Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown significant improvement in its financial performance, with a revenue of 3.955 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 31.59%. The net profit attributable to shareholders reached 259 million yuan, marking a turnaround from losses [6][7] - The decline in breeding costs and the increase in pig prices have contributed to the company's strong performance in Q3 2024, with a revenue of 1.723 billion yuan, up 66.89% year-on-year, and a net profit of 304 million yuan, a staggering increase of 5380.20% [6][7] - The company is expected to continue benefiting from lower breeding costs and an increase in the number of pigs sold, with a total of 1.7335 million pigs sold in the first three quarters of 2024, a 32.62% increase year-on-year [7] Summary by Sections Financial Performance - The company reported a net cash flow from operating activities of 404 million yuan in Q3 2024, an increase of 135.51% quarter-on-quarter. The asset-liability ratio decreased to 60.81%, down 1.44 percentage points [8] - The gross profit margin for Q3 2024 was 26.37%, an increase of 8.5 percentage points from the previous quarter [8] Production and Capacity - The company has successfully delivered several production capacity projects, ensuring a stable supply of pigs for future sales. The breeding project in Dechang is expected to start selling pigs in H1 2025 [7] - The company has over 180,000 breeding pigs and more than 250,000 pigs in stock, which supports its future sales growth [7] Profit Forecast - The profit forecast for the company has been adjusted, with expected net profits for 2024, 2025, and 2026 projected at 629 million yuan, 931 million yuan, and 1.190 billion yuan, respectively. The corresponding EPS is expected to be 1.23 yuan, 1.83 yuan, and 2.33 yuan [8][9]
巨星农牧:公司简评报告:成本保持低位,产能稳健增加