Leshan Giantstar Farming&Husbandry Corporation Limited
603477.SS · SHH
Company research
Leshan Giantstar Farming & Husbandry Corporation Limited (603477.SS) is a China-based company listed on the Shanghai Stock Exchange that operates across two principal business segments: agro-pastoral operations and leather manufacturing. Founded in 1993 and formerly known as Sichuan Zhenjing Corporation Limited prior to its rebranding in August 2020, the company is headquartered in Chengdu, Sichuan Province, and engages in the breeding and rearing of live pigs and yellow feather chickens, as well as the production and sale of feed for pigs, poultry, and aquatic species. In its leather segment, the company researches, develops, manufactures, and sells mid-to-high-end natural leather products — including automotive leather, furniture leather, and shoe upper leather — primarily serving the domestic Chinese market. With approximately 4,455 full-time employees and a market capitalization of approximately CNY 7.9 billion, Leshan Giantstar is recognized as a key leading enterprise in China's agricultural industrialization, holding the designation of a National Key Leading Enterprise in Agricultural Industrialization.
Research reports
Guosen reviews 2026 Q1 results, highlighting 17% year-on-year revenue growth to about 19.26 billion yuan alongside a 3.56 billion yuan net loss driven by persistently low hog prices and 1.21 billion yuan of asset impairment, but emphasizes that full hog production costs have fallen toward a 12 yuan/kg target thanks to superior breeding and management, with PSY metrics above industry averages. The report maintains an “优于大市” (outperform) rating, projecting a temporary earnings trough in 2026 followed by margin and profit recovery in 2027–2028 as costs decline and pig price cycles normalize, while flagging epidemic and feed-price risks.
太平洋证券 (Pacific Securities) · November 5, 2025巨星农牧（603477）2025 年三季报点评：生猪出栏保持高增长，猪价低迷致利润承压Pacific Securities’ Q3 2025 note reports nine‑month revenue of 56.39 billion yuan, up 42.57% year-on-year, with pig slaughter volumes up 63.6% to 293.42 million head but a single‑quarter net loss of 0.74 billion yuan as hog prices slipped into industry-wide loss territory. Despite near-term margin pressure, the analysts forecast 2025–2027 revenues of 75/90/106.5 billion yuan and EPS of 0.34/0.61/0.47 yuan, maintain a “买入” (buy) rating, and focus on volume growth and efficiency gains while warning that sustained low hog prices and major animal disease outbreaks could materially constrain profitability.
西南证券 (Southwest Securities) · September 1, 2025巨星农牧（603477）2025 年中报点评：生猪出栏高增驱动业绩扭亏，降本增效助力盈利持续改善Southwest’s 2025 interim report highlights that revenue rose 66.49% year-on-year to 37.17 billion yuan and net profit swung from a 0.45 billion yuan loss to 1.81 billion yuan, driven by a 74.47% increase in hog slaughter to 1.9096 million head and aggressive cost control bringing commodity pig production costs to about 6.16 yuan/斤 (≈12.3 yuan/kg). The analysts underline the asset‑light “company + farmer” model, major capacity projects such as the Dechang integrated breeding base, and EPS forecasts of 1.43/1.99/2.66 yuan for 2025–2027 under a “买入” (buy) rating, while flagging epidemic, price volatility, capacity build‑out, and demand risks.
Futunn / Futu News (independent Market Research Platform) · August 10, 2025Leshan Giantstar Farming&Husbandry Corporation (603477): Improving seeds and improving efficiency and building the cornerstone of a dual-track parallel farming layoutThis English-language analysis reviews the company’s post‑merger development and argues that scale expansion and cost reduction via its “seed + material + management + biosafety + environmental protection” five‑star breeding system are the twin drivers of share‑price upside, with PSY reaching 28, fattening survival at 95%, and feed‑to‑meat ratio down to 2.57 by May 2025. It emphasizes the asset‑light “company + farmer” model, the upcoming Dechang project that could add 0.8 million head of annual capacity, and explicitly states a bullish medium‑ to long‑term view while listing key risks around animal disease, policy‑driven capacity changes, pork demand shocks, and potential errors in profit‑forecast assumptions.