Breeding Strategy - The company adheres to independent breeding and value breeding, planning overall breeding work based on different development stages and market demand [1] - The company maintains an open attitude towards researching high-quality pig genes both domestically and internationally, aiming to develop pig breeds more suitable for the Chinese environment [1] - The company has established a unique rotational binary breeding system to meet production needs during rapid development stages [1] Breeding Achievements - Through years of continuous selection, the company has built a large-scale breeding pig population [1] - The current breeding system supports higher production performance in the farming sector [1]

Core Viewpoint - The company, Muyuan Foods, reported a decrease in the complete cost of pig farming to 13.3 yuan/kg in October 2024, with a reduction of nearly 0.4 yuan/kg from the previous month, primarily driven by lower feed prices and improved production performance [1] Group 1: Cost Structure - The complete cost of pig farming in October 2024 is 13.3 yuan/kg [1] - The decrease in cost is attributed to a 50% contribution from lower feed prices and a 50% contribution from improved production performance and reduced period expenses [1] Group 2: Production Performance - The overall survival rate in October was reported at 85.5% [1] - The pigs' weaning weight (PSY) approached 30, indicating potential for further improvement [1] Group 3: Future Strategy - The company plans to benchmark against advanced practices and learn from both domestic and international industry leaders to enhance production efficiency [1] - There is an ongoing effort to explore further cost reduction opportunities in pig farming [1]

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：2024-18 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 | 华泰证券熊承慧、博时基金王诗瑶、大家资产黄泽 | | | | 斌、工银理财石桓、国寿养老赵逸然、银华基金张 | | | | 玲、淡水泉投资贾婷婷、中加基金张泽迅、建信养 | | | | 老徐瑞、天弘基金马雪薇等 24 位投资者 | | | 时间 | 年 月 日 2024 11 7 日—8 | | | 地点 | 北京 | | | 上市公司接待人员姓名 | 证券部负责人 | 毛劲仪 | | | 投资者关系主管 | 王翰斌 | | | 投资者关系经理 | 张孟琪 | 一、公司最新的成本及生产指标情况？ 公司坚持自主育 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for future performance [1][8]. Core Views - The company has demonstrated strong profitability in pig farming, with significant improvements in financial metrics and a commitment to shareholder returns through increased dividends [4][5][8]. - The company is positioned as a leading integrated player in China's pig farming industry, benefiting from cost advantages and operational efficiencies [6][8]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 96.775 billion yuan, a year-on-year increase of 16.64%, and a net profit attributable to shareholders of 10.481 billion yuan, reflecting a turnaround with a growth rate of 668.90% [4]. - The basic earnings per share (EPS) for the first three quarters was 1.94 yuan, up 670.59% year-on-year [4]. - The company reported a net cash flow from operating activities of 29.178 billion yuan, a year-on-year increase of 336.27% [4]. Dividend Policy - The company announced a profit distribution plan for the first three quarters, proposing a cash dividend of 8.31 yuan per 10 shares, which accounts for 40.06% of the net profit [5]. - The company plans to revise its dividend payout policy to distribute no less than 40% of the distributable profits in cash annually over the next three years, up from the previous 20% [5]. Operational Insights - As of the end of Q3 2024, the company had a breeding sow inventory of 3.316 million heads, with a corresponding annual production capacity of 80.86 million heads [6]. - The average profit per head of market pigs in Q3 2024 was approximately 646 yuan, a 196% increase from Q2 [6]. - The company has maintained a leading position in cost control within the industry, with expectations to achieve a cost target of 13 yuan per kg by year-end [6][8]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are projected at 133.679 billion yuan, 137.296 billion yuan, and 144.834 billion yuan, respectively [8]. - Net profit attributable to shareholders is expected to reach 17.270 billion yuan in 2024, with growth rates of 505.08%, 15.35%, and 6.22% for the following years [8].

| 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2024-078 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | 牧原食品股份有限公司 2024 年 10 月份生猪销售简报 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、 2024 年 10 月份销售情况简报 2024 年 10 月份，公司销售生猪 649.8 万头（其中商品猪 625.2 万头，仔猪 23.4 万头，种猪 1.1 万头），销售收入 134.23 亿元。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 109.9 万头。 2024 年 10 月份，公司商品猪销售均价 17.17 元/公斤，比 2024 年 9 月份下 降 7.94%。 上述销售数据未经审计，与定期报告披露的数据之间可能存在差异，因此上 述数据仅作为阶段性数据供投资者参考。 | 月份 | | | 生猪销量 | | 销售收入 | 商品猪价格 | | --- | --- | --- | --- | --- | --- | --- | | | | ...

牧原食品股份有限公司（以下简称"公司"）于 2024 年 9 月 25 日召开的第 四届董事会第二十九次会议审议通过了《关于回购公司股份的议案》，公司拟使 用自有资金或自筹资金以集中竞价交易的方式回购公司发行的人民币普通股（A 股），回购总金额不低于人民币 30 亿元且不超过人民币 40 亿元（均含本数），回 购价格不超过人民币 58.60 元/股（含本数）。按回购金额上限人民币 40 亿元、回 购价格上限 58.60 元/股测算，预计可回购股数约为 6,825.94 万股，占公司目前总 股本的 1.25%；按回购金额下限人民币 30 亿元、回购价格上限 58.60 元/股测算， 预计可回购股数约为 5,119.45 万股，占公司目前总股本的 0.94%。具体回购股份 的数量以回购期满时实际回购的股份数量为准。公司本次回购的股份将全部用于 员工持股计划或股权激励计划，实施期限自公司董事会审议通过回购方案之日起 12 个月内。具体内容详见公司 2024 年 9 月 27 日披露的《第四届董事会第二十 九次会议决议公告》（公告编号：2024-061）、《关于回购公司股份方案的公告暨回 购报告书》（公告编号：202 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][4][10] Core Views - The company reported a significant turnaround in profitability, with a net profit of 9.652 billion yuan in Q3 2024, representing a year-on-year increase of 930.2% and a quarter-on-quarter increase of 200.85% [4][10] - The company plans to distribute a cash dividend of 8.31 yuan per 10 shares, totaling 4.505 billion yuan, which accounts for 40.06% of the net profit for the first nine months of 2024 [4][10] - The company aims to reduce its breeding costs to 13 yuan/kg by the end of 2024, with the average cost in Q3 2024 being close to 13.7 yuan/kg [4][10] - The company's balance sheet is steadily improving, with a debt-to-asset ratio decreasing to 58.38% by the end of Q3 2024 [4][10] - The company is positioned as a leading player in the domestic pig breeding industry, with a focus on cash flow generation and higher dividend returns compared to the industry [4][10] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total net profit of 10.481 billion yuan, marking a return to profitability compared to the previous year [4][10] - The company sold a total of 17.755 million pigs in Q3 2024, a year-on-year increase of 6% [4][10] - The projected net profits for 2024-2026 are 15.26 billion yuan, 25.182 billion yuan, and 22.872 billion yuan, respectively, with corresponding earnings per share of 2.79 yuan, 4.61 yuan, and 4.18 yuan [4][10]

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [1][9]. Core Views - The company has demonstrated solid profitability, with a significant increase in net profit by 668.9% year-on-year for the first three quarters of 2024, reaching 10.481 billion yuan [1]. - The company plans to enhance shareholder returns, proposing a total cash dividend of 4.505 billion yuan, which constitutes 40.06% of its net profit for the same period [1]. - The company has initiated a share repurchase plan amounting to 3-4 billion yuan, reflecting confidence in its fundamentals and supporting employee incentives and management operations [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 96.775 billion yuan, a year-on-year increase of 16.64% [1]. - The company sold 50.144 million pigs from January to September 2024, marking a 6.7% increase year-on-year [1]. - The average selling price of pigs in September was 18.65 yuan/kg, up 17.9% year-on-year [1]. - The overall gross margin for Q3 was 30.84%, with a quarter-on-quarter increase of 14.30 percentage points and a year-on-year increase of 20.8 percentage points [1]. Shareholder Returns - The company has revised its dividend policy to distribute at least 40% of its distributable profits in cash annually, up from 20% [1]. - The proposed dividend distribution of 4.505 billion yuan is in response to national calls for increased cash dividends [1]. Management and Strategy - The company continues to optimize breeding management and cost control, with total costs in September dropping to slightly below 13.7 yuan/kg, a decrease of over 2 yuan/kg since the beginning of the year [1]. - The company is focused on maintaining a competitive edge in breeding management and cost advantages, which are expected to sustain profitability in the long term [1].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a significant turnaround in profitability, with revenue of 96.775 billion yuan in the first three quarters of 2024, a year-on-year increase of 16.64%, and a net profit attributable to the parent company of 10.481 billion yuan, compared to a loss in the same period last year [2] - In Q3 2024, the company's revenue was 39.909 billion yuan, with a net profit attributable to the parent company of 9.652 billion yuan, showing a substantial improvement in profitability [2] - The company's pig farming business saw stable growth, with 50.144 million pigs sold in the first nine months of 2024, a year-on-year increase of 6.7% [2] - The company's pig slaughtering and meat processing business processed 7.97 million pigs in the first nine months of 2024, with a capacity utilization rate of 37%, resulting in a loss of approximately 650 million yuan [2] - The company's pig farming costs have been continuously optimized, with the full cost of pig farming dropping to below 13.7 yuan/kg in September 2024, a decrease of over 2 yuan/kg compared to the beginning of the year [2] - The company announced a profit distribution plan for the first three quarters of 2024, proposing to distribute a cash dividend of 8.31 yuan per 10 shares (tax included), with a total dividend of 4.505 billion yuan (tax included), accounting for 40.06% of the company's net profit from January to September 2024 [2] Financial Forecasts - The report forecasts the company's revenue for 2024-2026 to be 133.371 billion yuan, 136.809 billion yuan, and 134.482 billion yuan, respectively, with net profits attributable to the parent company of 17.6 billion yuan, 15.577 billion yuan, and 16.304 billion yuan, respectively [3] - The corresponding P/E ratios for 2024-2026 are 14x, 15x, and 15x, respectively [3] - The company's ROE is expected to be 23%, 18%, and 17% for 2024-2026, respectively [6] - The company's gross margin is expected to be 19%, 17%, and 18% for 2024-2026, respectively [8] - The company's net profit margin is expected to be 13%, 11%, and 12% for 2024-2026, respectively [8] Operational Performance - The company's pig farming production indicators have been continuously optimized, with a survival rate of nearly 85% in September 2024, a PSY of over 28, a feed-to-meat ratio of 2.87 during the fattening stage, and a daily weight gain of 783g for fattening pigs [2] - The company's total assets turnover rate is expected to be 0.68, 0.68, and 0.63 for 2024-2026, respectively [8] - The company's inventory turnover rate is expected to be 2.57, 2.65, and 2.54 for 2024-2026, respectively [8] Valuation Metrics - The company's P/B ratio is expected to be 3.19, 2.77, and 2.44 for 2024-2026, respectively [6] - The company's P/S ratio is expected to be 1.80, 1.76, and 1.79 for 2024-2026, respectively [6] - The company's EV/EBITDA is expected to be 7.92, 7.79, and 7.05 for 2024-2026, respectively [6]

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company reported a significant increase in revenue and net profit for Q3 2024, with revenue reaching 39.91 billion yuan, up 28.3% year-on-year, and net profit at 9.65 billion yuan, up 930.2% year-on-year [1][2] - The average selling price of pigs increased to 18.9 yuan/kg in Q3 2024, contributing to improved profitability, with per-head profit estimated at approximately 605 yuan [2] - The company has adjusted its dividend payout ratio from 20% to 40% of distributable profits, enhancing investor confidence [3] Financial Performance - For the first three quarters of 2024, the company achieved revenue of 95.35 billion yuan from pig farming, a year-on-year increase of 18.1%, with a total of 50.14 million pigs sold [2] - The total cost of pig farming decreased to 15.2 yuan/kg, with Q3 2024 costs further reduced to 14.3 yuan/kg [2] - The company expects net profits for 2024, 2025, and 2026 to be 18.075 billion yuan, 28.158 billion yuan, and 31.917 billion yuan respectively, with corresponding EPS of 3.31 yuan, 5.15 yuan, and 5.84 yuan [4][5] Operational Insights - The company’s slaughtering business showed signs of recovery, with a reduction in losses to approximately 650 million yuan in Q3 2024, and an improvement in operational quality [3] - The company aims to enhance overall operational quality while increasing slaughter volumes to achieve profitability in the meat processing segment [3]