研报掘金丨开源证券：维持温氏股份“买入”评级，生猪出栏稳增肉鸡盈利修复

Core Viewpoint - 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, a year-on-year decrease of 18.29%, with Q3 net profit at 1.781 billion yuan, down 65.02% year-on-year [1] Group 1: Financial Performance - The company has shown stable growth in pig farming, with excellent production results [1] - In Q3 2025, the average number of healthy piglets per litter reached 11.7, and the production cost of piglets 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] Group 2: 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] Group 3: Investment Rating - The company is maintaining a "Buy" rating due to stable pig sales, recovery in meat chicken profitability, and the evident investment value from high dividends [1]