Core Viewpoint - The support from the central government for the private economy is clear and firm, boosting confidence and motivation for development in the industry [1]. Group 1: Company Development - The company, founded in 1992, has grown from 22 piglets to the world's largest pig farming enterprise, with an annual output of 70 million pigs [1]. - The company emphasizes the integration of private enterprise development with national needs, particularly in supporting food security strategies [1]. - The company has adopted innovative breeding techniques, reducing reliance on imported breeding stock and enhancing production efficiency [1]. Group 2: Technological Innovations - The company has implemented smart pig houses with advanced air filtration systems to improve health and reduce environmental impact [2]. - A digital farming model has been established, allowing for the recycling of waste into organic fertilizers and biogas, promoting sustainable agriculture [2]. - The company has developed a team of 300 agronomists to facilitate resource utilization across various crops, enhancing soil fertility and agricultural productivity [2]. Group 3: Industry Collaboration - The company is working to professionalize pig farming by providing affordable piglets and comprehensive support to small farmers, fostering a collaborative industry environment [3]. - The implementation of the Private Economy Promotion Law is seen as a positive step for creating a better business environment, encouraging legal and responsible business practices [3].

Core Viewpoint - The company is focusing on reducing its reliance on soybean by utilizing soybean meal as a feed ingredient, which currently accounts for about 7% of its feed usage this year [1] Group 1: Feed Ingredient Strategy - The company does not directly purchase soybeans but uses soybean meal as a feed raw material [1] - The company plans to adjust its feed nutritional formula flexibly based on market trends of feed raw materials while ensuring optimal nutrition for its pig herd [1] - There is potential for further reduction in the use of soybean meal in the company's feed, which will be determined by the prices of soybean meal and amino acids [1] Group 2: Technological Advancements - The company is applying low-soy diets technology by substituting soybean meal with bio-synthesized amino acids to enhance the economic efficiency of its feed formulations [1] - The company aims to continue exploring low-soy diet technologies by leveraging advancements in synthetic biology [1] - The initiative is part of the company's contribution to the national food security strategy by reducing dependence on soybean imports [1]

Core Viewpoint - The company is adapting its feed formulation strategy by reducing soybean meal usage and exploring low-soy diets to enhance cost efficiency and reduce reliance on imported soybeans [2]. Group 1: Soybean Procurement and Usage - The company does not directly procure soybeans but uses soybean meal as a feed ingredient, with soybean meal accounting for approximately 7% of its feed usage this year [2]. - There is potential for further reduction in soybean meal usage in the company's feed formulations, which will be determined based on market prices of soybean meal and amino acids [2]. Group 2: Cost Optimization and Profit Impact - The company is implementing low-soy diet technology, utilizing synthetic amino acids to replace soybean meal, which is expected to improve the economic efficiency of feed formulations [2]. - The impact of these cost optimizations on the company's annual net profit is yet to be quantified, but the focus remains on enhancing profitability through these strategies [2].

事件：公司发布2025Q1 业绩预告，预计实现净利润45~50 亿元，同比+283%~303%；归母净利润43~48 亿元，同比+281~302%；对应EPS 0.8~0.9元/股。 点评： 成本方面，公司商品猪完全养殖成本持续下行至3 月达到12.5 元/kg，成本优势明显。我们认为公司不 断推进低豆日粮技术研发，饲料配方比例较为灵活且生产成绩持续提升，预期关税战背景下饲料价格可 能的波动对公司养殖成本影响幅度较为有限，且价格有望向终端消费传导推动猪价上行，公司相对受 益。 此外，我们认为当前公司发展重点已从快速扩张转向关注成本，资本开支或有所收缩，未来资本结构有 望愈加稳健。 盈利预测与投资评级：我们预计公司2025-2027 年实现营收分别为1403.5、1435.2、1527.0 亿元，实现 归母净利分别为143.77、159.45、215.75 亿元，对应PE 为16.03、14.46、10.69x，维持"推荐"评级。 风险提示：生猪价格波动风险；饲料原材料价格波动风险；动物疫病风险；产能释放不及预期。 受益于生猪均价及公司出栏量的同比增长，以及养殖成本的持续优化，2025Q1 公司业绩同比扭亏为 ...