According to the Guoxin Securities Research Report, Wen's shares (300498.SZ) expect 2024H1 net profit of 1.25-1.5 billion yuan to return to mother, turning a year-on-year loss into a profit. It is believed that the company's performance is excellent. According to estimates, the company's average profit from fattening pig breeding in 2024Q2 is close to 220-240 yuan, corresponding to the complete cost of pig breeding close to 14.5 yuan/kg, and the cost has declined steadily. The company has sufficient reserves of pig production capacity. The current pig breeding farm has a completed production capacity of about 46 million heads, and the total effective breeding capacity during the fattening stage is about 35 million heads. It is expected that future sales will maintain steady growth, and will benefit from the sharp rise in volume and price dividends brought about by the recovery in pig prices. Maintaining the “better than market” rating and maintaining profit forecasts, the company's net profit for 24-26 is estimated to be 7.59/15.82/12.03 billion yuan, corresponding to the current stock price PE of 17/8/11X.