温氏股份：稳质提速，养殖成绩继续提升

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company achieved a total revenue of 46.758 billion yuan in the first half of 2024, representing a year-on-year increase of 13.49%, with a net profit attributable to shareholders of 1.327 billion yuan, up 128.31% [1] - The pig farming segment showed steady improvement, with a comprehensive breeding cost reduction to 14.8 yuan/kg, down 2.4 yuan/kg year-on-year [1] - The chicken farming segment also saw cost reductions, with the total cost per chicken down to 12.4 yuan/kg, a decrease of 1.6 yuan/kg year-on-year [1] Financial Performance Summary - In the second quarter of 2024, the company reported a revenue of 24.910 billion yuan, a year-on-year increase of 17.36%, and a net profit of 2.563 billion yuan, up 232.16% [1] - The company sold 14.37 million pigs in the first half of 2024, a 22% increase year-on-year, with an average selling price of 15.32 yuan/kg [1] - The company sold 548 million chickens in the first half of 2024, a slight decrease of 1.04% year-on-year, with an average selling price of 13.3 yuan/kg [1] Debt and Financial Health - The company's debt ratio decreased to below 59% by the end of the second quarter, down approximately 2.5 percentage points from the end of the previous year [2] - The company aims to reduce its debt ratio to below 55% by the end of the year, supported by improved cash reserves and ongoing debt repayments [2] Earnings Forecast - The report adjusts the profit forecast for 2024-2025, estimating net profits of 16.07 billion yuan and 15.11 billion yuan, respectively, with a significant year-on-year increase of 351.4% for 2024 [2] - The current price-to-earnings ratio for 2024 is projected at only 7 times [2]