Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 28 yuan [2][9]. Core Insights - The company reported a revenue of 44.523 billion yuan for the first three quarters of 2025, a year-on-year increase of 1.19%. The net profit attributable to shareholders was 3.959 billion yuan, up 4.05% year-on-year [2]. - In Q3 2025, the company achieved a revenue of 16.109 billion yuan, a decrease of 1.81% year-on-year, while the net profit attributable to shareholders increased by 8.45% to 1.636 billion yuan [2]. - The report highlights that the meat product segment has seen a new high in profit per ton, driven by steady reforms and growth in emerging channels [9]. Financial Performance Summary - For 2024A, total revenue is projected at 59.561 billion yuan, with a year-on-year growth rate of -0.6%. The net profit is expected to be 4.989 billion yuan, reflecting a -1.3% year-on-year change [5]. - The earnings per share (EPS) for 2025E is forecasted at 1.53 yuan, with a price-to-earnings (P/E) ratio of 16 [5]. - The company’s total market capitalization is approximately 87.136 billion yuan, with a debt-to-asset ratio of 49.68% [6]. Business Segment Analysis - The meat product business generated a revenue of 6.785 billion yuan in Q3 2025, with a slight year-on-year decline of 0.63%. However, the profit per ton increased by 6.7% to 5,188 yuan, marking a quarterly high [9][11]. - The slaughtering business reported a revenue of 7.693 billion yuan in Q3 2025, down 9.51% year-on-year, with a significant increase in slaughter volume but a decrease in profit due to competitive pressures and falling pork prices [9][12]. - The company aims for steady growth across all business segments, with a focus on increasing sales through new channels and maintaining profitability [9].