温氏股份：生产成本控制较好，养殖主业稳健经营

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company achieved a revenue of 75.384 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 16.53%. The net profit reached 6.636 billion yuan, a significant increase of 244.58% year-on-year [4][6] - The company is expected to maintain steady growth in its breeding business, with projected revenues of 109.395 billion yuan, 121.337 billion yuan, and 128.693 billion yuan for 2024, 2025, and 2026, respectively [6][7] - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares to all shareholders, totaling approximately 999.5 million yuan [4] Financial Performance - In the first three quarters of 2024, the company sold 21.5619 million pigs, a year-on-year increase of 17.66%, generating sales revenue of 43.914 billion yuan, up 34.01% year-on-year [5] - The average selling price of pigs increased by 17.45% year-on-year, while chicken sales volume reached 871 million, a slight increase of 1.03% [5] - The company’s breeding costs have been well controlled, with the comprehensive cost of pig farming around 6.9-7 yuan per jin, and the asset-liability ratio decreased to 54.86%, down 6.55 percentage points from the end of the previous year [5][6] Earnings Forecast - The forecast for the company's earnings per share (EPS) is 1.55 yuan, 1.86 yuan, and 1.69 yuan for 2024, 2025, and 2026, respectively [6][7] - The company is expected to turn a profit in 2024, with a net profit forecast of 10.515 billion yuan, followed by 12.141 billion yuan in 2025, and a slight decrease to 10.557 billion yuan in 2026 [6][7]