温氏股份：盈利兑现，季度分红共享景气

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company reported a total revenue of 75.419 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 16.56%, with a net profit attributable to shareholders of 6.408 billion yuan, up 241.47% [1]. - In Q3 2024, the company achieved a revenue of 28.662 billion yuan, a year-on-year growth of 21.95%, and a net profit of 5.081 billion yuan, reflecting a staggering increase of 3097.03% [1]. - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares, totaling approximately 999.5 million yuan [1]. - The sales of live pigs reached 21.562 million heads in the first three quarters, an increase of 18% year-on-year, with an average selling price of 16.7 yuan/kg [1]. - The company sold 871 million live chickens in the first three quarters, a 1.0% increase year-on-year, with an average selling price of 13.0 yuan/kg [1]. - The company has initiated a share repurchase plan with a budget of 900 million to 1.8 billion yuan, demonstrating confidence in its long-term development [1]. Financial Summary - For 2024, the company is projected to achieve a net profit of 12.105 billion yuan, reflecting a year-on-year growth of 289.5% [2]. - The estimated P/E ratio for 2024 is 10.6x, with projected net profits of 14.864 billion yuan in 2025 and 9.462 billion yuan in 2026, indicating a decline of 36.3% in 2026 [2]. - The company's revenue is expected to grow from 89.902 billion yuan in 2023 to 104.631 billion yuan in 2024, with a growth rate of 16.4% [3]. - The net profit is forecasted to recover from a loss of 6.39 billion yuan in 2023 to a profit of 12.105 billion yuan in 2024 [3]. - The report indicates a significant improvement in the company's financial ratios, with a projected return on equity (ROE) of 26.0% in 2024 [3].