巨星农牧：2024年三季报点评：降本增效成果显著，业绩出色

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1][8]. Core Insights - The company has demonstrated significant cost reduction and efficiency improvements, leading to outstanding performance in the third quarter of 2024. The revenue for the first three quarters reached 39.55 billion yuan, a year-on-year increase of 31.59%, while the net profit attributable to shareholders was 2.59 billion yuan, up 175.70% year-on-year [1][2]. - In Q3 2024, the company achieved a revenue of 17.23 billion yuan, reflecting a 66.89% year-on-year growth, and a staggering net profit of 3.04 billion yuan, which is a 5380.20% increase year-on-year [1][2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a gross margin of 17.84%, a significant increase from -0.49% in the same period last year. This improvement is attributed to optimizations in breeding technology, feed procurement, and production management, resulting in lower costs and enhanced performance [2][3]. - The company’s pig output reached 1.7335 million heads in the first three quarters, marking a 32.62% year-on-year increase, with a focus on expanding market share in the pig farming business [3]. Operational Efficiency - The company has implemented a dual approach of "technology + management" to continuously improve production management, leading to a notable reduction in costs. The cost of raising pigs has decreased to approximately 7 yuan per kilogram [3]. - The company has initiated a genetic improvement project in collaboration with PIC and Shennong Group, which is expected to enhance the quality and production performance of pigs [3]. Earnings Forecast and Valuation - The earnings per share (EPS) for 2024-2026 are projected to be 1.41 yuan, 2.34 yuan, and 2.86 yuan, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 15, 9, and 7 times [3].