温氏股份：公司简评报告：养殖成本持续优化，生猪出栏稳健增长

Investment Rating - The investment rating for the company is "Buy" [3][7]. Core Views - The report highlights that the company's breeding costs are continuously optimized, leading to stable growth in pig sales. The company reported a revenue of 46.758 billion yuan for the first half of 2024, a year-on-year increase of 13.49%, and a net profit of 1.327 billion yuan, up 128.31% year-on-year [5]. - The pig farming business shows a significant increase in sales volume, with a total of 14.3742 million pigs sold in the first half of 2024, representing a 21.96% increase year-on-year. The sales revenue from pig sales reached 26.845 billion yuan, a year-on-year increase of 29.41% [5]. - The report anticipates that the company's net profit for 2024, 2025, and 2026 will be 7.21 billion yuan, 13.15 billion yuan, and 19.82 billion yuan, respectively, with year-on-year growth rates of 212.9%, 82.2%, and 50.8% [5]. Summary by Sections Financial Performance - In Q2 2024, the company achieved 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% year-on-year [5]. - The average selling price of pigs in the first half of 2024 was 15.32 yuan per kilogram, an increase of 5.09% year-on-year [5]. - The comprehensive cost of pig farming decreased from 15 yuan per kilogram in the first four months of 2024 to 14.2 yuan per kilogram in May 2024 [5]. Production and Cost Management - The company has optimized its breeding costs, with the cost of piglets produced decreasing from 370 yuan per head in early 2024 to 330 yuan per head by May 2024 [5]. - The chicken farming segment reported a total sales volume of 548 million chickens in the first half of 2024, a slight decrease of 1.04% year-on-year, with sales revenue of 15.673 billion yuan, down 0.53% year-on-year [5]. - The total cost of chicken production decreased to 6 yuan per pound in May 2024, indicating potential for increased profitability in the chicken segment [5]. Future Projections - The report projects revenues of 109.4 billion yuan, 128.581 billion yuan, and 151.503 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 21.7%, 17.5%, and 17.8% [6]. - The company's price-to-earnings (PE) ratios for the next three years are projected to be 15, 8, and 6 times, respectively, indicating a favorable valuation [5].