转自：证券时报 人民财讯1月11日电，益生股份1月9日在机构调研时表示，公司祖代肉种鸡存栏40多万套，处于满产状 态，利用率较高。2025年公司共引种26.6万套，较2024年增加，是引种数量最多的企业，占全国进口祖 代肉种鸡的比例为43%。2026年公司父母代白羽肉鸡苗的供应量较2025年会增加。 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a slight decline in revenue of 0.04% year-on-year for the first three quarters of 2025, with a net profit decrease of 18.29% [8] - The company is a leading player in the pig and yellow feather chicken breeding industry, with a focus on quality improvement and sustainable development [8] - The forecasted net profit for the company is expected to be 7.30 billion, 9.72 billion, and 12.27 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 16.7, 12.5, and 9.9 [8] Financial Performance Summary - For 2023A, the company reported a revenue of 89,902 million yuan, with a growth rate of 7.4% [7] - The net profit for 2023A was -6,390 million yuan, reflecting a net profit growth rate of -220.8% [7] - The company’s earnings per share (EPS) for 2023A was -0.97 yuan [7] - The company’s total assets as of 2023A were 92,895 million yuan, with a debt-to-equity ratio of 159.1% [9] Operational Highlights - The company’s pig output increased by 28.3% year-on-year to 27.67 million heads in the first three quarters of 2025 [8] - The average selling price of pork in the third quarter was approximately 13.9 yuan/kg, down 28.8% year-on-year [8] - The company’s capital expenditure has decreased, and it continues to improve its balance sheet, with a debt ratio of 49.41% as of Q3 2025, down 3.73 percentage points from the beginning of the year [8] Market Trends - The demand for yellow feather chicken has improved, leading to a rebound in chicken prices, which helped the chicken business turn profitable in the third quarter [8] - The company sold 94.80 million yellow chickens in the first three quarters of 2025, an increase of 8.7% year-on-year [8]