温氏股份：公司信息更新报告：兼顾出栏增长及成本下降，公司业绩持续高兑现

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a steady increase in both output and a decrease in costs, leading to sustained high performance in its financial results [5][9] - The company reported a revenue of 46.758 billion yuan for H1 2024, a year-on-year increase of 13.49%, and a net profit attributable to shareholders of 1.327 billion yuan, up 128.31% year-on-year [5] - The report anticipates continued profitability due to the company's cost reduction strategies and stable output growth, particularly in the pig farming segment [6][7] Financial Performance Summary - For H1 2024, the company achieved a revenue of 281.57 billion yuan from pig farming, a year-on-year increase of 28.69%, with a gross profit of 29.21 billion yuan, up 246.59% [6] - The average selling price of live pigs was 15.32 yuan/kg, with a complete cost of 14.8 yuan/kg, expected to decrease to below 13.6 yuan/kg by the end of 2024 [6] - In the chicken farming segment, revenue was 166.76 billion yuan, with a gross profit of 18.45 billion yuan, reflecting a significant increase in profitability despite a slight decrease in sales volume [7] Earnings Forecast - The company’s net profit forecasts for 2024, 2025, and 2026 are 16.406 billion yuan, 14.312 billion yuan, and 10.331 billion yuan respectively, with corresponding EPS of 2.47 yuan, 2.15 yuan, and 1.55 yuan [5][10] - The report indicates an upward adjustment in profit forecasts for 2024 and 2026, while lowering the forecast for 2025 [5]