NEW HOPE(SZ:000876) KAIYUAN SECURITIES·2025-10-31 15:17Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 80.504 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 4.27%, and a net profit attributable to shareholders of 760 million yuan, a significant year-on-year increase of 395.89% [6] - The report indicates a steady increase in feed sales and improved operational performance, with a focus on cost reduction and efficiency in pig farming [6][7] - The company has adjusted its profit forecasts for 2025 downwards while increasing forecasts for 2026 and 2027, expecting net profits of 100 million yuan, 1.619 billion yuan, and 3.164 billion yuan for 2025, 2026, and 2027 respectively [6] Financial Performance Summary - For Q3 2025, the company achieved a revenue of 28.879 billion yuan, a year-on-year increase of 4.51%, but a net profit of 5 million yuan, a year-on-year decrease of 99.63% [6] - The company’s total feed sales reached 7.93 million tons in Q3 2025, a year-on-year increase of 17%, with overseas sales growing by 27% [7] - The company’s pig farming segment maintained stable output with 12.48 million pigs sold in Q1-Q3 2025, a slight year-on-year increase of 0.51% [8] Financial Metrics - The company’s total market capitalization is 43.81 billion yuan, with a current stock price of 9.73 yuan [1] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.02 yuan, 0.36 yuan, and 0.70 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 440.1, 27.1, and 13.8 [6][9] - The company’s asset-liability ratio as of September 2025 is 69.49%, a decrease of 1.36 percentage points year-on-year [7]