巨星农牧（603477）：2月销售数据简评：2月出栏量稳步增长，价格下跌

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Insights - The company reported a steady growth in the number of pigs sold in February, with a total of 297,400 pigs sold, representing a year-on-year increase of 24.06%. However, the average selling price decreased to 11.28 yuan per kilogram, down 23.9% year-on-year [6][7] - The company is focusing on cost control and high-quality development, with a projected total cost of 12 yuan per kilogram for pigs by December 2025. The company aims to improve production efficiency and reduce costs through digitalization and innovation [6][7] - The current low pig prices are expected to accelerate capacity reduction in the industry, which may benefit future prices as supply decreases [6][7] Summary by Relevant Sections Sales Performance - In February, the company sold 297,400 pigs, with a total sales revenue of 425 million yuan, reflecting a 4.9% decrease year-on-year. Cumulatively, from January to February, the company sold 701,800 pigs, achieving a revenue of 1.073 billion yuan, which is a 15.5% increase year-on-year [6][7] Financial Forecasts - The company's projected main revenue for 2024 is 6,078.25 million yuan, with a year-on-year growth of 50.43%. The net profit attributable to the parent company is expected to be 518.55 million yuan, with a significant year-on-year increase of 180.36% [3][7] - For 2025, the expected net profit is 31.32 million yuan, reflecting a decrease of 93.96% year-on-year, while for 2026, a net loss of 32.76 million yuan is anticipated [3][7] Cost Management - The company is expected to maintain a cost of approximately 13 yuan per kilogram for the entire year of 2025, with ongoing efforts to enhance production efficiency and reduce costs [6][7] - The company plans to stop new breeding projects and phase out inefficient breeding capacity to focus on high-quality development [6][7]