上 市 公 司 农林牧渔 2025 年 09 月 02 日 巨星农牧 (603477) ——2025H1 生猪出栏同比高增，生产管理优化推动降本 增效 报告原因：有业绩公布需要点评 增持（维持） 投资要点： 财务数据及盈利预测 | | 2024 | 2025H1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,078 | 3,717 | 7,642 | 9,317 | 10,224 | | 同比增长率（%） | 50.4 | 66.5 | 25.7 | 21.9 | 9.7 | | 归母净利润（百万元） | 519 | 181 | 563 | 853 | 1,146 | | 同比增长率（%） | - | - | 8.6 | 51.5 | 34.4 | | 每股收益（元/股） | 1.02 | 0.36 | 1.10 | 1.67 | 2.25 | | 毛利率（%） | 19.2 | 13.7 | 14.8 | 17.1 | 19.8 | | ROE（%） | 15.7 | 5.5 | 15.9 | ...

Core Viewpoint - The company, Juxing Agriculture and Animal Husbandry, is focused on improving efficiency and reducing costs in pig farming through a combination of technology and management strategies, while maintaining a strong commitment to the pig breeding industry and exploring opportunities in the food processing sector. Group 1: Company Performance and Market Position - As of July 25, 2025, Juxing Agriculture and Animal Husbandry's stock closed at 21.69 yuan, up 6.79% from the previous week, with a total market capitalization of 11.063 billion yuan, ranking 8th in the livestock sector and 1580th in the A-share market [1] - The company aims to provide high-quality pork products with extreme efficiency, positioning itself as a competitive player in the pig farming industry and aspiring to become a world-class agricultural and animal husbandry food enterprise [2] Group 2: Operational Strategies - The company has established a "five-star breeding system" that integrates genetics, feed, management, biosecurity, and environmental systems to enhance production efficiency and ensure high-quality pork supply [3] - Continuous improvement in production management and cost reduction is driven by a dual approach of technology and management, focusing on biosecurity, genetic management, and optimized breeding processes [5] Group 3: Technological Advancements - The company is advancing towards a technology-intensive and knowledge-intensive modern farming model, implementing smart farming equipment and big data analytics to enhance decision-making in pig farming [4] - Ongoing digital and intelligent construction projects aim to cover all business segments, enhancing operational efficiency and reducing labor costs through technology [4] Group 4: Shareholder Returns - The company has a long-term dividend plan for 2024-2026, aiming to improve the stability, planning, and predictability of shareholder returns, with a recent cash dividend distribution of 0.1737 yuan per share totaling approximately 85.55 million yuan [6]