立华股份：猪鸡景气共振，业绩表现亮眼

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company reported a strong performance in Q3 2024, with revenue of 4.879 billion yuan, a year-on-year increase of 16.12%, and a net profit attributable to shareholders of 586 million yuan, up 90.62% year-on-year [2][6] - The recovery in the breeding industry has led to improved profit margins, with a gross profit margin of 19.31% and a net profit margin of 11.98% in Q3 2024 [6] - The company is expected to maintain profitability in the fourth quarter due to favorable market conditions and strong production performance [6] Summary by Sections Financial Performance - In Q3 2024, the company sold 140 million chickens, a 14.45% increase year-on-year, generating sales revenue of 3.849 billion yuan, a 5.02% increase year-on-year [2][6] - The average selling price for chickens was 13.24 yuan/kg, down 9.85% year-on-year [2][6] - The company sold 356,700 pigs in Q3 2024, a 63.03% increase year-on-year, with sales revenue of 845 million yuan, up 102.64% year-on-year [2][6] - The average selling price for pigs was 19.77 yuan/kg, up 20.57% year-on-year [2][6] Cost Management - The company has effectively reduced breeding costs, contributing to significant profitability in both chicken and pig segments [6] - The total operating costs for chicken breeding have continued to decline, enhancing the profitability of the segment [6] Future Outlook - Revenue projections for 2024-2026 are 17.347 billion yuan, 19.125 billion yuan, and 20.825 billion yuan, representing year-on-year growth rates of 12.98%, 10.25%, and 8.89% respectively [6][7] - Net profit forecasts for the same period are 1.490 billion yuan, 1.583 billion yuan, and 1.725 billion yuan, with growth rates of 440.58%, 6.29%, and 8.94% respectively [6][7]