11月14日，巨星农牧（603477）(603477.SH)召开第五届董事会第一次会议，会议选举产生了公司董事 长、副董事长、董事会专门委员会成员及召集人，并聘任了公司新一届高级管理人员及证券事务代表， 新一届董事会和高管组成的专业团队表示将以新思维和新理念赋能上市公司业务新发展，为巨星农牧生 猪养殖高质量发展注入新的活力。 公开资料显示，新一届董事及高管团队成员均具备较为丰富的行业经验和专业背景。其中，岳良泉先生 担任公司新任董事长。他拥有四川农业大学动物营养学硕士学位和中国人民大学农牧MBA学位，曾任 巨星集团副总裁、巨星有限董事及资深副总经理、巨星农牧监事会主席，现任巨星集团董事。岳良泉先 生在战略规划与资源整合方面的专业能力，将为公司发展提供清晰的方向指引。 新任副董事长苏宁的履历涵盖学术研究与企业管理，曾任职西南大学(荣昌校区)动物科学系实验中心主 任及副教授、巨星集团技术总监、巨星有限董事及副总经理，现任巨星集团董事、巨星农牧董事、巨星 研究院院长，其他社会职务为四川省饲料工业协会副会长，其科研背景将在加速技术创新与成果转化、 推动产业升级等方面发挥积极作用。 面对投资者对公司未来发展的期望，巨星 ...

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].