温氏股份：2024年三季报点评：盈利强劲增长，养殖产业助力业绩腾飞

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown strong earnings growth, with a significant turnaround from a net loss in the previous year to a net profit in the current period [1][3] - The increase in pig prices and a decrease in costs have positively impacted the company's performance [2] - The company is expected to continue its growth trajectory with improving production metrics and cost control [3] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 75.384 billion yuan, a year-on-year increase of 16.53%. The net profit attributable to shareholders was 6.408 billion yuan, compared to a net loss of 4.53 billion yuan in the same period last year [1] - In Q3 alone, the company reported revenue of 28.644 billion yuan, up 21.89% year-on-year, and a net profit of 5.081 billion yuan, reflecting a staggering growth of 3097.03% [1] Sales and Pricing - The cumulative revenue from pork sales reached 43.914 billion yuan, marking a 34.02% increase year-on-year, driven by rising pig prices [2] - The average selling price of live pigs was 19.48 yuan/kg, up 23.6% year-on-year, while the average price for broilers was 13.15 yuan/kg, down 10.18% year-on-year [2] Production Capacity and Cost Management - The company sold 21.56 million pigs in the first three quarters, a 17.69% increase year-on-year, with September sales reaching 2.51 million pigs, up 10.84% year-on-year [3] - The comprehensive cost of pig farming decreased to approximately 6.9 yuan/kg in August, down from 7.3 yuan/kg earlier in the year [3] - Broiler production remained stable, with the cost of broiler farming also showing a downward trend [3] Earnings Forecast and Investment Recommendations - The expected EPS for 2024-2026 is projected to be 1.19 yuan, 1.62 yuan, and 1.54 yuan, respectively, with corresponding dynamic PE ratios of 16, 12, and 12 times [3]