研报掘金丨中金：温氏股份猪鸡销售量均创历史新高，成本优势持续深化

Core Viewpoint - The report from CICC indicates that Wens Foodstuff Group forecasts a net profit of 5-5.5 billion yuan for 2025, aligning with market expectations, but represents a decline of 40%-46% due to falling prices of livestock and poultry [1] Group 1: Financial Forecast - The forecasted net profit for 2025 is set at 5-5.5 billion yuan, reflecting a significant decrease of 40%-46% compared to previous figures, primarily driven by a drop in livestock prices [1] - For Q4 2025, the estimated net profit ranges from -260 million yuan to +250 million yuan, indicating pressure on quarterly performance mainly due to low pig prices [1] Group 2: Operational Strategy - Wens Foodstuff Group has shifted its strategic focus from "scale growth" to "quality enhancement," aiming for a new positioning centered on "growth, technology, sustainability, responsibility, and high quality" [1] - The company is enhancing its supporting businesses and building an ecological industry chain, promoting a new paradigm in the breeding industry through initiatives that support farmers and optimize shareholder returns [1] Group 3: Market Valuation - The target price for Wens Foodstuff Group is maintained at 25 yuan, corresponding to a P/E ratio of 32/22 times for 2026/2027, indicating a potential upside of 47% [1]