巨星农牧：公司信息更新报告：成本控制行业领先，出栏增长业绩释放

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated industry-leading cost control and is experiencing a release of performance due to increased output [6][7] - The company reported a revenue of 2.233 billion yuan for H1 2024, a year-on-year increase of 13.13%, with a net profit attributable to shareholders of -45 million yuan, reflecting an 87.13% year-on-year improvement [6] - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 1.026 billion yuan, 1.201 billion yuan, and 1.162 billion yuan respectively, with corresponding EPS of 2.01 yuan, 2.35 yuan, and 2.28 yuan [6] Financial Performance - In H1 2024, the company's pig farming revenue was 2.039 billion yuan, with a gross profit of 252 million yuan and a gross margin of 12.38% [7] - The total number of pigs slaughtered in H1 2024 was 1.0945 million, with a year-on-year increase of 24.69% for commercial pigs [7] - The company's complete cost per kilogram decreased to 14.06 yuan in Q2 2024 and is expected to drop to 13.8 yuan in H2 2024 [7] Business Segments - The leather business reported a revenue of 36 million yuan in H1 2024, a year-on-year decrease of 30.41%, with an expected total loss for the year to be within 80 million yuan [8] - The company has a strong financial position with a cash balance of 375 million yuan and a debt-to-asset ratio of 62.25% as of June 2024 [8] Future Outlook - The company is expected to maintain high growth in pig output, with projections for H2 2024 indicating a favorable price environment for pigs [7] - The company aims to increase its breeding stock to 180,000 by the end of 2024, with a current breeding stock of 240,000 [7]