TECON(SZ:002100) CAITONG SECURITIES·2025-10-30 08:35Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2] Core Views - The company has shown a revenue increase of 4.00% year-on-year for the first three quarters of 2025, but the net profit attributable to shareholders decreased by 27.20% [8] - The company is expected to achieve revenue of 167.9 billion, 174.7 billion, and 180.2 billion yuan for the years 2025 to 2027, with net profits of 4.46 billion, 7.23 billion, and 9.28 billion yuan respectively [8] - The report highlights the stable development of various business segments, including pig farming and non-pig businesses such as feed and veterinary medicine, with a focus on cost reduction and efficiency improvement [8] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 136.10 billion yuan, with a net profit of 4.12 billion yuan [8] - The company’s average breeding cost improved to approximately 12.5 yuan/kg by the third quarter of 2025 [8] - The company’s cash flow remains stable, with monetary funds amounting to 37.79 billion yuan, an increase of 21.8% compared to the beginning of the year [8] Earnings Forecast - The projected earnings per share (EPS) for 2025 is 0.33 yuan, with a price-to-earnings (PE) ratio of 23.9 [6] - The return on equity (ROE) is expected to be 6.1% in 2025, increasing to 11.4% by 2027 [6] - The company’s revenue growth rate is forecasted to be -2.3% in 2025, followed by a recovery of 4.1% in 2026 and 3.2% in 2027 [6]