KINGKEY SMART AGRI(000048) 华鑫证券·2024-11-19 23:29Investment Rating - The report maintains an "Accumulate" investment rating for Jingji Zhino (000048.SZ) [1] Core Views - The company focuses on expanding its pig farming capacity through a private placement, which is expected to drive future performance growth [1] - The planned fundraising of 1.93 billion yuan aims to support the "Yunfu Integrated Pig Farming Project" and the "Hezhou Pig Breeding Base Project," which together are projected to add nearly 1 million heads of annual output, representing a 53.12% increase compared to the total output in 2023 [1][3] - The report emphasizes the strategic shift towards pig farming as the primary business, overtaking real estate, and highlights the importance of this sector in the company's future growth [1] Summary by Sections Investment Highlights - The company plans to use 755 million yuan and 597 million yuan for the two expansion projects, with the remaining funds allocated for working capital [1] - The company achieved a net profit of 366 million yuan in Q3 2024, with the pig farming segment contributing approximately 322 million yuan, accounting for 88% of the total net profit for the quarter [1][3] Financial Forecast - Revenue projections for 2024-2026 are 6.372 billion yuan, 7.191 billion yuan, and 8.123 billion yuan, respectively, with corresponding EPS of 1.55 yuan, 1.70 yuan, and 1.66 yuan [4] - The current stock price corresponds to a PE ratio of 10.5, 9.5, and 9.8 for the years 2024, 2025, and 2026, respectively [4] Operational Performance - In October 2024, the company reported a pig output of 182,900 heads, with a total of 1.8173 million heads from January to October, reflecting a year-on-year increase of 19.92% [3] - The sales revenue for the same period reached 3.265 billion yuan, marking a significant year-on-year increase of 41.10% [3]