温氏股份（300498）：公司信息更新报告：生猪出栏稳增肉鸡盈利修复，高分红投资价值显现

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in pig production and recovery in chicken profitability, highlighting its high dividend investment value [1][5][6] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 75.817 billion yuan (year-on-year -0.04%) and a net profit attributable to shareholders of 5.256 billion yuan (year-on-year -18.29%). In Q3 alone, revenue was 25.937 billion yuan (year-on-year -9.76%) with a net profit of 1.781 billion yuan (year-on-year -65.02%) [1][4] - The company’s pig output reached 27.668 million heads in the first three quarters of 2025 (year-on-year +28.32%), with Q3 output at 9.736 million heads (year-on-year +35.45%) [5] - The average cost of pig production in Q3 2025 was 12.4 yuan/kg (down 2.4 yuan/kg year-on-year), with a further reduction to 12.2 yuan/kg by the end of September [5] - Chicken sales for the first three quarters of 2025 totaled 948 million birds (year-on-year +8.90%), with Q3 sales at 350 million birds (year-on-year +8.44%) [6] - The company plans to distribute cash dividends of 1.99 billion yuan (including tax), accounting for 38% of the net profit attributable to shareholders for the first three quarters [6] Earnings Forecast - The company’s net profit forecasts for 2025-2027 are adjusted to 6.690 billion yuan, 11.965 billion yuan, and 16.275 billion yuan respectively, with corresponding EPS of 1.01 yuan, 1.80 yuan, and 2.45 yuan [1][4]