正邦科技：生产规模持续恢复，经营业绩改善明显

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has shown significant improvement in operational performance, with a notable recovery in production scale and a marked decrease in operating costs [2][3] - The company achieved a revenue of 5.837 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 0.89%, and a net profit attributable to shareholders of 301 million yuan, up 110.67% year-on-year [1][3] Financial Performance Summary - In Q3 2024, the company reported a revenue of 2.615 billion yuan, a year-on-year increase of 60.08%, and a net profit of 428 million yuan, up 151.93% year-on-year [1] - The company has resumed production scale in pig farming, with a total of 2.477 million pigs sold in the first three quarters, a decrease of 40.1% year-on-year [2] - The average price of market pigs was 16.2 yuan/kg, with a significant reduction in operational costs for weaned piglets from nearly 600 yuan/head to below 400 yuan/head [2] - The company expects to have a breeding sow inventory of over 280,000 by the end of the year, with an anticipated output of over 7 million pigs in 2025 [2] Sales and Market Outlook - The company sold over 900,000 tons of feed in the first three quarters, with external sales reaching 700,000 tons [3] - The report anticipates continued growth in the feed segment in the coming year [3] Earnings Forecast - The earnings forecast for 2024-2026 has been adjusted, with net profits projected at 514 million yuan, 550 million yuan, and 2.041 billion yuan respectively, reflecting year-on-year changes of -94%, +7.1%, and +270.9% [3]