温氏股份：公司信息更新报告：成本优势显著，高业绩兑现高分红彰显投资价值

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrates significant cost advantages and high performance, reflected in substantial dividends, highlighting its investment value [1] - The company reported a revenue of 75.419 billion yuan for Q1-Q3 2024, a year-on-year increase of 16.56%, and a net profit attributable to shareholders of 6.408 billion yuan, a year-on-year increase of 241.47% [1] - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 12.747 billion, 11.577 billion, and 9.442 billion yuan respectively, with corresponding EPS of 1.92, 1.74, and 1.42 yuan [1] Summary by Sections Revenue and Profitability - For Q1-Q3 2024, the company achieved a revenue of 75.419 billion yuan, up 16.56% year-on-year, and a net profit of 6.408 billion yuan, up 241.47% year-on-year [1] - The Q3 revenue was 28.662 billion yuan, reflecting a year-on-year increase of 21.95%, with a net profit of 5.081 billion yuan, a staggering year-on-year increase of 3097.03% [2] Cost Management - The company maintained a stable growth in pig output, with 21.562 million pigs sold in Q1-Q3 2024, a year-on-year increase of 17.66% [2] - The complete cost of pig farming was kept below 14.6 yuan/kg in Q1-Q3 2024, decreasing to 14.2 yuan/kg in Q3, and is expected to drop to 13.6 yuan/kg by year-end [2] Chicken Production - The company sold 870 million chickens in Q1-Q3 2024, a year-on-year increase of 1.03%, with Q3 sales reaching 320 million, up 4.73% year-on-year [3] - The complete cost of chicken production was maintained below 12.4 yuan/kg in Q1-Q3 2024, decreasing to 12 yuan/kg in Q3 [3] Financial Health - The operating cash flow for Q1-Q3 2024 was 12.79 billion yuan, a year-on-year increase of 126.7% [3] - The company proposed a cash dividend of 999.5 million yuan to shareholders, indicating strong cash flow and high performance [3] Future Outlook - The company expects pig prices to remain relatively high in Q4 2024, with continued strong performance anticipated [2] - The forecast for revenue growth is set at 106.85 billion yuan for 2024, with a year-on-year growth rate of 18.8% [4]