温氏股份：双业务共振利润丰厚，成本优势逐步凸显

Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to 22.20 CNY from the previous 20.96 CNY [2][4]. Core Insights - The poultry industry is experiencing high profitability, and pig farming profits are substantial with decreasing costs. The company is expected to maintain strong profits in its farming operations and increase its dividend payout ratio [3][4]. - The report forecasts EPS for 2024 and 2025 to be 1.48 CNY and 1.50 CNY respectively, with a downward revision from previous estimates of 1.62 CNY and 1.33 CNY [4]. - The company sold 1.19 billion poultry in October and is expected to maintain sales of 1.1 billion poultry in 2024, indicating stable profitability [4]. - The report highlights a decrease in farming costs, with pig farming costs dropping to 6.9-7 CNY per pound, driven by lower feed prices and improved efficiency [4]. Summary by Sections Investment Rating - Rating: Buy - Previous Rating: Buy - Target Price: 22.20 CNY (previously 20.96 CNY) - Current Price: 19.30 CNY [2]. Financial Forecast - Expected EPS for 2024: 1.48 CNY - Expected EPS for 2025: 1.50 CNY - Expected EPS for 2026: 0.97 CNY [4]. Market Data - Total Market Capitalization: 128,421 million CNY - Total Shares: 6,654 million (5,439 million circulating A shares) [5]. Profitability Insights - The company plans to distribute a cash dividend of 9.95 billion CNY, with a payout of 1.5 CNY per 10 shares [4]. - Historical dividend yields during profitable years were 4.26% and 3.87% in 2016 and 2019 respectively, indicating potential for increased dividends in the future [4].