温氏股份三季度营收利润双降：猪价持续下挫逼近成本线 现金短债比低至0.38财务压力大

Core Viewpoint - The financial performance of Wens Foodstuffs Group has significantly declined in Q3 2023, with a notable drop in revenue and net profit, raising concerns about the company's future profitability and financial stability [1][2][7]. Financial Performance - For the first three quarters of 2023, Wens recorded revenue of 75.817 billion yuan, a slight decrease of 0.04% year-on-year, and a net profit attributable to shareholders of 5.256 billion yuan, down 18.29% year-on-year [1]. - In Q3 alone, revenue fell by 9.8%, marking the first quarterly revenue decline since 2024 [1][2]. - The net profit in Q3 saw a dramatic decline of 65.02%, following a 42.83% drop in Q2 [2]. Market Conditions - The average selling price of live pigs dropped to 13.18 yuan per kilogram in September, down 5.18% month-on-month and 30.81% year-on-year, nearing the company's breeding costs [2][3]. - The overall pig farming industry is currently in a marginal profit state, with net profits for large-scale pig farming at 21 yuan per head and for small-scale farming at 6 yuan per head as of July 2025 [2]. Cost Structure - Wens Foodstuffs has a strong cost control capability, with a breeding cost of approximately 12.4 yuan per kilogram, which is 2 yuan lower than the industry average [3]. - The company's gross margin for the first three quarters was 12.82%, down 3.51 percentage points year-on-year, while the net margin was 7.15%, down 1.65 percentage points [3]. Cash Flow and Debt Management - Operating cash flow decreased by 35.9% to 8.199 billion yuan, with significant increases in cash payments for goods and services [4]. - The cash-to-short-term debt ratio is low at 0.38, indicating financial pressure, despite a reduction in the debt ratio from 61.41% to 49.41% [5]. - The company has been reducing leverage, with total interest-bearing debt decreasing, but still faces substantial repayment pressure [5][6]. Investment and Future Outlook - Wens Foodstuffs plans to invest 30-50 billion yuan annually in fixed assets, primarily for upgrading poultry and pig farming facilities [6]. - The company is currently engaged in 20 construction projects, including chicken and pig farms, as well as feed mills [6]. - The future profitability of the pig farming business is uncertain, especially with fluctuating feed prices and ongoing market pressures [6][7].