公司点评 | 圣农发展 主业销量保持高速增长，售价下滑小幅拖累 Q3 业绩 证券研究报告 事件：公司发布 25 年三季报。25Q1~Q3 公司实现营收/归母净利润 147.06/11.59 亿元，同比+6.86%/+202.82%，基本 EPS 为 0.94 元。25Q3，公司实现营收/ 归母净利润 58.49/2.49 亿元，同比+18.77%/-11.40%。 家禽养殖加工板块收入销量同比增长，单价同比下滑。25Q1~Q3/25Q3 公司家 禽养殖板块收入 105.22/40.90 亿元，同比+4.09%/+12.64%；实现销量 109.86/ 43.52 万吨，同比+7.39%/+16.27%；销售均价 9578/9398（元/吨），同比-3.08%/ -3.12%。公司通过优化自研种鸡"圣泽 901Plus"性能、提升自用比例等措施降 本增效。1~9 月综合造肉成本同比下行，缓解均价下行的不利影响。 深加工肉制品板块收入销量同比增长，单价同比下滑较大。25Q1~Q3/25Q3 公 司深加工肉制品板块收入 69.11/28.85 亿元，同比+17.14%/+36.73%；实现销量 35.76/15.1 ...

Core Viewpoint - The company reported a significant increase in net profit for the first three quarters of 2025, driven by improved operational efficiency and market expansion strategies, despite challenging industry conditions [5][11]. Financial Performance - The net profit attributable to shareholders increased by 776.20 million yuan, a growth of 202.82% compared to the same period last year [5]. - The company achieved over 30% growth in retail channels and over 40% growth in export channels [5]. - The company completed the acquisition of Sun Valley, contributing an additional profit of 49.82 million yuan post-merger [5]. Financial Indicators - The asset-liability ratio at the end of the reporting period was 51.58%, an increase of 1.58 percentage points from the beginning of the year [7]. - The company maintained a stable operating cash flow and had 3.656 billion yuan in liquid assets at the end of the reporting period [7]. - The annual turnover of accounts receivable was 14.40 times, while inventory turnover increased by 0.57 times to 5.86 times [7]. Shareholder Information - The company proposed a cash dividend of 3 yuan per 10 shares, based on the total share capital after deducting repurchased shares [12]. - The proposal for profit distribution is in line with the company's financial health and future development prospects [12]. Related Transactions - The company adjusted its expected daily related transaction amounts for 2025, with a total expected amount of 34 million yuan, including an additional 9.9 million yuan [18]. - The adjustments are aimed at ensuring smooth daily operations and do not affect the company's independence or harm the interests of minority shareholders [39][37].

Core Viewpoint - The company expects significant growth in its financial performance for the first half of 2025, with a substantial increase in net profit attributed to various operational improvements and strategic initiatives [1]. Financial Performance Summary - The company anticipates a net profit attributable to shareholders of approximately 850 million CNY, representing a year-on-year increase of 732.89% [1]. - The net profit after deducting non-recurring gains is projected to be around 330 million CNY, reflecting a year-on-year growth of 256.20% [1]. - Basic earnings per share are expected to rise to 0.6893 CNY, compared to 0.0816 CNY in the same period last year [1]. Performance Drivers - The significant increase in performance is primarily driven by the growth in market share, particularly in the C-end retail channel, alongside steady growth in export and catering sectors [1]. - The company has improved its cost structure, with a notable reduction in comprehensive meat production costs compared to the previous year, which has helped mitigate market price pressures [1]. - Non-recurring gains from the valuation difference of long-term equity investments are estimated to contribute approximately 540 million to 550 million CNY to the net profit, positively impacting the consolidated financial results [1]. Strategic Outlook - The company plans to leverage its unique core advantages derived from self-sufficient breeding sources and an integrated industry chain layout to build resilience against industry cyclicality [1]. - The focus will remain on high-quality development to create greater value for shareholders, using the strong performance in the first half of 2025 as a new starting point [1].