[Table_Page] 年报点评|养殖业 证券研究报告 [牧Table_原Title] 股份（002714.SZ） [公Tab司le_I评nves级t] 买入 当前价格 44.44元 24Q1 业绩符合预期，高质量发展持续推进 合理价值 50.06元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-27 ⚫ 猪价低迷拖累24Q1业绩，基本符合市场预期。公司发布23年年报及 相[Ta对ble市_Pi场cQu表ote现] 24 年 1 季报，23 年公司实现营收 1108.61 亿元（yoy-11.2%）；归母 净利润为-42.63亿元（yoy-132.1%）；扣非后归母净利润为-40.26亿元 3% （yoy-130.9%），猪价同比下跌、资产减值（约-2亿元）等因素导致业 -4%04/23 06/23 08/23 10/23 12/23 02/24 04/24 绩亏损。24Q1，公司营收为262.72亿元（yoy+8.6%）；归母净利润为 -11% -23.79 亿元（yoy-98.6%）；扣非后归母净利润为-23.87 亿元（yoy- -18% 90.6%）， ...

公[T司abl点e_H评ea●der农] 林牧渔 2024年 4月 27日 [Table_Title] [Table_StockCode] 猪价低迷影响业绩表现，24 年预计出栏 牧原股份(002714.SZ) [Table_InvestRank] 6600-7200 万头 推荐 维持评级 核心观点： 分析师 [T able事_S件um：公ma司ry发] 布 2023年年度报告&2024年一季度报告。23 年公司营收 1108.61 [谢Ta芝b优le_ Authors] 亿元，同比-11.19%；归母净利润为-42.63亿元，同比由盈转亏（同期盈利132.66 ：021-68597609 亿元）；扣非后归母净利润为-40.26亿元，同比由盈转亏（同期盈利 130.29亿 ：xiezhiyou_yj@chinastock.com.cn 元）。其中 23Q4 公司营收 278.92 亿元，同比-36.68%；归母净利润-24.21 亿 分析师登记编码：S0130519020001 元，同比由盈转亏（同期盈利 117.54 亿元）。24Q1 公司营收 262.72 亿元，同 比+8.57%；归母净利润-23 ...

下面有请公司领导发言谢谢 各位投资者好欢迎参加沐源股份业绩交流会出席本次交流会的公司领导有首席财务官高同先生董事会秘书秦军先生屠宰事业部总裁秦沐源先生养猪生产首席运营官李艳鹏先生首席法务官袁和冰先生接下来我对公司的经营情况做简单的介绍 2023年度公司实现营业收入1108.61亿元由于2023年全年生珠的销售均价同比下降20%左右公司年度经营业绩出现亏损规模净利润亏损42.63亿元2024年一季度公司实现营业收入262.72亿元规模净利润亏损23.79亿元 在生猪养殖业务方面2023年公司销售生猪6381.6万头其中销售商品猪6226.7万头子猪136.7万头种猪18.1万头 2023年公司持续做好生猪的健康管理与生产管理提高精细化管理水平提升养殖成绩各项主要生产指标较2022年均有改善公司2023年全年平均商品猪完全成本在15元每公斤左右较2022年15.7元每公斤有较明显的下降 2024年一季度公司销售生猪1601.1万头其中销售商品猪1530.7万头子猪59.7万头种猪10.7万头由于冬季疫病及春节销售的影响2024年1到2月公司的生猪养殖完全成本阶段性上升至15.8元每公斤3月成本已经下降到15.1元 ...

Financial Performance - Revenue in 2023 decreased by 11.19% to 110.86 billion yuan compared to 124.83 billion yuan in 2022[18] - Net profit attributable to shareholders in 2023 was -4.26 billion yuan, a decrease of 132.14% from 13.27 billion yuan in 2022[18] - Operating cash flow in 2023 was 9.89 billion yuan, a decrease of 57.01% from 23.01 billion yuan in 2022[18] - Total assets at the end of 2023 increased by 1.27% to 195.40 billion yuan compared to 192.95 billion yuan at the end of 2022[18] - Equity attributable to shareholders at the end of 2023 decreased by 12.48% to 62.83 billion yuan compared to 71.78 billion yuan at the end of 2022[18] - The company achieved revenue of 110.861 billion yuan in 2023, a decrease of 11.19% year-on-year, with a net loss of 4.168 billion yuan, a decrease of 127.91% year-on-year[32] - Total revenue for 2023 was RMB 110.86 billion, a decrease of 11.19% compared to 2022[53] - Revenue from the breeding business accounted for 97.62% of total revenue, reaching RMB 108.22 billion, a decrease of 9.62% year-on-year[53] - Revenue from the slaughtering and meat business increased by 48.54% to RMB 21.86 billion, accounting for 19.72% of total revenue[53] - The company achieved a gross profit margin of 2.92% in the breeding business, a decrease of 15.50 percentage points compared to the previous year[54] - The gross profit margin for the slaughtering and meat business was 0.16%, an increase of 0.66 percentage points year-on-year[54] - Domestic revenue accounted for 100% of total revenue, with a gross profit margin of 3.11%, a decrease of 14.39 percentage points compared to 2022[54] - The company's trade business revenue decreased by 45.13% to RMB 3.02 billion, accounting for 2.73% of total revenue[53] - The company's other business revenue increased by 11.22% to RMB 543.94 million, accounting for 0.49% of total revenue[53] - Feed costs for hogs increased by 8.26% to 66.49 billion yuan, accounting for 63.29% of total operating costs[56] - Employee compensation for hogs rose by 1.51% to 11.52 billion yuan, representing 10.97% of total operating costs[56] - Depreciation expenses for hogs grew by 7.66% to 12.10 billion yuan, making up 11.52% of total operating costs[56] - Medicine and vaccine costs for hogs surged by 10.92% to 5.55 billion yuan, accounting for 5.29% of total operating costs[56] - Operating cash flow decreased by 57.01% to 9.89 billion yuan in 2023, primarily due to a significant drop in hog sales prices[66][67] - Investment cash inflow surged by 705.97% to 2.83 billion yuan in 2023, mainly due to the recovery of matured financial products[67] - Investment cash outflow increased by 23.17% to 20.05 billion yuan in 2023, driven by the purchase of financial products and increased spending on fixed assets[67] - The company's net cash flow from financing activities increased by 32.16% to 3.20 billion yuan in 2023[67] - The net increase in cash and cash equivalents decreased by 143.50% to -4.13 billion yuan in 2023[67] - Cash and cash equivalents decreased by 0.84% to 19.43 billion RMB, accounting for 9.94% of total assets[69] - Inventory increased by 1.64% to 41.93 billion RMB, representing 21.46% of total assets[69] - Fixed assets grew by 2.27% to 112.15 billion RMB, making up 57.39% of total assets[69] - Short-term borrowings surged by 8.90% to 46.93 billion RMB, accounting for 24.02% of total assets[70] - Accounts payable decreased by 1.04% to 23.46 billion RMB, representing 12.01% of total assets[70] - Other payables increased by 1.37% to 11.09 billion RMB, accounting for 5.68% of total assets[70] - Derivative financial assets showed a fair value change of 88.30 million RMB during the period[71] - Other equity instrument investments decreased by 36.48 million RMB in fair value[71] - Total financial assets at period-end stood at 127.71 million RMB[71] - The company's total initial investment in derivatives for hedging purposes was 2,536.05 million yuan, with a final investment amount of 322.90 million yuan, accounting for 0.44% of the company's net assets at the end of the reporting period[74] - The company's futures investments resulted in a fair value change gain of 88.30 million yuan during the reporting period[74] - The company's forward foreign exchange purchases and interest rate swaps had an initial investment of 855.93 million yuan, with a fair value change gain of 41.47 million yuan during the reporting period[74] - The company's actual profit from hedging activities, after offsetting spot market gains and losses, was 62.19 million yuan[74] - Total funds raised in 2019 through non-public issuance amounted to RMB 4,999,999,992.00, with a net amount of RMB 4,977,431,956.89 after deducting issuance fees[77] - In 2021, the company raised RMB 9,550,000,000.00 through the issuance of convertible bonds, with a net amount of RMB 9,528,685,000.00 after deducting issuance fees[79] - As of December 31, 2023, the cumulative funds used for project operations from the 2021 convertible bond issuance reached RMB 6,298,833,774.16[79] - The 2022 non-public issuance raised RMB 5,999,999,982.48, with a net amount of RMB 5,987,106,670.25 after deducting issuance fees[80] - By the end of 2023, the company had fully utilized the funds from the 2022 non-public issuance, with RMB 5,997,105,381.60 used for working capital and loan repayment[80] - The Anhui Fengtai project achieved an investment progress of 101.55% with a cumulative investment of RMB 27,418.01 million[81] - The Mengcheng project reached an investment progress of 101.10% with a cumulative investment of RMB 20,220.33 million[81] - The Anhui Suixi project achieved an investment progress of 101.01% with a cumulative investment of RMB 50,505.26 million[81] - The Hengshui Jizhou project had an investment progress of 100.23% with a cumulative investment of RMB 45,104.99 million[81] - The Laohekou project achieved an investment progress of 100.45% with a cumulative investment of RMB 18,080.41 million[81] - The 40,000-head pig farming project in Shangqiu Suiyang achieved a completion rate of 101.88% with an investment of 35,658.49 thousand RMB[83] - The 40,000-head pig farming project in Heilongjiang Lindian achieved a completion rate of 101.58% with an investment of 30,473.33 thousand RMB[83] - The 10,000-head pig farming project in Heilongjiang Wangkui achieved a completion rate of 100.51% with an investment of 10,050.81 thousand RMB[83] - The 10,000-head pig farming project in Heilongjiang Mingshui achieved a completion rate of 100.51% with an investment of 8,543.04 thousand RMB[83] - The 20,000-head pig farming project in Heilongjiang Fuyu achieved a completion rate of 101.72% with an investment of 10,172.1 thousand RMB[83] - The 65,000-head pig farming project in Shuangliao achieved a completion rate of 100.08% with an investment of 170,139.17 thousand RMB[83] - The 210,000-head pig farming project in Neixiang achieved a completion rate of 100.03% with an investment of 5,001.44 thousand RMB[83] - The 20,000-head pig farming project in Haizhou achieved a completion rate of 100.23% with an investment of 10,022.8 thousand RMB[84] - The 20,000-head pig farming project in Jinhu achieved a completion rate of 100.02% with an investment of 20,004.29 thousand RMB[84] - The 400,000-head pig slaughtering project in Shangshui achieved a completion rate of 100.25% with an investment of 55,137.91 thousand RMB[84] - The company's annual slaughter capacity for the 300,000-head pig project reached 49,000, achieving 100.46% of the planned target[85] - The total investment in committed projects amounted to 1,050,000, with actual investment reaching 983,279.66, falling short by 25,419.95[85] - The company pre-invested 65,630.98 million in 2019 and 394,382.08 million in 2021 for fundraising projects, with 368,744.15 million being replaced in 2021[86] - The unused fundraising balance is 75,212.35 million, stored in dedicated fundraising accounts[86] - The company implemented a cash dividend distribution of 7.381783 yuan per 10 shares, totaling 4.003 billion yuan[153] - The company's 2019 restricted stock incentive plan saw 7,666,995 shares released from restrictions and 380,819 shares repurchased and canceled[155] - The company's 2022 restricted stock incentive plan had 266,400 shares repurchased and canceled[155] - The company repurchased and canceled a total of 6,940,779 restricted shares, including 2,613,616 shares from the 2019 restricted stock incentive plan and 4,327,163 shares from the 2022 plan[156] - The company implemented a 2022 equity distribution, distributing a cash dividend of 7.381783 yuan per 10 shares (tax included)[156] - The company adjusted the repurchase price of the 2022 restricted stock incentive plan from 30.272 yuan per share plus interest to 29.534 yuan per share plus interest[156] - The company repurchased and canceled 1,529,253 restricted shares due to 359 incentive recipients leaving the company[157] - Senior executives collectively held 1,253,500 restricted shares at the beginning of the period, with 626,750 shares unlocked during the reporting period[158] - The second phase of the employee stock ownership plan involved 400 employees holding a total of 56,443,800 shares, accounting for 1.03% of the company's total share capital[160] - The employee stock ownership plan saw some employees leave and transfer their shares to designated assignees, in compliance with the plan's regulations[161] - The company maintained effective financial reporting internal controls with no significant defects identified as of the evaluation report date[162] - 100% of the company's total assets and operating income were included in the internal control evaluation scope[164] - No financial report or non-financial report significant defects were found during the reporting period[165] - The internal control audit report issued a standard unqualified opinion, consistent with the board's self-evaluation[166] - The company's total related-party transactions amounted to 232,935.02 million yuan, accounting for 19.78% of similar transactions[189] - The company's procurement of engineering and mechanical equipment materials and installation services from related parties amounted to 36,921.87 million yuan, accounting for 3.14% of similar transactions[189] - The company's acceptance of transportation services from related parties amounted to 34,166.14 million yuan, accounting for 15.24% of similar transactions[189] - The company's procurement of goods from related parties amounted to 23,810.21 million yuan, accounting for 8.38% of similar transactions[189] - The company's procurement of mechanical and electrical equipment, materials, installation, and maintenance services from related parties amounted to 5,240.82 million yuan, accounting for 0.45% of similar transactions[189] - The company's procurement of labor protection products and equipment from related parties amounted to 4,462.04 million yuan, accounting for 59.21% of similar transactions[189] - The company's procurement of agricultural products, by-products, and organic fertilizers from related parties amounted to 3,400.89 million yuan, accounting for 10.72% of similar transactions[190] - The company's acceptance of accommodation, catering, conference, and leasing services from related parties amounted to 2,682.31 million yuan, accounting for 3.92% of similar transactions[190] - The company's procurement of vehicles and spare parts from related parties amounted to 2,194.65 million yuan, accounting for 19.39% of similar transactions[190] - The company's procurement of refined oil and petrochemical products from related parties amounted to 1,589.31 million yuan, accounting for 2.49% of similar transactions[190] - The company's total related party transactions amounted to 545,743.17 million yuan, accounting for a significant portion of the approved transaction quota of 1,283,700 million yuan[192] - The company's sales to related parties, including pork products and raw materials, reached 176,508.14 million yuan, accounting for 1.63% of similar transactions[191] - The company's purchase of electricity from related parties amounted to 291.39 million yuan, representing 0.10% of similar transactions[191] - The company's sales of raw materials, goods, and services to related parties totaled 14,991.92 million yuan, accounting for 0.14% of similar transactions[191] - The company's sales of pork products to related parties reached 2,971.52 million yuan, representing 0.14% of similar transactions[191] - The company's provision of services to related parties amounted to 309.2 million yuan, accounting for 5.11% of similar transactions[192] - The company's sales of pig manure, biogas residue, and wheat by-products to related parties totaled 161.69 million yuan, representing 7.75% of similar transactions[192] - The company's sales of equipment and materials to related parties reached 59.23 million yuan, accounting for 36.82% of similar transactions[192] - The company's sales of raw materials, goods, and services to related parties amounted to 33.04 million yuan, representing 0.00% of similar transactions[192] - The company's payable to related parties, including borrowings, reached 190,000 million yuan, with an interest rate of 4.20% and interest of 6,965 million yuan[196] - Anhui Fengtai Muyuan Agriculture and Animal Husbandry Co., Ltd. has a guarantee amount of 71,270 thousand yuan, with an actual guarantee amount of 44,660 thousand yuan[199] - Anhui Jieshou Muyuan Agriculture and Animal Husbandry Co., Ltd. has a guarantee amount of 4,500 thousand yuan, with an actual guarantee amount of 1,000 thousand yuan[199] - Anhui Suixi Muyuan Agriculture and Animal Husbandry Co., Ltd. has a guarantee amount of 48,420 thousand yuan, with an actual guarantee amount of 26,140 thousand yuan[199] - Anhui Yingquan Muyuan Agriculture and Animal Husbandry Co., Ltd. has a guarantee amount of 7,500 thousand yuan, with an actual guarantee amount of 2,000 thousand yuan[199] - Anhui Yingshang Muyuan Agriculture and Animal Husbandry Co., Ltd. has a guarantee amount of 35,000 thousand yuan, with an actual guarantee amount of 13,960 thousand yuan[199] - Anxiang Muyuan Agriculture and Animal Husbandry Co., Ltd. has a guarantee amount of 22,200 thousand yuan, with an actual guarantee amount of 9,400 thousand yuan[199] - Baishui Muyuan Agriculture and Animal Husbandry Co., Ltd. has a guarantee amount of 59,780 thousand yuan, with an actual guarantee amount of 32,458.73 thousand yuan[200] - Baise Youjiang Muyuan Agriculture and Animal Husbandry Co., Ltd. has a guarantee amount of 10,303.22 thousand yuan, with an actual guarantee amount of 6,559.44 thousand yuan[200] - Baoying Muyuan Agriculture and Animal Husbandry Co., Ltd. has a guarantee amount of 4,080 thousand yuan, with an actual guarantee amount of 3,239 thousand yuan[200] - Beihai Yinhai Muyuan Agriculture and Animal Husbandry Co., Ltd. has a guarantee amount of 4,980 thousand yuan, with an actual guarantee amount of 4,030 thousand yuan[200] Operational Risks - The company's gross profit margin fluctuates in line with the cyclical fluctuations of the commodity pig market prices, and there is a risk of significant decline or even loss if pig sales prices drop sharply or fail to keep up with cost increases[4] - Major raw materials such as wheat, corn, and soybean meal account for approximately 55%-65% of the company's operating costs, and price fluctuations in these commodities significantly impact the company's main business costs and net profit[5] - The company has a natural disaster risk as its pig farms are distributed across 24 provincial-level regions, and natural disasters could cause damage to farm buildings and facilities, leading to pig deaths and direct losses[7] - The company faces a risk of disease outbreaks, which could lead to reduced pig production, decreased market demand, and lower product prices, significantly impacting the company's operations[3] - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[2] - The company's risk control measures include strict internal control systems, professional training, and regular audits to ensure compliance and minimize operational risks[75

Revenue and Profit - Revenue for the first quarter of 2024 was RMB 26,272,049,758.43, an increase of 8.57% compared to the same period last year[4] - Total operating income rose to 26.27 billion yuan from 24.20 billion yuan, an increase of 8.57%[18] - Net profit attributable to shareholders of the listed company was RMB -2,378,911,751.33, a decrease of 98.56% year-on-year[4] - Net profit loss widened to -2.46 billion yuan from -1.20 billion yuan, a significant increase in loss[19] - Basic earnings per share decreased to -0.44 from -0.22, indicating a doubling of loss per share[20] - Total comprehensive income loss expanded to -2.49 billion yuan from -1.21 billion yuan, a significant increase[20] - Minority shareholders' comprehensive income loss increased to -79.88 million yuan from -2.44 million yuan[20] Cash Flow - Net cash flow from operating activities was RMB 5,066,779,306.59, a significant increase of 231.48% compared to the same period last year[4] - Sales of goods and services received cash of 26.86 billion yuan, an increase from 24.59 billion yuan in the previous period[21] - Operating cash inflow totaled 28.74 billion yuan, up from 26.26 billion yuan in the previous period[21] - Operating cash outflow decreased to 23.68 billion yuan from 30.11 billion yuan in the previous period[21] - Net cash flow from operating activities improved to 5.07 billion yuan from a negative 3.85 billion yuan in the previous period[21] - Investment cash inflow increased to 846.99 million yuan from 294.25 million yuan in the previous period[22] - Investment cash outflow rose to 6.27 billion yuan from 4.34 billion yuan in the previous period[22] - Net cash flow from investment activities was negative 5.42 billion yuan, compared to negative 4.05 billion yuan in the previous period[22] - Financing cash inflow totaled 28.09 billion yuan, slightly up from 27.35 billion yuan in the previous period[22] - Net cash flow from financing activities was 1.98 billion yuan, down from 10.17 billion yuan in the previous period[22] - Cash and cash equivalents at the end of the period stood at 15.40 billion yuan, compared to 20.18 billion yuan in the previous period[22] Assets and Liabilities - Total assets at the end of the reporting period were RMB 196,664,428,612.52, an increase of 0.64% compared to the end of the previous year[4] - The company's total assets increased to RMB 196.66 billion, up from RMB 195.40 billion at the beginning of the quarter[15][16] - Current assets totaled RMB 64.97 billion, with cash and cash equivalents amounting to RMB 23.02 billion, up from RMB 19.43 billion at the start of the quarter[15] - Inventory decreased to RMB 39.33 billion from RMB 41.93 billion at the beginning of the quarter[15] - Fixed assets stood at RMB 110.79 billion, slightly down from RMB 112.15 billion at the start of the quarter[16] - Short-term borrowings increased to RMB 50.80 billion, up from RMB 46.93 billion at the beginning of the quarter[16] - Accounts payable decreased to RMB 21.47 billion from RMB 23.46 billion at the start of the quarter[16] - Long-term borrowings increased to RMB 10.44 billion, up from RMB 9.86 billion at the beginning of the quarter[16] - The company's total liabilities increased to RMB 125.06 billion, up from RMB 121.37 billion at the start of the quarter[16] - Total liabilities increased to 125.06 billion yuan from 121.37 billion yuan, a growth of 3.04%[17] Expenses - R&D expenses increased by 52.28% year-on-year, reflecting increased investment in research and development[9] - Sales expenses increased by 36.62% year-on-year, primarily due to increased employee compensation[9] - R&D expenses increased to 475.75 million yuan from 312.43 million yuan, a rise of 52.27%[18] - Sales expenses grew to 280.08 million yuan from 205.00 million yuan, up by 36.62%[18] - Financial expenses increased to 831.39 million yuan from 710.06 million yuan, a rise of 17.09%[18] Equity and Shareholders - The company's weighted average return on equity was -3.86%, a decrease of 2.19 percentage points compared to the same period last year[4] - The company's total equity attributable to shareholders of the listed company was RMB 61,177,227,073.81, a decrease of 2.63% compared to the end of the previous year[4] - The top 10 shareholders collectively hold a significant portion of the company's shares, with Hong Kong Securities Clearing Corporation holding the largest stake at 158.21 million shares[12] - The company's employee stock ownership plan holds 56.44 million shares, representing a significant portion of the company's equity[12] Accounts Receivable and Other Assets - Accounts receivable decreased by 42.60% compared to the beginning of the period, mainly due to a reduction in receivables from slaughter and meat business[8] - Other current assets increased by 45.75%, mainly due to increased insurance payments and bank wealth management products[8] Operating Costs - Operating costs increased to 29.50 billion yuan from 26.04 billion yuan, up by 13.29%[18]

[Table_Page] 公告点评|养殖业 证券研究报告 [牧Table_原Title] 股份（002714.SZ） [公Tab司le_I评nves级t] 买入 当前价格 44.89元 生猪出栏同比稳步增长，母猪产能继续提升 合理价值 50.06元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-09 ⚫ 3 月出栏同比稳步增长，仔猪销售量明显增长。公司披露 3 月份生猪 相[Ta对ble市_Pi场cQu表ote现] 销售情况简报，3月公司销售生猪547.1万头，同比增长9.40%；实现 销售收入90.75亿元，同比增长3.73%。其中，公司商品猪/仔猪/种猪 1% 04/23 06/23 08/23 10/23 12/23 02/24 出栏量分别为493.7/47.5/5.9万头，仔猪销售占比为8.68%，较1-2月 -6% 增长约7.5个百分点，仔猪价格处于较好盈利状态，公司仔猪销量明显 -13% 增长。3 月，公司商品猪销售均价为 14.24 元/公斤；测算出栏均重为 -20% 116.48公斤。1-3月，公司累计销售生猪1601万头，同比增长15.64%； ...

证券研究报告 | 2024年04月16日 牧原股份（002714.SZ） 买入 3 月销售月报点评：出栏维持同比增长，养殖产能储备充裕  公司研究·公司快评  农林牧渔·养殖业  投资评级：买入（维持评级） 证券分析师： 鲁家瑞 021-61761016 lujiarui@guosen.com.cn 执证编码：S0980520110002 证券分析师： 李瑞楠 021-60893308 liruinan@guosen.com.cn 执证编码：S0980523030001 联系人： 江海航 010-88005306 jianghaihang@guosen.com.cn 事项： 公司公告：2024年3月份，公司销售生猪547.1万头（其中商品猪493.7万头，仔猪47.5万头，种猪5.9 万头），其中向全资子公司牧原肉食品有限公司及其子公司合计销售生猪85.5万头。2024年1-3月，公 司共销售生猪1,601.1万头，其中商品猪1,530.7万头，仔猪59.7万头，种猪10.7万头。截至2024年3 月底，公司能繁母猪存栏为314.2万头。 国信农业观点：1）牧原股份2024年3月生猪出栏同比增长9.4% ...

证券研究报告 | 2024年04月08日 牧原股份（002714.SZ） 买入 深耕生猪养殖的龙头标杆，低成本助力穿越周期 核心观点 公司研究·深度报告 公司简介：全国生猪养殖龙头企业，单位超额盈利优势显著。牧原股份是 农林牧渔·养殖业 管理水平优秀的生猪标杆企业，成本长期保持行业第一，且公司在 证券分析师：鲁家瑞 证券分析师：李瑞楠 2023Q1-Q3持续挖潜，预计2023Q3商品猪完全成本约14.5元/kg，相较 021-61761016 021-60893308 lujiarui@guosen.com.cn liruinan@guosen.com.cn 行业的单头养殖超额盈利近350元。公司产能储备充裕，截至2023年 S0980520110002 S0980523030001 底，能繁存栏为312.9万头，2023年出栏生猪6382万头，2024年同比 联系人：江海航 有望稳健增长。基于长期积累的二元回交育种体系，公司也有望在周期 010-88005306 jianghaihang@guosen.com.cn 上行期实现种猪产能迅速上量，或受益猪价反转带来的量价齐升红利。 基础数据 生猪行业：周期已进 ...

证券代码：002714 证券简称：牧原股份 牧原食品股份有限公司 投资者关系活动记录表 编号：2024-04 重要提示：参会人员名单由组织机构提供，由于调研对象数量较多，公司无法 保证参会单位、人员的完整性、准确性，提示投资者特别注意。 投资者关系活动类别 □特定对象调研□分析师会议 □媒体采访□业绩说明会 □新闻发布会□路演活动 □现场参观  其他 参与单位名称及人员姓名 中金公司郭海燕、广发证券钱浩、摩根基金邢达、 汇安基金任望宇、信达澳亚基金张兆函、国寿资管 王霄霄、博时基金梅思哲、兴证全球基金任相栋、 嘉实基金朱子君、国泰基金胡运昶、易方达基金姜 桠耀、南方基金麦骏杰等99位投资者 时间 2024 年 3月 5日、3 月 7日 地点 南阳、广州 ...

证券代码：002714 证券简称：牧原股份 牧原食品股份有限公司 投资者关系活动记录表 编号：2024-03 重要提示：参会人员名单由组织机构提供，由于调研对象数量较多，公司无法 保证参会单位、人员的完整性、准确性，提示投资者特别注意。 投资者关系活动类别 □特定对象调研□分析师会议 □媒体采访□业绩说明会 □新闻发布会□路演活动 □现场参观  其他 参与单位名称及人员姓名 天风证券陈潇、人保资产应巧剑、华宝基金杜舟、浙商 基金刘耘娜、兴银理财邬崇正、德邦基金刘敏、上银基 金蒋纯文、中金资管王凯等 42 位投资者 时间 2024 年 2月 23 日 地点 上海 上市公司接待人员姓名 董事会秘书 秦 军 投资者关系主管 王翰斌 ...