Core Viewpoint - The newly elected board and management team of Juxing Agriculture and Animal Husbandry aims to empower the company's business development with new ideas and strategies, focusing on high-quality growth in pig farming [1][2]. Group 1: Management Team - The new chairman, Yue Liangquan, has extensive industry experience and academic qualifications, which will guide the company's strategic planning and resource integration [1]. - The new vice chairman, Su Ning, brings a strong academic and management background, which will enhance technological innovation and industry upgrades [1]. - Tang Chunxiang has been appointed as the general manager, leveraging his management experience to improve operational efficiency and maintain the company's leading position in the industry [2]. Group 2: Industry Focus and Goals - The pig farming industry is undergoing transformation, with a focus on improving production efficiency and reducing costs as long-term goals for enterprises [2]. - Juxing Agriculture and Animal Husbandry aims for a PSY of over 30 pigs by October 2025, with a complete cost of approximately 6.1 yuan per jin for market-ready pigs [2]. - The company emphasizes continuous innovation in technology and management to enhance production levels and achieve high-quality development [2][3]. Group 3: Commitment to Stakeholders - The company is committed to becoming a highly competitive pig farming enterprise and a world-class agricultural and food company [3]. - Juxing Agriculture and Animal Husbandry plans to optimize its five-star farming system to provide high-quality pig products while contributing to economic benefits and social responsibility [3].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company has shown steady cost reductions and is positioned for robust high-quality development in the swine industry [1][8] - The company reported a total revenue of 111.79 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 16%, with a net profit attributable to shareholders of 14.78 billion yuan, up 41% year-on-year [8] - The company has increased its sales volume of commodity pigs by 27% year-on-year, selling 57.32 million heads in the first three quarters of 2025 [8] - The average breeding cost has decreased to 11.6 yuan/kg, down 1.5 yuan/kg since January 2025, indicating improved breeding efficiency [8] - The company is actively expanding into overseas markets, including a partnership with BAF Vietnam to establish a breeding project [8] - The slaughtering business has achieved profitability for the first time in a single quarter, with a slaughter volume of 19.16 million heads, a 140% increase year-on-year [8] - The company is focused on reducing leverage, with a debt ratio of 55.50% as of the end of Q3 2025, down from the mid-year figure [8] Financial Summary - The company expects total revenue of 141.41 billion yuan for 2025, with a net profit of 17.49 billion yuan, reflecting a slight decrease from previous forecasts [8][10] - The projected earnings per share for 2025 is 3.20 yuan, with a price-to-earnings ratio of 16 [10]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][6]. Core Views - The company has shown impressive performance in its pig farming business, with per-head profitability leading the industry. The poultry and meat business performance met expectations. The company is actively responding to national policies promoting high-quality development in the farming industry, sharing the benefits of industrial growth with partner farmers, and demonstrating its responsibility as a leading player in the sector [1][6]. - The company is expected to achieve a significant increase in net profit for the first half of 2025, estimated between 1.1 billion to 1.4 billion yuan, representing a year-on-year growth of 202% to 285%. This growth is attributed to improved management efficiency, enhanced economies of scale, and a continuous decline in pig farming costs [6][12]. - The company is positioned to gain excess profits due to its cost advantages in pig farming, with expectations for a recovery in the poultry market in the second half of the year. The report highlights the potential for the company to leverage its breeding advantages to maintain a leading position in the industry [6][12]. Financial Data and Valuation - The company’s total revenue is projected to grow from 16.155 billion yuan in 2023 to 42.802 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 29% [2][13]. - The operating profit is expected to recover from a loss of 1.297 billion yuan in 2023 to a profit of 6.995 billion yuan by 2027, indicating a significant turnaround [2][13]. - The net profit attributable to shareholders is forecasted to increase from a loss of 1.775 billion yuan in 2023 to 8.332 billion yuan in 2027, reflecting a strong recovery trajectory [2][15]. - The report provides earnings per share (EPS) estimates of 10.02 yuan for 2025, 14.64 yuan for 2026, and 21.43 yuan for 2027, indicating a positive outlook for profitability [2][15]. Business Segments - In the pig farming segment, the company is expected to sell approximately 5.117 million pigs in the first half of 2025, with an average selling price of about 15 yuan per kilogram, leading to a per-head profit of approximately 300 to 320 yuan, which is among the highest in the industry [6][12]. - The poultry segment, specifically the yellow feathered chicken business, is projected to see a slight increase in output, with the company focusing on enhancing the quality and market share of its products [6][12].