巨星农牧（603477）：规模较快增长，养殖成本延续下行

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 3.717 billion yuan in the first half of 2025, representing a year-on-year increase of 66.49%, and turned a profit with a net profit of 181 million yuan [8] - The company continues to experience a decline in breeding costs while achieving rapid growth in scale, with a pig output of 1.9096 million heads in the first half of 2025, up 74.47% year-on-year [8] - The company is expected to achieve revenues of 6.3 billion yuan, 7.8 billion yuan, and 8.5 billion yuan from 2025 to 2027, with corresponding net profits of 467 million yuan, 986 million yuan, and 1.171 billion yuan [8] Financial Performance - The company's revenue for 2023 is projected at 4.041 billion yuan, with a growth rate of 1.8%, and is expected to reach 6.078 billion yuan in 2024, reflecting a growth rate of 50.4% [6][9] - The net profit for 2023 is forecasted to be -645 million yuan, turning positive in 2024 with a net profit of 519 million yuan [6][9] - The earnings per share (EPS) is expected to improve from -1.28 yuan in 2023 to 2.30 yuan by 2027 [6][9] Cost Management - The company maintains industry-leading cost control capabilities, with breeding costs continuing to decline, estimated at approximately 13.4 yuan/kg and 13.2 yuan/kg for Q1 and Q2 of 2025 respectively [8] - The company has successfully integrated quality production capacity resources and improved capacity utilization, leading to significant growth in pig production [8] Cash Flow and Financial Health - As of the first half of 2025, the company reported a net cash flow from operating activities of 602 million yuan, indicating a strong cash position [8] - The company's monetary funds increased by 16.15% compared to the beginning of the year, reaching 670 million yuan [8]