开源证券：维持圣农发展“买入”评级，销量稳增发力C端

Core Viewpoint - The report from Open Source Securities indicates that Shengnong Development's net profit attributable to shareholders for Q1-Q3 2025 reached 1.159 billion yuan, representing a year-on-year increase of 202.82%. However, the net profit for Q3 alone was 249 million yuan, showing a year-on-year decrease of 11.40% [1] Financial Performance - The company demonstrates stable operations and positive performance, with steady growth in chicken sales and continuous cost reduction [1] - The company's asset-liability ratio has decreased, and cash on hand has increased year-on-year, indicating ongoing financial improvement [1] Sales and Market Strategy - The retail C-end and export channels are experiencing rapid growth, which is optimizing the sales structure and enhancing product price resilience [1] - The company is focusing on the C-end market, which is contributing to the improvement in chicken sales and cost management [1] Investment Value - The high dividend payout reflects the company's investment value, maintaining a "buy" rating [1]