温氏股份：拟回购股份彰显信心，看好公司高质量发展

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of RMB 26.73 per share, indicating a potential upside from the current price of RMB 15.20 [4][8]. Core Views - The company plans to repurchase shares to enhance employee stock ownership and equity incentives, reflecting confidence in its development and future prospects. The total repurchase amount is set between RMB 9 billion and RMB 18 billion, with a maximum price of RMB 27.01 per share, representing 0.5%-1.0% of the total share capital [2][3]. - In the pig farming segment, the company has demonstrated a significant cost advantage, with a year-on-year sales increase of 18.62% in live pigs, totaling 19.05 million heads sold from January to August 2024. The comprehensive breeding cost has decreased from RMB 14.6 per kg to RMB 13.8 per kg, with a breeding and delivery rate of 87% [2][3]. - The poultry segment remains stable, with a slight decrease in chicken sales by 0.2% year-on-year, totaling 754 million chickens sold. The comprehensive cost of raising chickens has decreased to RMB 11.8-12 per kg, maintaining a leading position in the industry [2][3]. - Earnings per share (EPS) forecasts for 2024-2026 are projected at RMB 1.57, RMB 1.91, and RMB 2.55, respectively, with a corresponding price-to-earnings (PE) ratio of 17 times for 2024 [2][3]. Financial Summary - The company's revenue for 2022 was RMB 83.725 billion, with a projected growth rate of 28.9%. For 2023, revenue is expected to reach RMB 89.921 billion, with a growth rate of 7.4%. The forecast for 2024 is RMB 109.512 billion, reflecting a growth rate of 21.8% [3][8]. - The net profit attributable to the parent company for 2022 was RMB 5.289 billion, with a significant increase projected for 2024 at RMB 10.439 billion, representing a growth rate of 263.4% [3][8]. - The company's EBITDA for 2024 is expected to be RMB 15.761 billion, with a substantial increase in profitability anticipated in the following years [3][8].