巨星农牧：公司信息更新报告：成本控制优异，业绩释放与成长弹性兼得

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrates excellent cost control, achieving both performance release and growth elasticity [4] - The company reported a revenue of 3.955 billion yuan for Q1-Q3 2024, representing a year-on-year increase of 31.59%, and a net profit of 259 million yuan, up 175.70% year-on-year [4] - The forecast for net profit for 2024-2026 has been adjusted downwards, with expected figures of 662 million, 878 million, and 1.161 billion yuan respectively [4] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 1.723 billion yuan, a year-on-year increase of 66.89%, and a net profit of 304 million yuan, a significant increase of 5380.20% year-on-year [4] - The company expects to maintain a growth trajectory in pig output, with an estimated total of 2.8 million pigs for 2024, and over 5 million pigs in 2025 [5] - The total cost for Q3 2024 was approximately 14.1 yuan/kg, with expectations to decrease to below 14 yuan/kg by the end of the year [5] Business Segment Performance - The leather business reported a loss of 70 million yuan for Q1-Q3 2024, but is expected to limit the total loss for the year to within 80 million yuan [6] - The company has a cash balance of 480 million yuan and a debt-to-asset ratio of 60.81%, indicating a stable financial position [6] Financial Projections - Revenue projections for 2024-2026 are 5.885 billion, 8.499 billion, and 11.144 billion yuan respectively, with year-on-year growth rates of 45.6%, 44.4%, and 31.1% [7] - The expected earnings per share (EPS) for 2024-2026 are 1.30, 1.72, and 2.28 yuan, with corresponding price-to-earnings (P/E) ratios of 15.5, 11.6, and 8.8 [7]