Investment Rating - The investment rating for the company is "Accumulate" [1][6]. Core Views - The company reported significant growth in revenue and net profit for the first three quarters of 2025, with revenue reaching 1.024 billion yuan, a year-on-year increase of 58.98%, and net profit of 183 million yuan, a year-on-year increase of 2,243.97% [2][3]. - The third quarter performance was impacted by a decline in the price of the main product, broiler chicks, due to increased supply and weak demand in the egg market [3][4]. - The company has successfully introduced a new breed of parent stock from the U.S., which is expected to enhance its breeding capabilities [3][4]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 272 million yuan, a year-on-year increase of 6.40%, but reported a net loss of 1.6568 million yuan, a year-on-year decline of 108.03% [2]. - For the first three quarters of 2025, the company’s net profit was 183 million yuan, with Q1 and Q2 profits of 99 million yuan and 86 million yuan respectively [3]. Market Position and Strategy - The company’s market share in the broiler chick segment increased to over 25%, with total sales of 217 million chicks in the first three quarters of 2025 [4]. - The company is focusing on maintaining its market share and expanding its business through partnerships and resource integration in the industry [4]. Future Outlook - The report anticipates a recovery in the industry, driven by ongoing supply constraints and expected price increases for chicks [3][4]. - The company has adjusted its revenue forecasts for 2025 to between 1.19 billion yuan and 1.24 billion yuan, with net profit estimates raised to 141 million yuan to 160 million yuan [5][6].
晓鸣股份（300967）：下游拖累Q3业绩承压，市占率优先静待反转