温氏股份(300498：)业绩符合预期 头均盈利领先

Group 1 - The company reported a revenue of 24.33 billion yuan in Q1 2025, representing a year-on-year growth of 11.37%, and a net profit attributable to shareholders of 2 billion yuan, up 261.9% year-on-year [1] - The company sold 8.174 million head of market pigs in Q1, an increase of 13.8% year-on-year, with an estimated average weight of 123 kg and an average selling price of 15.2 yuan/kg [1] - The comprehensive cost of pig farming decreased monthly, with an estimated average profit of approximately 308 yuan per head, maintaining a leading position in the industry [1] Group 2 - The company sold 282 million head of meat chickens in Q1, a year-on-year increase of 5.4%, with an estimated average selling price of 10.9 yuan/kg [1] - The total cost of chicken production was estimated at 11.2 yuan/kg, resulting in a loss of approximately 0.6 yuan per chicken [1] Group 3 - The company announced a profit distribution plan for 2024, proposing a cash dividend of 2 yuan per 10 shares, totaling 1.32 billion yuan, with an expected total cash dividend and share buyback of 2.92 billion yuan for 2024, accounting for 31.6% of the net profit attributable to shareholders [2] - The company adjusted its profit forecasts for 2025-2027, expecting net profits of 9.4 billion, 5.82 billion, and 9.7 billion yuan respectively, with corresponding year-on-year changes of +1.9%, -38.1%, and +66.6% [2] - The current PE ratio for 2025 is projected at 12x, maintaining a "buy" rating [2]