巨星农牧（603477）：商品猪出栏量保持高增长，Q3猪价低迷导致亏损

Investment Rating - The investment rating for the company is "Buy" [6][10]. Core Views - The company reported a significant increase in the number of market pigs sold, but faced losses in Q3 due to low pig prices [2][3]. - The company achieved a revenue of 563.9 million yuan and a net profit attributable to the parent company of 10.7 million yuan for the first three quarters of 2025, reflecting a year-on-year increase of 42.57% in revenue but a decrease of 58.69% in net profit [1][3]. - The average selling price of market pigs showed a declining trend from July to September, impacting the company's profitability [2][3]. Summary by Sections Financial Performance - For Q3 2025, the company reported revenue of 192.2 million yuan and a net loss of 7.4 million yuan, with year-on-year changes of +11.57% in revenue and -124.32% in net profit [1][2]. - The gross margin for the first three quarters of 2025 was 10.44%, down 7.40 percentage points year-on-year, while the gross margin for Q3 was 4.11%, down 22.26 percentage points year-on-year [3]. Production and Sales - The company sold 2.931 million market pigs in the first three quarters of 2025, a year-on-year increase of 63.64%, and 1.025 million in Q3, up 45.98% year-on-year [2]. - The company aims to achieve an annual market pig output of around 4 million heads, in line with its initial targets [2]. Cost and Expense Management - The company’s expense ratio for the first three quarters of 2025 was 7.45%, down 2.71 percentage points year-on-year, indicating effective cost control despite the revenue growth [3]. - The decline in various expense ratios was attributed to the increase in revenue, which diluted the overall expense burden [3]. Future Outlook - The company’s net profit forecasts for 2025 to 2027 are 121 million yuan, 604 million yuan, and 896 million yuan, respectively, with a significant expected recovery in 2026 and 2027 [3][5]. - The company is expected to maintain stable growth in pig output and has strong cost control capabilities, positioning it well for medium to long-term growth [3].