巨星农牧（603477）：生猪出栏保持增长，养殖成本继续挖潜

Investment Rating - The report maintains an "Add-B" rating for the company, indicating a positive outlook for its stock performance [4][7]. Core Views - The company has shown growth in pig production, with a significant increase in the number of pigs sold and a focus on reducing breeding costs [4][5]. - Despite a decline in net profit due to market price fluctuations, the company is implementing various cost-control measures to enhance efficiency [5][6]. - The projected net profits for 2025-2027 are estimated at 161 million, 444 million, and 873 million yuan, respectively, with corresponding EPS of 0.32, 0.87, and 1.71 yuan [7]. Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 5.639 billion yuan, a year-on-year increase of 42.57%, while net profit was 107 million yuan, down 58.69% [5]. - The third quarter alone saw revenue of 1.922 billion yuan, an 11.57% increase year-on-year, but a net loss of 74 million yuan, reflecting a 124.32% decline [5]. - The company's asset-liability ratio stood at approximately 66.62% at the end of the third quarter [5]. Production and Sales Data - In the first half of 2025, the company sold 1.91 million pigs, a 74.47% increase year-on-year, generating sales revenue of 3.432 billion yuan [6]. - In the third quarter, the company sold approximately 1.02 million pigs, with sales revenue of 1.722 billion yuan [6]. - The total pig sales revenue for the first three quarters reached 5.153 billion yuan, with a total of 2.93 million pigs sold [6]. Future Projections - The company expects to achieve revenues of 7.744 billion yuan in 2025, with a year-on-year growth of 27.4% [9]. - The projected net profit for 2025 is 161 million yuan, with a significant increase expected in subsequent years [9][11]. - The report anticipates a gradual improvement in profitability, with a net profit margin projected to reach 8.2% by 2027 [9][12].