研報掘金丨招商證券:維持温氏股份“強烈推薦”評級,後市豬價或好於市場預期
招商證券研報指出,温氏股份(300498.SZ)Q3收入287億元(yoy+22%)、歸母淨利潤50.8億元(同比+3097%)。受豬價上升以及養殖成本改善雙重影響,公司24Q3業績實現環比加速釋放,資產負債率降至55%。母豬產能弱恢復背景下,後市豬價或好於市場預期,支撐公司盈利充分釋放。進入24Q4,豬肉消費逐步進入旺季,後市豬價仍然可期。而產業端現金流偏緊的局面尚未徹底扭轉,同時基於對後市豬價的謹慎預期,預計母豬產能維持弱恢復趨勢,或抬升25年豬價預期,成本控制能力較強的優質豬企或仍能實現一定盈利。維持“強烈推薦”投資評級。
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