巨星农牧（603477）：公司信息更新报告：生猪出栏高增业绩释放，皮革毛利改善经营向好

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in pig production, leading to a substantial release of performance, with leather profit margins improving and overall operations trending positively [3][4] - For the first half of 2025, the company reported revenue of 3.717 billion yuan, a year-on-year increase of 66.49%, and a net profit attributable to shareholders of 181 million yuan, a year-on-year increase of 504.12% [3] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 390 million yuan, 898 million yuan, and 1.743 billion yuan respectively, with corresponding EPS of 0.77 yuan, 1.76 yuan, and 3.42 yuan [3][4] Financial Performance - In H1 2025, the company's pig farming revenue reached 3.432 billion yuan, up 68.34% year-on-year, with pig sales of 1.9095 million heads, an increase of 74.47% year-on-year [4] - The total cost of pig production was 13.44 yuan per kilogram in H1 2025, with expectations to reduce this to below 12.8 yuan per kilogram in H2 2025 [4] - The leather business generated revenue of 101 million yuan in H1 2025, a year-on-year increase of 176.78%, with a gross margin of 4.76%, up 35.23 percentage points year-on-year [5] Financial Summary and Valuation Metrics - The company's total revenue is projected to grow from 4.041 billion yuan in 2023 to 13.433 billion yuan in 2027, with a compound annual growth rate of approximately 30.2% [7] - The net profit attributable to shareholders is expected to improve from a loss of 645 million yuan in 2023 to a profit of 1.743 billion yuan in 2027 [7] - The company's P/E ratio is projected to decrease from -16.8 in 2023 to 6.2 in 2027, indicating an improving valuation as profitability increases [7]