 54.86%, down 4.1 percentage points from the previous quarter, indicating improved financial stability [1]. Sales and Production Insights - The company’s pig sales in Q3 reached 7.188 million heads, a 9.9% increase year-on-year, reflecting strong market demand [1]. - The company continues to optimize its breeding structure, with production biological assets valued at 4.849 billion CNY, showing a 1.2% increase from the previous quarter [1]. - The chicken production maintained high levels, with Q3 sales of 323 million birds, contributing to overall profitability [1].

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1]. Core Views - The company has demonstrated excellent performance with a significant increase in revenue and profit, benefiting from the favorable pricing of pork and chicken [1]. - The company is expected to continue to benefit from the cyclical upturn in the industry, with strong earnings potential in the upcoming quarters [1]. Summary by Sections Performance Overview - In the first three quarters of 2024, the company achieved revenue of 75.384 billion RMB, a year-on-year increase of 16.53%, and a net profit attributable to shareholders of 6.408 billion RMB, marking a turnaround from losses [1]. - In Q3 2024, the company reported revenue of 28.644 billion RMB, up 21.89% year-on-year, and a net profit of 5.081 billion RMB, a staggering increase of 3097% year-on-year [1]. Operational Analysis - The company sold 21.56 million pigs in the first three quarters, a year-on-year increase of 18%, and 71.9 million chickens, a 10% increase [1]. - The cost of pig farming was approximately 14.2 RMB/kg, with a selling price of about 19.48 RMB/kg, resulting in a profit of around 640 RMB per pig [1]. - The average selling price for chickens in Q3 was 13.14 RMB/kg, with a profit of approximately 2.2 RMB per chicken [1]. - The company has seen a continuous decline in farming costs due to improved efficiency and management [1]. Capacity and Financial Health - As of the end of September, the company's productive biological assets were valued at 4.849 billion RMB, reflecting a 1.2% increase from the previous quarter, indicating stable capacity growth [1]. - The company's debt-to-asset ratio decreased to 54.86%, down 4.09 percentage points from the previous quarter, showcasing improved financial stability [1]. Profit Forecast and Valuation - The company is expected to achieve net profits of 10.3 billion RMB, 12.1 billion RMB, and 11.2 billion RMB for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.55, 1.83, and 1.68 RMB [1]. - The projected PE ratios for 2024 and 2025 are 12x and 10x respectively, supporting the "Buy" rating [1].

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1][8]. Core Views - The company has demonstrated excellent performance with a significant increase in revenue and profit, benefiting from the favorable pricing of pork and chicken [1]. - The company is expected to continue to benefit from the cyclical upturn in the industry, with improved breeding efficiency and cost reduction [1]. Summary by Sections Performance Overview - In the first three quarters of 2024, the company achieved revenue of 75.384 billion RMB, a year-on-year increase of 16.53%, and a net profit attributable to shareholders of 6.408 billion RMB, marking a turnaround from losses [1]. - In Q3 2024, the company reported revenue of 28.644 billion RMB, up 21.89% year-on-year, and a net profit of 5.081 billion RMB, a staggering increase of 3097% [1]. Operational Analysis - The company sold 21.56 million pigs in the first three quarters, a year-on-year increase of 18%, and 71.9 million chickens, up 10% [1]. - The cost of pig farming was approximately 14.2 RMB/kg, with a selling price of about 19.48 RMB/kg, resulting in a profit of around 640 RMB per pig [1]. - The average selling price for chickens in Q3 was 13.14 RMB/kg, with a profit of approximately 2.2 RMB per chicken [1]. - The company has seen a continuous decline in breeding costs due to improved efficiency and management [1]. Capacity and Financial Health - As of the end of September, the company's productive biological assets amounted to 4.849 billion RMB, reflecting a 1.2% increase from the previous quarter, indicating stable capacity growth [1]. - The asset-liability ratio decreased to 54.86% by the end of Q3 2024, down 4.09 percentage points from Q2 2024, showcasing improved financial stability [1]. Profit Forecast and Valuation - The company is expected to achieve net profits of 10.3 billion RMB, 12.1 billion RMB, and 11.2 billion RMB for the years 2024 to 2026, respectively, with corresponding EPS of 1.55, 1.83, and 1.68 RMB [1]. - The projected PE ratios for 2024 and 2025 are 12x and 10x, respectively, supporting the "Buy" rating [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrates significant cost advantages and high performance, reflected in substantial dividends, highlighting its investment value [1] - The company reported a revenue of 75.419 billion yuan for Q1-Q3 2024, a year-on-year increase of 16.56%, and a net profit attributable to shareholders of 6.408 billion yuan, a year-on-year increase of 241.47% [1] - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 12.747 billion, 11.577 billion, and 9.442 billion yuan respectively, with corresponding EPS of 1.92, 1.74, and 1.42 yuan [1] Summary by Sections Revenue and Profitability - For Q1-Q3 2024, the company achieved a revenue of 75.419 billion yuan, up 16.56% year-on-year, and a net profit of 6.408 billion yuan, up 241.47% year-on-year [1] - The Q3 revenue was 28.662 billion yuan, reflecting a year-on-year increase of 21.95%, with a net profit of 5.081 billion yuan, a staggering year-on-year increase of 3097.03% [2] Cost Management - The company maintained a stable growth in pig output, with 21.562 million pigs sold in Q1-Q3 2024, a year-on-year increase of 17.66% [2] - The complete cost of pig farming was kept below 14.6 yuan/kg in Q1-Q3 2024, decreasing to 14.2 yuan/kg in Q3, and is expected to drop to 13.6 yuan/kg by year-end [2] Chicken Production - The company sold 870 million chickens in Q1-Q3 2024, a year-on-year increase of 1.03%, with Q3 sales reaching 320 million, up 4.73% year-on-year [3] - The complete cost of chicken production was maintained below 12.4 yuan/kg in Q1-Q3 2024, decreasing to 12 yuan/kg in Q3 [3] Financial Health - The operating cash flow for Q1-Q3 2024 was 12.79 billion yuan, a year-on-year increase of 126.7% [3] - The company proposed a cash dividend of 999.5 million yuan to shareholders, indicating strong cash flow and high performance [3] Future Outlook - The company expects pig prices to remain relatively high in Q4 2024, with continued strong performance anticipated [2] - The forecast for revenue growth is set at 106.85 billion yuan for 2024, with a year-on-year growth rate of 18.8% [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the costs of livestock and poultry are steadily decreasing, and the company's recent dividend and share repurchase plans demonstrate confidence in its future performance [1][2] - The company reported a net profit of 5.081 billion yuan for the first nine months of 2024, with a proposed cash dividend of 1.5 yuan per 10 shares [1] - The company achieved a revenue of 75.38 billion yuan from January to September 2024, representing a year-on-year growth of 16.5% [1] - The report indicates that the comprehensive cost of pig farming has been declining, with profits from pig farming in Q3 estimated at 4.6-4.7 billion yuan [1] - The company has set a target of 30-33 million pigs to be sold in 2024, with a year-on-year increase of 25.7% expected in pig sales volume for 2024-2026 [2] Financial Performance Summary - For 2023, the company reported a revenue of 89.921 billion yuan, with a projected revenue of 112.561 billion yuan for 2024, reflecting a year-on-year growth of 25.2% [2][3] - The net profit for 2024 is expected to be 10.257 billion yuan, a significant recovery from a loss of 6.39 billion yuan in 2023 [2][5] - The gross margin is projected to improve from 0.8% in 2023 to 17.0% in 2024 [5] - The company's total assets are expected to grow from 92.895 billion yuan in 2023 to 114.391 billion yuan in 2025 [3][4] Operational Metrics - The company plans to increase its pig output to 33 million heads in 2024, with a gradual increase to 40 million heads by 2026 [2] - The average selling price of pigs in Q3 was stable, with costs decreasing to around 14 yuan per kilogram [1] - The company’s chicken output is also projected to grow, with a target of 1.304 billion chickens by 2026, reflecting a consistent growth rate [2][5]

温氏食品集团股份有限公司 | 证券代码：300498 | 证券简称：温氏股份 公告编号：2024-114 | | --- | --- | | 债券代码：123107 | 债券简称：温氏转债 | 温氏食品集团股份有限公司 关于召开 2024 年第二次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 根据《公司法》、《公司章程》的有关规定，温氏食品集团 股份有限公司（以下简称"公司"、"温氏股份"）第四届董事会 第三十次会议决定于 2024 年 11 月 7 日（星期四）召开 2024 年第 二次临时股东大会，现通知如下： 一、召开会议的基本情况 （一）会议届次：温氏食品集团股份有限公司 2024 年第二 次临时股东大会。 （二）会议召集人：公司董事会 （三）会议召开的合法、合规性：会议召集程序符合有关法 律、法规、规范性文件和公司章程的规定。 （四）会议召开时间： 1、现场会议时间：2024 年 11 月 7 日下午 15:00。 2、网络投票时间： （1）通过深圳证券交易所交易系统进行网络投票的时间为： 1 温氏食品集团股份有限公司 2024 ...

温氏食品集团股份有限公司 | 证券代码：300498 | 证券简称：温氏股份 | 公告编号：2024-112 | | --- | --- | --- | | 债券代码：123107 | 债券简称：温氏转债 | | 温氏食品集团股份有限公司 关于 2024 年前三季度利润分配预案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 温氏食品集团股份有限公司（以下简称"公司"）第四届董事会 第三十次会议、第四届监事会第二十五次会议审议通过了《关于公 司2024年前三季度利润分配预案的议案》，现将基本情况公告如 下： 1 一、利润分配预案的具体内容 公司2024年前三季度合并报表实现归属于母公司所有者的净 利润6,408,382,568.10元。截至2024年9月30日，公司合并报表范围 内累计可供分配利润18,769,116,506.48元，母公司累计可供分配利 润28,756,447,201.17元（以上数据未经审计）。 为了更好回报股东，在兼顾公司未来业务发展及生产经营的 资金需求的前提下，提出2024年前三季度利润分配预案如下： 公司以实施利润分配方案的股 ...

温氏食品集团股份有限公司 第四届监事会第二十五次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 温氏食品集团股份有限公司 | 证券代码：300498 | 证券简称：温氏股份 公告编号：2024-110 | | --- | --- | | 债券代码：123107 | 债券简称：温氏转债 | 二、审议通过了《关于公司 2024 年前三季度利润分配预案 的议案》 温氏食品集团股份有限公司（以下简称"公司"）第四届监事 会第二十五次会议于 2024 年 10 月 16 日以书面和电话的形式通 知公司全体监事，会议于 2024 年 10 月 22 日 11:15 在总部 20 楼 会议室现场召开。应出席会议的监事有 5 人，实际出席会议的监 事有 5 人。会议由公司监事会主席温均生先生主持。本次会议的 召集、召开和表决程序符合法律、法规和《公司法》、《公司章程》 的有关规定。经与会监事认真审议，会议以记名投票表决的方式 通过了如下议案： 经审核，监事会认为：2024 年前三季度利润分配预案是根据 公司的财务状况、经营成果和现金流量的实际情况制定，履行了 必 ...

Revenue and Profit Growth - Revenue for the third quarter reached 28.64 billion yuan, a 21.89% increase year-over-year[2] - Net profit attributable to shareholders surged to 5.08 billion yuan, a 3,097.03% increase compared to the same period last year[2] - The company's net profit for the first nine months of 2024 was 6.64 billion yuan, a 244.58% increase compared to the same period in 2023[6] - Net profit attributable to the parent company's owners rose to 18.77 billion yuan from 13.03 billion yuan, marking a significant increase of 44.06%[11] - Operating profit for the quarter was 6,774,447,011.40 RMB, compared to a loss of -4,477,249,617.33 RMB in the same period last year[14] - Net profit attributable to shareholders of the parent company was 6,408,382,568.10 RMB, compared to a loss of -4,529,812,708.64 RMB in the same period last year[14] - Total comprehensive income was 6,636,165,892.11 RMB, compared to a loss of -4,554,197,169.09 RMB in the same period last year[14] - Net profit for the period was 463.82 million yuan, a significant drop from 3.06 billion yuan in the previous period[20] - Comprehensive income for the period totaled RMB 463,819,097.80, compared to RMB 3,062,978,250.57 in the previous period[21] Cash Flow and Financial Activities - Operating cash flow for the first nine months of 2024 was 12.79 billion yuan, up 126.74% year-over-year[6] - The company's investment activities resulted in a net cash outflow of 5.75 billion yuan, a 110.89% increase in outflow compared to the previous year[6] - The company's financing activities resulted in a net cash outflow of 6.11 billion yuan, a 130.36% increase in outflow compared to the previous year[6] - Cash flow from operating activities increased to 12,790,028,085.39 RMB, up from 5,640,907,785.91 RMB in the same period last year[15] - Cash flow from investing activities was -5,746,659,104.38 RMB, compared to -2,724,990,371.34 RMB in the same period last year[15] - Cash flow from financing activities was -6,109,411,797.35 RMB, compared to -2,652,115,480.29 RMB in the same period last year[16] - Net cash flow from operating activities was negative RMB 254,966,253.58, an improvement from negative RMB 293,296,046.03 in the previous period[22] - Net cash flow from investing activities was RMB 5,981,984,799.37, compared to RMB 3,364,058,347.02 in the previous period[23] - Net cash flow from financing activities was negative RMB 5,271,457,530.64, compared to negative RMB 3,264,915,709.88 in the previous period[23] - Net increase in cash and cash equivalents was RMB 454,762,427.56, compared to a decrease of RMB 201,071,763.95 in the prior period[23] Asset and Liability Changes - Total assets as of September 30, 2024, stood at 93.42 billion yuan, a slight increase of 0.57% from the end of the previous year[2] - The company's equity attributable to shareholders increased by 18.81% to 39.28 billion yuan compared to the end of 2023[2] - Total assets increased to 93.42 billion yuan from 92.90 billion yuan, reflecting a growth of 0.56%[11] - Total liabilities decreased to 51.25 billion yuan from 57.05 billion yuan, a decline of 10.16%[11] - Total equity increased to 42.17 billion yuan from 35.85 billion yuan, reflecting a growth of 17.63%[12] - Total assets decreased from 84.30 billion yuan to 82.14 billion yuan, a decline of 2.56%[18][19] - Long-term equity investments increased slightly from 54.83 billion yuan to 55.49 billion yuan[17] - Total liabilities decreased from 35.07 billion yuan to 32.59 billion yuan, a reduction of 7.1%[18] Shareholder and Equity Information - Total number of ordinary shareholders at the end of the reporting period is 76,251[7] - Top shareholder Wen Pengcheng holds 3.91% of shares, totaling 259,963,578 shares[7] - The company's equity attributable to shareholders increased by 18.81% to 39.28 billion yuan compared to the end of 2023[2] Earnings Per Share and Return on Equity - Basic earnings per share for the third quarter were 0.7640 yuan, a 3,070.12% increase year-over-year[2] - The weighted average return on equity for the first nine months of 2024 was 17.60%, up 29.79% from the same period last year[2] - Basic earnings per share were 0.9664 RMB, compared to a loss of -0.6923 RMB in the same period last year[14] - Diluted earnings per share were 0.9218 RMB, compared to a loss of -0.6923 RMB in the same period last year[14] Operating Performance and Costs - Total operating revenue reached 75.42 billion yuan, up 16.56% compared to 64.70 billion yuan in the previous period[13] - Operating costs decreased to 68.69 billion yuan from 69.80 billion yuan, a reduction of 1.59%[13] - Sales revenue from goods and services was 73,715,216,546.13 RMB, up from 62,904,302,238.05 RMB in the same period last year[15] - Operating income slightly decreased from 1.20 billion yuan to 1.17 billion yuan, a decline of 2.1%[20] - Cash received from sales of goods and services was RMB 1,153,630,975.93, down from RMB 1,180,718,989.57 in the prior period[22] Research and Development Expenses - Research and development expenses increased to 462.55 million yuan, up 15.69% from 399.81 million yuan[13] - R&D expenses increased by 37.5% from 208.00 million yuan to 286.04 million yuan[20] Financial Expenses and Borrowings - Financial expenses decreased to 744.30 million yuan from 972.72 million yuan, a reduction of 23.48%[13] - Short-term borrowings increased to 2.73 billion yuan from 2.47 billion yuan, a rise of 10.44%[11] - Long-term borrowings decreased to 5.78 billion yuan from 7.60 billion yuan, a reduction of 23.91%[11] - Short-term borrowings rose from 2.25 billion yuan to 2.70 billion yuan, an increase of 20%[18] - Financial expenses decreased from 838.78 million yuan to 591.30 million yuan, a reduction of 29.5%[20] Inventory and Receivables - Accounts receivable increased from 521,276,466.53 to 543,954,787.23[10] - Inventory decreased from 20,335,660,530.71 to 19,309,620,718.01[10] - Other receivables decreased from 11.45 billion yuan to 7.30 billion yuan, a drop of 36.2%[17] - Inventory increased from 123.32 million yuan to 147.72 million yuan, a rise of 19.8%[17] Fixed Assets and Construction in Progress - Fixed assets decreased from 34,372,393,828.61 to 33,044,166,446.03[10] - Construction in progress increased from 3,500,702,902.20 to 4,667,658,005.07[10] Cash and Cash Equivalents - Monetary funds decreased from 4,266,001,286.23 to 3,678,796,767.68 compared to the beginning of the period[10] - Total cash and cash equivalents at the end of the period were 7,058,231,593.63 RMB, up from 6,680,018,279.34 RMB in the same period last year[16] - Ending cash and cash equivalents balance was RMB 5,387,881,156.58, up from RMB 5,146,065,651.33 in the previous period[23] Investment and Financing Activities - Cash received from investments was RMB 19,449,359,562.33, up from RMB 17,285,521,923.12 in the prior period[22] - Cash received from financing activities was RMB 10,143,663,547.39, up from RMB 7,845,175,576.76 in the prior period[23]

温氏食品集团股份有限公司 | 证券代码：300498 | 证券简称：温氏股份 公告编号：2024-109 | | --- | --- | | 债券代码：123107 | 债券简称：温氏转债 | 温氏食品集团股份有限公司 第四届董事会第三十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 温氏食品集团股份有限公司（以下简称"公司"）第四届董事 会第三十次会议通知于 2024 年 10 月 16 日以书面和电话的形式 通知公司全体董事。会议于 2024 年 10 月 22 日 9:30 在总部一楼 会议室以现场表决的方式召开。应出席会议的董事有 12 名，实际 出席会议的董事有 12 名。会议由公司董事长温志芬先生主持，公 司监事列席了本次会议。本次会议的召集、召开和表决程序均符 合《公司法》、《公司章程》及相关法律法规的规定。经与会董事 认真审议，会议以记名投票表决的方式通过了以下议案： 一、审议通过了《关于公司<2024 年第三季度报告>的议案》 该事项已经公司董事会审计委员会审议通过。具体内容详见 公司同步披露于中国证监会指定的创业板信息披露网 ...