证券研究报告|公司点评报告 [Table_Date] 2025 年 11 月 07 日 [Table_Title] 养殖成本优势稳固，新业务布局未来 [Table_Title2] 京基智农(000048) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 000048 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 19.38/14.11 | | 目标价格： | | 总市值(亿) | 89.09 | | 最新收盘价： | 16.8 | 自由流通市值(亿) | 88.43 | | | | 自由流通股数(百万) | 526.36 | [Table_Summary] 事件概述 公司发布 2025 年第三季度报告，2025 年前三季度，公司实现营业收入 36.70 亿元，同比-20.12%；实现归属于 上市公司股东的净利润 2.98 亿元，同比-50.50%。其中，第三季度单季实现营业收入 12.84 亿元，同比- 32.25%；实现归属于上市公司股东的净利润 7,176.40 万元，同比-80.41%。 分析判断: ► 猪 ...

Core Viewpoint - The swine industry is undergoing a cyclical adjustment, with 京基智农 maintaining stable operations through cost reduction and efficiency enhancement strategies, as evidenced by its Q3 report showing revenue of 3.67 billion and net profit of 298 million [1] Group 1: Financial Performance - In the first three quarters of 2025, 京基智农 achieved a total revenue of 3.67 billion, with a net profit of 298 million, demonstrating resilience during the industry's adjustment period [1] - The company reported a cumulative sales volume of 1.6757 million pigs from January to September 2025, a year-on-year increase of 2.53%, while sales revenue slightly decreased by 1.52% to 2.846 billion [2] - Financial expenses were significantly reduced by 32.89%, indicating an optimization of the financial structure [3] Group 2: Industry Context - The swine market is currently facing supply-demand mismatches, with most listed pig companies reporting increased output but decreased sales revenue and average prices [2] - The average trading price of external three pigs in October fluctuated between 10 to 12 yuan per kilogram, below the cost line for many farming entities [2] Group 3: Operational Strategies - 京基智农 is focusing on cost reduction and efficiency improvement by enhancing pig herd health through serum domestication and optimizing feed formulations [3] - The company employs an advanced "6750" standardized production line and smart farming systems to improve disease prevention and production efficiency [4] - 京基智农 is expanding its contract fattening business, providing comprehensive support to partner farmers, which has led to a high survival rate of 98% among excellent farmers [4] Group 4: Innovation and Sustainability - The company collaborates with the Guangdong Academy of Agricultural Sciences to develop fermentation technology, converting by-products from pineapple processing into high-quality feed, resulting in a 5% to 10% increase in daily weight gain for pigs [4] - The use of fermented pineapple feed has reduced feed costs by over 10 yuan per ton, saving more than 10 million annually and generating over 3 million in local revenue [4] - Future plans include extending similar technologies to other local fruit by-products, enhancing the coverage of green circular agriculture [5] Group 5: Industry Outlook - 京基智农's innovative farming models and refined management practices not only strengthen its resilience but also serve as a model for the industry [6] - As the industry undergoes capacity reduction, the company is positioned to navigate cyclical fluctuations effectively, reinforcing its leadership in the Guangdong-Hong Kong-Macao Greater Bay Area [6]