巨星农牧（603477）：生猪出栏保持高增长，猪价低迷致利润承压

Investment Rating - The report maintains a "Buy" rating for the company, Juxing Agriculture and Animal Husbandry (603477) [1] Core Insights - The company reported a revenue of 5.639 billion yuan for the first three quarters of 2025, a year-on-year increase of 42.57%, but the net profit attributable to shareholders decreased by 58.69% to 107 million yuan [4][5] - The company achieved a significant increase in pig sales, with a 63.6% year-on-year rise in the number of market pigs sold, aiming to meet the annual target of 4 million pigs [5] - Despite the growth in sales volume, low pig prices have pressured profits, leading to a quarterly loss in Q3 2025 [5] Financial Performance - For the first three quarters of 2025, the company sold 2.9342 million pigs, including 2.8802 million market pigs, 50,500 piglets, and 4,500 breeding pigs [5] - The company’s revenue for Q3 2025 was 1.922 billion yuan, an 11.57% increase year-on-year, but it reported a net loss of 74 million yuan for the quarter [4][5] - The company’s production biological assets were valued at 682 million yuan at the end of Q3 2025, reflecting a 12.5% increase from June [5] Earnings Forecast and Valuation - The company is projected to achieve revenues of 7.5 billion yuan, 9 billion yuan, and 10.65 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 175 million yuan, 311 million yuan, and 242 million yuan [6][8] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 0.34 yuan, 0.61 yuan, and 0.47 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 53.9, 30.29, and 38.88 [6][8]