温氏股份(300498)：主营业务稳健运营 成本持续改善

Core Viewpoint - The company reported a slight increase in revenue for the first three quarters of 2025, but a significant decline in net profit, primarily due to fluctuations in agricultural product prices [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 75.817 billion yuan, representing a year-on-year increase of 0.53%. The net profit attributable to shareholders was 5.256 billion yuan, down 17.98% year-on-year [1][2]. - In the third quarter alone, the company recorded a revenue of 25.942 billion yuan, a decrease of 9.49% year-on-year, with a net profit of 1.781 billion yuan, reflecting a significant decline of 64.94% year-on-year [1][2]. Operational Insights - The company's main business operations remain stable, but the performance is impacted by the volatility in agricultural product prices. The decline in net profit is attributed to lower prices of main products and reduced operating profits in the breeding industry [2]. - The company has successfully reduced breeding costs, with the cost of piglets in August dropping to around 260 yuan per head, and a market pig listing rate of approximately 93%. The feed-to-meat ratio stands at 2.51 [2]. - In the chicken breeding segment, the market chicken listing rate reached 95%, with a feed-to-meat ratio of 2.86, and the total cost of live chicken was 5.8 yuan per jin [2]. Future Outlook - The company is expected to maintain steady business growth, with projected revenues of 96.972 billion yuan, 101.767 billion yuan, and 111.212 billion yuan for 2025, 2026, and 2027 respectively. The net profit attributable to shareholders is forecasted to be 5.006 billion yuan, 9.097 billion yuan, and 17.973 billion yuan for the same years [3]. - The company is viewed positively for its long-term development potential, maintaining a "buy" rating based on its substantial scale in pig and chicken production [3].