温氏股份：盈利高增，财务改善

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][4]. Core Views - The company reported a significant increase in revenue and profit in the third quarter of 2024, with a total revenue of 754.19 billion yuan, a year-on-year increase of 16.56%, and a net profit of 64.08 billion yuan, marking a substantial turnaround [4]. - The company is experiencing a favorable cycle with increasing output and decreasing costs in pig farming, achieving a pig output of 21.56 million heads in the first three quarters, a year-on-year increase of 17.66% [5]. - The financial situation of the company has improved, with a decrease in the debt-to-asset ratio to 54.86% by the end of the third quarter, down 4.09 percentage points from the previous quarter [5]. Summary by Sections Company Overview - The latest closing price is 18.80 yuan, with a total share capital of 6.654 billion shares and a market capitalization of 125.1 billion yuan [3]. - The company has a debt-to-asset ratio of 61.4% and a price-to-earnings ratio of -19.37 [3]. Financial Performance - In the third quarter, the company achieved a revenue of 286.62 billion yuan, a year-on-year increase of 21.95%, and a net profit of 50.81 billion yuan, a year-on-year increase of 3097.03% [4]. - The average selling price of pigs was 19.48 yuan, up 23.65% year-on-year, while the breeding cost decreased to 6.9 yuan per jin [5]. - The company expects to achieve an EPS of 1.49 yuan, 1.89 yuan, and 1.86 yuan for the years 2024, 2025, and 2026 respectively [5]. Market Outlook - The company is expected to continue generating good profits in the fourth quarter due to limited downside in pig prices and significant cost reduction achievements [5]. - The company has set a target of 30-33 million pigs for 2024, with an acceleration in output expected in the fourth quarter [5].