研报掘金丨国盛证券：维持温氏股份“买入”评级，盈利能力稳健

Core Insights - The report from Guosheng Securities indicates that Wens Foodstuff Group achieved a net profit attributable to shareholders of 5.256 billion yuan in the first three quarters of 2025, a year-on-year decrease of 18.29% [1] - In the third quarter, the company reported a net profit of 1.781 billion yuan, reflecting a significant year-on-year decline of 65.02%, but a quarter-on-quarter increase of 20.9% [1] Group 1: Performance Analysis - The continuous growth in live pig output has been noted, with the average price of pork experiencing a decline in the third quarter; however, the company's performance still showed a quarter-on-quarter increase, indicating robust profitability [1] - The chicken business is steadily expanding, with a recovery in chicken prices leading to improved profitability; specifically, the price of yellow chickens rose by 11% quarter-on-quarter, alleviating previous performance pressures caused by price declines [1] Group 2: Forecast Adjustments - Due to the current low prices of pigs and the expected proactive production adjustments, the forecast for profits in 2025 and 2027 has been revised downward, while the profit forecast for 2026 has been adjusted upward [1] - The company maintains a "buy" rating despite the adjustments in profit forecasts, reflecting confidence in its long-term performance potential [1]