巨星农牧：公司事件点评报告：Q3业绩增速亮眼，成本把控有望持续向好

Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company achieved significant revenue growth in Q3 2024, with a total revenue of 3.955 billion yuan, representing a year-on-year increase of 31.6%. The net profit attributable to shareholders reached 259 million yuan, marking a substantial turnaround from losses [2][4] - The company is expected to maintain a favorable profit cycle in Q4 2024, driven by stable pig prices and increased pig sales volume, with Q3 alone showing a revenue increase of 66.9% year-on-year [2][3] - The company has implemented a share repurchase plan, demonstrating confidence in its long-term development and aiming to enhance employee motivation through stock ownership [5] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 1.723 billion yuan, a 66.9% increase year-on-year, and a net profit of 304 million yuan, indicating a positive shift in profitability [2][4] - The company’s total pig sales for the first three quarters reached 1.7335 million heads, a year-on-year increase of 32.62% [4] Cost Management - The company’s breeding cost is projected to be slightly above 14 yuan per kilogram in Q3 2024, primarily due to a portion of pigs being raised from externally purchased piglets. However, the cost management remains at an industry-leading level [3] - By the end of 2024, the breeding cost is expected to decrease to approximately 13.8 yuan per kilogram as the proportion of externally purchased piglets declines [3] Capacity Expansion - The company is actively expanding its production capacity, with new breeding projects expected to contribute to output growth in 2025 [4] - The company currently has over 180,000 breeding sows and more than 250,000 pigs, ensuring long-term growth potential [4] Shareholder Confidence - The company has completed a share reduction plan by a major shareholder, reducing their stake by 1.02 million shares, which is 2% of the total share capital. The company plans to repurchase shares worth 100 to 200 million yuan to support employee stock ownership plans [5]