NWF(SH:600975) Guolian Securities·2024-11-03 04:54Investment Rating - The report assigns a "Hold" rating for the company, indicating a neutral stance on its stock performance relative to the market index [5][13]. Core Insights - The company reported a significant increase in revenue and net profit for Q3 2024, with revenue reaching 2.038 billion yuan, a year-on-year increase of 49.94%, and a net profit of 248 million yuan [3][7]. - For the first three quarters of 2024, the company achieved a total revenue of 5.271 billion yuan, reflecting a year-on-year growth of 36.05% [3][7]. - The company is expected to continue its growth trajectory, with projected revenues of 8.037 billion yuan, 10.404 billion yuan, and 11.952 billion yuan for 2024, 2025, and 2026, respectively, representing growth rates of 42.71%, 29.45%, and 14.88% [10]. Summary by Sections Financial Performance - In Q3 2024, the company sold 3.1073 million pigs, a year-on-year increase of 49.44% [8]. - The company’s feed production volume increased by 40.97% to 598,200 tons in the first three quarters of 2024 [9]. - The slaughtering volume for the same period was 48,400 tons, up 4.15% year-on-year [9]. Production Capacity and Efficiency - The company has enhanced its production capacity with the delivery of a new pig farm, adding an annual output of 95,200 pigs [8]. - The company’s breeding sow inventory stood at 232,800 as of June 2024, with a 10% improvement in the full production rate of sow farms compared to the beginning of the year [8]. Profitability Forecast - The forecast for net profit shows a turnaround from losses to a profit of 146 million yuan in 2024, with subsequent profits of 608 million yuan and 513 million yuan in 2025 and 2026, respectively [10]. - Earnings per share (EPS) are projected to be 0.12 yuan, 0.48 yuan, and 0.41 yuan for 2024, 2025, and 2026 [10].