温氏股份（300498）：成本优势稳固稳健发展，肉猪盈利收窄

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a slight decline in revenue of 0.04% year-on-year for the first three quarters of 2025, with a net profit decrease of 18.29% [8] - The company is a leading player in the pig and yellow feather chicken breeding industry, with a focus on quality improvement and sustainable development [8] - The forecasted net profit for the company is expected to be 7.30 billion, 9.72 billion, and 12.27 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 16.7, 12.5, and 9.9 [8] Financial Performance Summary - For 2023A, the company reported a revenue of 89,902 million yuan, with a growth rate of 7.4% [7] - The net profit for 2023A was -6,390 million yuan, reflecting a net profit growth rate of -220.8% [7] - The company’s earnings per share (EPS) for 2023A was -0.97 yuan [7] - The company’s total assets as of 2023A were 92,895 million yuan, with a debt-to-equity ratio of 159.1% [9] Operational Highlights - The company’s pig output increased by 28.3% year-on-year to 27.67 million heads in the first three quarters of 2025 [8] - The average selling price of pork in the third quarter was approximately 13.9 yuan/kg, down 28.8% year-on-year [8] - The company’s capital expenditure has decreased, and it continues to improve its balance sheet, with a debt ratio of 49.41% as of Q3 2025, down 3.73 percentage points from the beginning of the year [8] Market Trends - The demand for yellow feather chicken has improved, leading to a rebound in chicken prices, which helped the chicken business turn profitable in the third quarter [8] - The company sold 94.80 million yellow chickens in the first three quarters of 2025, an increase of 8.7% year-on-year [8]