温氏股份：周期景气、成本优化，养殖航母迎佳绩

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company has achieved excellent performance in Q3, with a revenue of 75.384 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 16.53%. The net profit attributable to shareholders reached 6.408 billion yuan, a significant increase of 241.47% year-on-year [3] - In Q3 alone, the company reported a revenue of 28.644 billion yuan, up 21.89% year-on-year, and a net profit of 5.081 billion yuan, which is a staggering increase of 3097.03% year-on-year. The sales volume of live pigs reached 21.562 million heads, an increase of 17.7% year-on-year, benefiting from the favorable pig cycle [3] - The company is continuously strengthening its breeding operational advantages through improved management efficiency and cost optimization, leading to enhanced financial conditions and operational advantages [3] Summary by Sections Company Performance - The company reported a gross margin of 25.28% in Q3, a significant increase of 16.49 percentage points year-on-year. The average selling price of live pigs in September was 19.05 yuan/kg, up 17.4% year-on-year [3] - The company has successfully reduced feed production costs by approximately 300-400 yuan per ton since the beginning of the year, and the cost of piglets has decreased by 80-90 yuan per head cumulatively [3] Financial Health - As of the end of Q3 2024, the company's debt-to-asset ratio decreased to 54.86%, down 6.55% from the end of the previous year and down 4.09% from the end of the first half of the year [3] - The total market capitalization of the company is approximately 127.489 billion yuan, with a circulating market capitalization of about 104.216 billion yuan [3] Long-term Value - The company is positioned as a leading breeding enterprise with long-term investment value, as the overall pig breeding industry is expected to maintain a certain profit level under reasonable capacity fluctuations [3] - The company has announced a cash dividend plan, proposing to distribute 1.5 yuan (including tax) per 10 shares to all shareholders, totaling approximately 999.5 million yuan [5]