巨星农牧（603477）：公司信息更新报告：生猪出栏稳增，持续推动生产成绩改善

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in pig output, which continues to drive improvements in production performance. Despite a decline in pig prices and macro capacity adjustments in the industry, the company maintains a positive outlook on its operational performance [4][5] - The revenue for Q1-Q3 2025 reached 5.639 billion yuan, representing a year-on-year increase of 42.57%. However, the net profit attributable to the parent company was 107 million yuan, down 58.69% year-on-year [4] - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 16 million yuan, 417 million yuan, and 802 million yuan respectively for those years [4] Summary by Sections Financial Performance - For Q1-Q3 2025, the company reported a revenue of 5.639 billion yuan, with a year-on-year growth of 42.57%. The net profit attributable to the parent company was 107 million yuan, reflecting a significant decline of 58.69% year-on-year. In Q3 alone, revenue was 1.922 billion yuan, up 11.57% year-on-year, but the net profit was a loss of 74 million yuan, down 124.32% year-on-year [4][5] - The company’s pig output for Q1-Q3 2025 was 2.9343 million heads, an increase of 63.02% year-on-year, with a sales revenue of 5.153 billion yuan and an average selling price of 14.08 yuan per kilogram [5] Cost Management - The company maintained a stable production cost of 13.6 yuan per kilogram in Q3 2025, with expectations to reduce it to below 13 yuan per kilogram in Q4 2025. The company’s PSY (pigs per sow per year) reached 29, and the cost of weaned piglets dropped to 255 yuan per head [5] Leather Business - The leather business showed signs of improvement, with the company actively adjusting sales strategies to expand its customer base. The financial health of the company remains stable, with a cash balance of 616 million yuan, up 28.28% year-on-year, and a debt-to-asset ratio of 66.62%, an increase of 5.81 percentage points year-on-year [6]