LIHUA(SZ:300761) Xin Lang Cai Jing·2025-11-02 06:42Core Viewpoint - The company demonstrates strong performance in the poultry and pig farming sectors, with a positive outlook for profitability driven by industry recovery and cost leadership [1][2][3]. Poultry Sector - The company achieved a total output of 410 million yellow feathered chickens in the first three quarters of 2025, a year-on-year increase of 10% [1]. - The average selling price for yellow feathered chickens in Q3 2025 is estimated at 11.54 yuan per kilogram, with a cost of 11.4 yuan per kilogram, resulting in an average profit of approximately 0.3 yuan per chicken [1]. - The poultry segment is expected to contribute profits of around 40 to 50 million yuan [1]. Pig Farming Sector - The company reported a total output of 1.51 million pigs in the first three quarters of 2025, a year-on-year increase of 90% [2]. - The estimated price for pigs in Q3 2025 is around 13.9 yuan per kilogram, with an average profit of approximately 160 to 180 yuan per pig, contributing profits of about 90 to 100 million yuan from the pig segment [2]. - The company’s pig farming costs are among the industry leaders, with expectations for continued cost reduction and pricing advantages due to proximity to high-demand markets [2][3]. Future Outlook - The company plans to expand its market presence outside of East China, with an expected annual growth rate of 8-10% in yellow feathered chicken output [3]. - Projected net profits for the company are estimated at 815 million yuan, 1.67 billion yuan, and 2.07 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.97, 1.99, and 2.47 yuan [3].