温氏股份：经营稳健，养殖盈利如期兑现；积极分红，重视股东回报

Investment Rating - The report maintains an "Outperform" rating for the company [4][5]. Core Views - The company has demonstrated stable operations with significant profit realization in livestock farming, alongside a commitment to shareholder returns through active dividend distribution [4][5]. - The company reported a revenue of 75.42 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 16.6%, and a net profit attributable to shareholders of 6.41 billion yuan, up 241.5% year-on-year [4][5]. - The report highlights the company's strong performance in pig farming, with a sales volume of 21.56 million pigs, a 17.7% increase year-on-year, and a sales revenue of 43.91 billion yuan, up 34.0% year-on-year [4][5]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 28.66 billion yuan and a net profit of 5.08 billion yuan, marking a year-on-year increase of 3097% [4][5]. - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares, totaling 999.5 million yuan [4][5]. - The company's debt-to-asset ratio improved to 54.9%, down 4.1 percentage points from the mid-year report [4][5]. Livestock Farming - In pig farming, the average selling price reached 19.5 yuan/kg, a year-on-year increase of 23.5% [4][5]. - The company has effectively controlled costs, with the comprehensive cost of pig farming dropping below 14 yuan/kg since July 2024 [4][5]. - The company expects to achieve a per-head profit of over 600 yuan in Q3 2024, contributing over 4.5 billion yuan to overall performance [4][5]. Chicken Farming - The company sold 871 million chickens in the first three quarters of 2024, a 1.0% increase year-on-year, with a sales price of 13.0 yuan/kg [5]. - The cost of chicken farming has decreased to below 12 yuan/kg, leading to a projected profit of over 2 yuan per chicken in Q3 2024 [5]. - Despite a relatively flat consumption environment, the company managed to maintain profitability through effective cost management [5]. Future Outlook - The report anticipates continued profitability in the pig and chicken sectors for the second half of 2024, supported by a cyclical recovery in pig prices and ongoing cost optimization [5]. - The revenue forecast for 2024-2026 is adjusted to 112.2 billion yuan, 116.7 billion yuan, and 129.1 billion yuan, respectively, with net profits projected at 10.27 billion yuan, 9.89 billion yuan, and 11.86 billion yuan [5][6].