温氏股份2026年成本目标5.9元/斤，聚焦五大方向降本

Core Insights - The company reported stable livestock production for the year, with continuous optimization of core production indicators and significant cost control in both pig and poultry sectors [4] Sales Performance - In the period from January to November 2025, the company sold a total of 35.91 million pigs, including 31.90 million in live and fresh products and 4.01 million piglets [1][3] - The company also sold 1.19 billion meat chickens (including live, fresh, and cooked products), with fresh product sales reaching 200 million and a fresh sales ratio of 17%, alongside approximately 14 million cooked products [1][3] - Additionally, around 45 million meat ducks (including live and fresh products) were sold [1] Cost Management - The production cost of piglets decreased to 250-260 yuan per head, with the market rate for meat pigs improving to 93.3% and the comprehensive cost of meat pig farming dropping to 6 yuan per jin [6] - For the period from January to November 2025, the comprehensive cost of meat pig farming was reported to be between 6.1 and 6.2 yuan per jin [6] - The company aims to reduce the average comprehensive cost of meat pig farming to approximately 5.9 yuan per jin in 2026, despite potential slight increases in feed raw material prices [6] Growth Strategy - The company plans to achieve internal growth by tapping into existing production capacity, with the current PSY (pigs weaned per sow per year) at 27, aiming to increase it by at least one per year and ultimately exceed 32 [6] - The company intends to optimize its sales structure, targeting piglet sales to account for 5%-10% of total pig sales, with a goal for black pig sales to reach about 5% [6] - The company has emphasized that breeding pigs will be treated as core assets, with plans for self-breeding rather than outsourcing to cooperative farmers [6]