开源证券：维持温氏股份“买入”评级，生猪出栏稳增肉鸡盈利修复

Core Insights - The report from Open Source Securities indicates that Wen's Food Group's net profit attributable to shareholders for Q1-Q3 2025 is 5.256 billion yuan, representing a year-over-year decrease of 18.29% [1] - In Q3 alone, the net profit attributable to shareholders is 1.781 billion yuan, showing a significant year-over-year decline of 65.02% [1] - The company has demonstrated stable growth in pig farming, with excellent production performance [1] Production Performance - The average number of healthy piglets per litter in Q3 2025 is 11.7 [1] - The production cost for piglets has decreased to approximately 260 yuan per head [1] - The market rate for meat pigs is around 93%, with a feed-to-meat ratio of 2.51 [1] Dividend Distribution - The company announced a profit distribution plan for the first three quarters of 2025, expecting to distribute cash dividends of 1.99 billion yuan (including tax), which accounts for 38% of the net profit attributable to shareholders for the same period [1] - The high dividend payout reflects the investment value of the company [1] Investment Rating - The company is maintaining a "Buy" rating due to stable pig sales, recovery in chicken profitability, and high dividend investment value [1]