LIHUA(SZ:300761) Xin Lang Cai Jing·2025-10-29 06:44Core Viewpoint - The company reported its Q3 2025 financial results, showing a mixed performance with revenue growth but significant declines in net profit due to falling prices of key products [1][2]. Financial Performance - For Q1 to Q3 2025, the company achieved revenue and net profit of 1.3493 billion and 28.7 million yuan, respectively, representing a year-on-year change of +6.38% and -75.27% [1]. - In Q3 2025, the company reported revenue and net profit of 514 million and 13.8 million yuan, with year-on-year changes of +5.35% and -76.40% [1]. - The weighted average selling price of broilers decreased by 16.38% and 12.84% for Q1 to Q3 and Q3 2025, respectively, which was a major factor affecting performance [1]. Sales and Production - Broiler sales volume increased by 10.37% and 10.36% for Q1 to Q3 and Q3 2025, with total sales of 41.5 million and 15.5 million birds, respectively [1]. - The company experienced a significant increase in pig sales, with revenue of 2.705 billion and 940 million yuan for Q1 to Q3 and Q3 2025, reflecting a year-on-year growth of 61.01% and 11.24% [2]. - The sales volume of pigs rose by 90.22% and 55.93% for Q1 to Q3 and Q3 2025, totaling 1.5058 million and 556,200 heads, respectively [2]. Pricing and Margins - The weighted average selling price of pigs fell by 16.82% and 29.46% for Q1 to Q3 and Q3 2025, contributing to lower gross margins [2]. - Gross margin for Q1 to Q3 and Q3 2025 was 9.94% and 9.93%, down by 6.17 percentage points and 9.38 percentage points year-on-year [2]. - The company improved its expense ratio slightly, with a decrease of 0.30 percentage points in the expense ratio to 7.03% for Q1 to Q3 2025 [2]. Investment Outlook - The company is expected to achieve net profits of 586 million, 1.474 billion, and 1.942 billion yuan for 2025 to 2027, with year-on-year changes of -61.5%, +151.5%, and +31.8%, respectively [3]. - Corresponding price-to-earnings ratios are projected to be 30.8, 12.3, and 9.3 for the same period [3]. - The company maintains a solid industry position and is strengthening its competitiveness, leading to a "buy" rating [3].