牧[Ta原ble股_Sto份ckN（ameRptType] 002714） 公司点评 [Table_Title] Q3 归母净利近 100 亿，首次季度分红叠加规划修订 | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------|----------------------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券时报e公司讯，牧原股份10月29日在2024年三季报交流会上表示，公司2024年前三季度资本开支为 101.65亿元，其中第三季度资本开支较二季度环比有所增长，主要是公司为今年冬季疫病防控提前做准 备，用于猪场设备的新增、升级改造支出有所增加，预计全年公司的资本开支在120亿元左右。 当前公司经营策略已转变为稳健增长，在建工程规模呈现下降趋势，未来每年资本开支预计将逐步下 降。 ...

面对每天上千份上市公司公告该看哪些？重大事项公告动辄几十页几百页重点是啥？公告里一堆专业术 语不知道算利好还是利空？请看财联社公司新闻部《速读公告》栏目，我们派驻全国的记者们将于公告 当晚为您带来准确、快速、专业的解读。 财联社10月29日讯（记者 张晨静 王平安）猪价回暖，"猪王"牧原股份（002714.SZ）迎来第三个单季度 扣非净利超百亿的高峰。 公司前三季度净利润同比增长超6倍，业绩增长源于猪价上升的同时，养殖成本大幅下降，在今晚举行 的三季度业绩交流会上，董秘秦军透露，公司此前提出的"头均600元"的降本目标，目前实现了一半， 扣除饲料价格影响，实际实现了三分之一，后续降本空间还很大。" 对于后市，秦军进一步表示，对2025年上半年的猪价不必过度悲观，公司认为，通过降本增效等措施， 当猪价在正常区间波动，公司可实现盈利并获取现金流，同时进一步修复资产负债表。 量价齐升 三季度扣非净利超百亿 今年以来猪价持续上涨，叠加养殖成本下降，牧原股份前三季度扭亏为盈。其中，第三季度扣非净利润 103.42亿元，成为继2020年三季度和2022年四季度之后，第三个单季度实现百亿扣非净利。 根据牧原股份三季报，今年 ...

Revenue and Profit Performance - Revenue for the third quarter of 2024 reached RMB 39.91 billion, a year-on-year increase of 28.33%[4] - Net profit attributable to shareholders of the listed company for the third quarter of 2024 was RMB 9.65 billion, a year-on-year increase of 930.20%[4] - Operating revenue for the period reached 96.78 billion yuan, a 16.65% increase compared to the previous year's 82.97 billion yuan[17] - Net profit attributable to the parent company's shareholders was 10.48 billion yuan, a significant improvement from the previous year's loss of 1.84 billion yuan[18] - Total comprehensive income for the period was 11.21 billion yuan, compared to a loss of 1.65 billion yuan in the same period last year[18] - Basic earnings per share for the period were 1.94 yuan, compared to a loss of 0.34 yuan in the previous year[19] - The company's operating profit for the period was 12.11 billion yuan, a significant turnaround from the previous year's loss of 1.42 billion yuan[18] Cash Flow and Financial Activities - Cash flow from operating activities for the third quarter of 2024 was RMB 10.34 billion, a year-on-year increase of 866.04%[4] - Sales of goods and services received cash of RMB 98.6 billion, a 16.7% increase compared to the previous period's RMB 84.5 billion[20] - Total cash inflow from operating activities reached RMB 106.04 billion, up 18.9% from RMB 89.15 billion in the previous period[20] - Net cash flow from operating activities surged to RMB 29.18 billion, a 336.3% increase from RMB 6.69 billion in the prior period[20] - Cash outflow for investment activities totaled RMB 19.77 billion, a 24.7% rise from RMB 15.85 billion in the previous period[21] - Net cash flow from financing activities was negative RMB 14.54 billion, compared to a positive RMB 3.31 billion in the prior period[21] - The company's cash and cash equivalents balance at the end of the period stood at RMB 15.75 billion, an 18.6% increase from RMB 13.28 billion in the previous period[21] Assets and Liabilities - Total assets as of the end of the third quarter of 2024 were RMB 191.27 billion, a decrease of 2.12% compared to the end of the previous year[4] - Equity attributable to shareholders of the listed company as of the end of the third quarter of 2024 was RMB 72.25 billion, a year-on-year increase of 15.00%[4] - Total assets at the end of Q3 2024 were RMB 191.27 billion, a decrease from RMB 195.40 billion at the beginning of the period[14][15] - Current liabilities decreased to RMB 84.80 billion from RMB 94.66 billion at the beginning of the period[15] - Inventory at the end of Q3 2024 was RMB 39.95 billion, down from RMB 41.93 billion at the beginning of the period[14] - Fixed assets decreased to RMB 107.53 billion from RMB 112.15 billion at the beginning of the period[14] - Short-term borrowings decreased to RMB 41.87 billion from RMB 46.93 billion at the beginning of the period[15] - Accounts payable decreased to RMB 18.27 billion from RMB 23.46 billion at the beginning of the period[15] - Long-term borrowings increased to RMB 10.62 billion from RMB 9.86 billion at the beginning of the period[15] - The company's cash and cash equivalents at the end of Q3 2024 were RMB 19.33 billion, slightly down from RMB 19.43 billion at the beginning of the period[14] - Total owner's equity increased to 79.60 billion yuan, up from 74.04 billion yuan at the beginning of the period[16] - The company's total liabilities and owner's equity decreased slightly to 191.27 billion yuan from 195.40 billion yuan at the beginning of the period[16] - Minority shareholders' equity decreased to 7.35 billion yuan from 11.21 billion yuan at the beginning of the period[16] Shareholder and Equity Information - The number of ordinary shareholders at the end of the third quarter of 2024 was 220,407[11] - Qin Yinglin, the largest shareholder, holds 38.17% of the company's shares, with 198.16 million shares pledged[11] - The company repurchased 41.87 million shares, accounting for 0.77% of the total shares, with a total repurchase amount between RMB 1 billion and RMB 2 billion[12] - The top 10 shareholders hold a significant portion of the company's shares, with Muyuan Industrial Group Co., Ltd. holding 835.20 million shares, representing a substantial stake[12] Expenses and Investments - Non-recurring gains and losses for the third quarter of 2024 amounted to a loss of RMB 690.31 million, primarily due to tax reductions and exemptions[6] - Investment income for the third quarter of 2024 increased by 907.63% year-on-year, mainly due to increased investment income from associates[10] - Other current liabilities as of the end of the third quarter of 2024 increased by 1148.89% compared to the beginning of the period, mainly due to the issuance of ultra-short-term financing bills[9] - Research and development expenses increased to 1.27 billion yuan, up 11.51% from the previous year's 1.14 billion yuan[17] - Sales expenses rose to 789.21 million yuan, a 12.08% increase from the previous year's 704.18 million yuan[17]

证 券 2024 年 10 月 21 日 研 究 报 告 基本数据 2024-10-21 当前股价（元） 43.22 总市值（亿元） 2362 总股本（百万股） 5465 流通股本（百万股） 3811 52 周价格范围（元） 31.64-49.35 日均成交额（百万元） 1060.76 公 司 研 究 回购专项贷款助力优化融资成本，回购方案稳步 推进 买入(维持) 事件 分析师：娄倩 S1050524070002 louqian@cfsc.com.cn 联系人：卫正 S1050124080020 weizheng2@cfsc.com.cn 市场表现 -20 0 20 40 60 (%) 牧原股份 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《牧原股份（002714）：Q3 业绩 增长预期兑现，养殖成本持续下 探》2024-10-10 2、《牧原股份（002714）：业绩实 现扭亏为盈，成本下降有望进一步 释放盈利空间》2024-08-04 —牧原股份（002714.SZ）公司事件点评报告 2024 年 10 月 20 日，牧原股份发布关于签署《专项贷款合 同》公告，近日与中信银行股份有限公司南 ...

市场数据(2024-10-14) 收盘价(元) 43.29 一年内最高/最低(元) 49.35/31.64 沪深 300 指数 3,961.34 市净率(倍) 3.75 流通市值(亿元) 1,649.66 基础数据(2024-06-30) 每股净资产(元) 11.54 每股经营现金流(元) 2.83 毛利率(%) 7.74 净资产收益率_摊薄(%) 1.29 资产负债率(%) 61.81 总股本/流通股(万股) 546,535.32/381,071.7 3 畜牧业 分析师：张蔓梓 登记编码：S0730522110001 zhangmz@ccnew.com 13681931564 业绩表现亮眼，成本进一步下降 ——牧原股份(002714)2024 年三季报预告点评 发布日期：2024 年 10 月 15 日 投资要点： 证券研究报告-季报点评 增持(维持) 公司前三季度业绩扭亏为盈，Q3 表现亮眼。根据公司公告，预计 2024 年前 3 季度实现归母净利润 100-110 亿元，同比扭亏为盈 （2023 年同期亏损 18.42 亿元）；扣非后净利润为 115-125 亿元， 同比扭亏为盈（2023 年同期亏损 ...

公司研究·公司快评 农林牧渔·养殖业 投资评级：优于大市（维持） 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 证券分析师： 江海航 010-88005306 jianghaihang@guosen.com.cn 执证编码：S0980524070003 优于大市 牧原股份（002714.SZ） 2024 三季报业绩预告点评：预计 2024Q3 归母净利 90-100 亿 元，养殖成本稳步下降 事项： 公司公告：公司发布 2024 年前三季度业绩预告，预计 2024Q3 归母净利盈利 90–100 亿元，同比增长 860.63% –967.36%；2024 年 Q1-Q3 合计归母净利盈利 100–110 亿元，同比扭亏。公司 2024 年前三季度经营业绩 实现扭亏为盈，主要原因为报告期内公司生猪出栏量、生猪销售均价较去年同期上升，且生猪养殖成本较 去年同期下降。 请务必阅读正文之后的免责声明 ...

证 券 2024 年 10 月 10 日 研 究 报 告 公 司 研 究 | --- | --- | --- | |------------------------------------------|-------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

发展稳步推进 [Table_Contacts] [Table_Page] 公告点评|养殖业 证券研究报告 [Table_Title] 牧原股份（002714.SZ） 3 季度业绩表现亮眼，养殖成本继续下行 [Table_Summary] 核心观点： ⚫ 3 季度业绩实现大幅增长，符合市场预期。公司发布 2024 年 3 季度业 绩预告，前 3 季度公司实现归母净利润 100-110 亿元，同比增长 642.79%-697.07%；扣非后净利润为 115-125 亿元，同比增长 844.91%-909.68%。单 3 季度，公司归母净利润为 90-100 亿元，同比 增长 860.63%-967.36%，公司业绩大幅增长主要源于猪价明显上行、 公司出栏量增长以及养殖成本持续下行等因素。 ⚫ 1-9 月生猪出栏同比增长 6.7%，3 季度成本继续下行。根据公司销售 简报披露，24 年 1-9 月，公司生猪累计出栏量为 5014.4 万头，同比增 长 6.67%；其中商品猪/仔猪/种猪出栏量分别为 4513/461/41 万头。单 3 季度，公司生猪出栏量为 1775.6 万头，同比增长 6.04%；根据公司 净利 ...

证券研究报告 牧原股份 (002714 CH) 降成本增出栏，Q3 业绩预喜 华泰研究 公告点评 投资评级(维持): 买入 目标价(人民币): 54.53 2024年10月09日│中国内地 Q3 业绩预喜，关注公司盈利兑现能力 Q3 公司预计盈利 90~100 亿元、同比高增，在成本下降、猪价上涨的助力 下单头商品肥猪盈利或超 600 元。考虑到二育近期或伺机补栏、冬季猪肉 消费旺季逐步来临，行业补栏母猪积极性不高，高猪价持续时间或值得期待； 同时，公司持续降成本、稳健增母猪，未来盈利兑现能力强。我们维持盈利 预测，预计公司 2024/25/26 年归母净利润 188/399/368 亿元，对应 BVPS 为 14.94/22.03/28.56 元，参考可比公司 Wind 一致预期 2024 年 2.89x PB， 考虑到公司龙头优势稳固、持续降本增效、母猪存栏稳定增加，我们维持公 司 24 年 3.65x PB，目标价 54.53 元，维持"买入"评级。 风险提示：生猪出栏量不达预期，猪价不达预期，爆发大规模动物疾病等。 研究员 樊俊豪 SAC No. S0570524050001 SFC No. BDO9 ...