巨星农牧：公司信息更新报告：成本稳步下降能繁储备充足，弹性龙头业绩有望高兑现-20250501

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown a steady decline in costs and has sufficient breeding stock reserves, indicating a strong potential for high earnings realization [5][6] - The first quarter of 2025 reported revenue of 1.645 billion yuan, a year-on-year increase of 73.45%, and a net profit attributable to shareholders of 130 million yuan, up 193.91% year-on-year [5][6] - The company maintains its profit forecast for 2025-2027, expecting net profits of 918 million yuan, 1.411 billion yuan, and 2.383 billion yuan respectively, with corresponding EPS of 1.80, 2.77, and 4.67 yuan [5][6] Financial Performance - In Q1 2025, the company achieved revenue of 1.52 billion yuan from pig farming, with a total of 833,000 pigs sold, reflecting a year-on-year increase of 62.40% [6] - The complete cost of production in Q1 2025 was 13.38 yuan/kg, with a target to keep the annual cost below 13 yuan/kg [6] - As of March 2025, the company had a breeding stock of 176,000 pigs, with expectations to exceed 230,000 by the end of 2025 [6] Leather Business - The leather business reported revenue of 54 million yuan in Q1 2025, a significant year-on-year increase of 280%, contributing to a reduction in losses [7] - The company has a strong cash position with 615 million yuan in cash and a debt-to-asset ratio of 62.88% [7] Valuation Metrics - The current stock price is 20.04 yuan, with a market capitalization of 10.222 billion yuan [2] - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 11.1, 7.2, and 4.3 respectively [5][9]