Investment Rating - The report maintains a "Buy" rating for Muyuan Foods (牧原股份) [2][6] Core Views - The company reported significant growth in performance, with a revenue of 96.775 billion yuan for the first three quarters of 2024, a year-on-year increase of 16.64%. The net profit attributable to shareholders was 10.481 billion yuan, marking a turnaround from losses [4] - The company has a strong dividend policy, distributing 8.31 yuan per 10 shares, totaling over 4.5 billion yuan, which accounts for 40.06% of the net profit for the first three quarters [4] - The company benefits from a favorable cost structure, with a stable growth in pig production and a significant increase in pig prices, leading to substantial profitability in its pig farming business [5] Summary by Sections Company Overview - Latest closing price: 43.90 yuan - Total shares / circulating shares: 5.465 billion / 3.811 billion - Total market value / circulating market value: 239.9 billion / 167.3 billion - 52-week high / low: 49.35 / 35.22 - Debt-to-asset ratio: 62.1% - Price-to-earnings ratio: -55.57 - Largest shareholder: Qin Yinglin [3] Performance Highlights - The company achieved a stable growth in pig production, with 50.144 million pigs slaughtered in the first three quarters, a year-on-year increase of 6.7%. The annual target for pig production is expected to be between 66 million and 72 million [5] - The average selling price of pigs reached 18.89 yuan per kilogram in the third quarter, a year-on-year increase of 23.23% [5] - The cost of pig farming has decreased to below 13.7 yuan per kilogram, down by 2.1 yuan since the beginning of the year, primarily due to lower feed prices [5] Financial Forecasts - Expected EPS for 2024-2026: 3.04 yuan, 2.87 yuan, 2.63 yuan respectively [6] - Revenue projections for 2023-2026: 110.861 billion, 129.472 billion, 126.252 billion, 125.578 billion [7] - Net profit projections for 2023-2026: -4.263 billion, 16.609 billion, 15.673 billion, 14.386 billion [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrates significant cost advantages, high earnings realization, and substantial dividends, highlighting its long-term investment value [1] - The company reported a revenue of 96.775 billion yuan for Q1-Q3 2024, a year-on-year increase of 16.64%, and a net profit attributable to shareholders of 10.481 billion yuan, a year-on-year increase of 668.90% [1] - The forecast for net profit attributable to shareholders for 2024-2026 has been revised downwards due to expected pressure on pig prices, with estimates of 18.831 billion, 15.828 billion, and 13.799 billion yuan respectively [1] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 39.909 billion yuan, up 28.33% year-on-year, and a net profit of 9.652 billion yuan, up 930.20% year-on-year [1][2] - The total number of pigs sold in Q1-Q3 2024 was 50.144 million, a year-on-year increase of 6.67% [2] - The average cost of pig production in Q3 2024 decreased to approximately 13.75 yuan per kilogram, with expectations to drop below 13 yuan per kilogram by the end of 2024 [2] Dividend Policy - The company plans to distribute a cash dividend of 8.31 yuan per 10 shares (including tax), totaling 4.505 billion yuan, which accounts for 40.06% of the net profit for the first three quarters of 2024 [3] - The company has revised its dividend policy to increase the annual cash dividend payout ratio from at least 20% to 40% of the distributable profits for the next three years [3] Market Position - The company maintains a strong financial position with a debt-to-asset ratio of 58.38% and cash reserves of 19.325 billion yuan as of September 2024 [3] - The current stock price is 43.64 yuan, with a market capitalization of 238.508 billion yuan [5]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company reported strong performance in Q3 2024, with revenue of 39.909 billion yuan, a year-on-year increase of 28.33%, and a net profit attributable to shareholders of 9.652 billion yuan, a remarkable growth of 930.20% [2][6] - The company plans to distribute a cash dividend of 8.31 yuan per 10 shares (including tax), totaling 4.505 billion yuan [2][6] - The improvement in profitability and significant increase in shareholder returns are highlighted, with a gross margin of 30.84% and a net margin of 25.61% in Q3 2024 [6] Summary by Sections Financial Performance - In Q3 2024, the company sold 17.756 million pigs, a year-on-year increase of 6.04%, with an average selling price of 18.89 yuan/kg, up 23.30% year-on-year [2][6] - The breeding cost improved, dropping to slightly below 13.7 yuan/kg in September [6] - The company expects revenue for 2024-2026 to be 136.284 billion yuan, 144.954 billion yuan, and 157.732 billion yuan, with year-on-year growth rates of 22.93%, 6.36%, and 8.82% respectively [6][7] Profitability and Valuation - The net profit for 2024-2026 is projected to be 18.038 billion yuan, 22.082 billion yuan, and 24.038 billion yuan, with growth rates of 523.10%, 22.42%, and 8.86% respectively [6][7] - Earnings per share (EPS) are expected to be 3.30 yuan, 4.04 yuan, and 4.40 yuan for the same period [6][7] - The company maintains a strong market position and has shown a clear commitment to increasing shareholder returns [6]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 96.775 billion yuan, a year-on-year growth of 16.64%, and net profit of 10.481 billion yuan, a staggering increase of 668.9% [1] - The company has adjusted its dividend payout ratio, increasing the cash distribution to shareholders from at least 20% to 40% of the distributable profits for the next three years [3] - The report anticipates a decrease in production costs, projecting the cost of raising pigs to fall below 13 yuan/kg by the end of 2024, driven by improved production efficiency and lower feed material costs [2] Financial Performance Summary - For 2024, the company is expected to achieve a net profit of 20.436 billion yuan, reflecting a year-on-year increase of 579.4%, with projected profits for 2025 and 2026 at 24.791 billion yuan and 10.808 billion yuan, respectively [3][4] - The company's earnings per share (EPS) for 2024 is projected at 3.74 yuan, with a price-to-earnings (P/E) ratio of 11.7x [4][3] - The financial metrics indicate a recovery from previous losses, with a significant improvement in operational quality and a reduction in losses from the slaughtering business [2][3]

首先欢迎各位参加公司2024年三G报的业绩交流会出席本次交流会的公司领导还有董事会秘书秦军先生接下来我先对公司前三季度的经营情况做一个简单的介绍首先是财务情况2024年前三季度公司实现营业收入967.75亿元同比增长16.64% 实现规模金利润104.81亿元,同比增长668.9%。由于深度市场行情的好转和养殖成本的持续下降,公司在第三季度取得了良好的盈利,实现营业收入399.09亿元,规模金利润96.52亿元。 公司现金流情况及财务结构持续改善,前三季度经营活动产生的现金流金额为291.78亿元,同比增长336.27%。截至2024年3季度末,公司资产负债率为58.38%,较2季度末下降3.43个百分点,预计后续仍将稳步下降至合理的水平。第二是分红情况。 除了三季度的财务报告今天公司也公告了2024年前三季度利润分配方案综合考虑了实际的经营情况充分考虑到广大投资者的合理诉求在符合利润分配原则保证公司正常运营和长远发展的前提下公司拟向全体股东每十股派发现金红利8.3亿元含税分红总额合计45.05亿元含税 占公司2024年前三季度净利润的40.06%同时公司积极响应国家号召提高现金分红比例修订了牧原石井股份有限 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][6]. Core Views - The company has achieved significant revenue growth and profitability in Q3 2024, driven by rising prices and volumes in its pig farming business, with a revenue of 399.09 billion yuan, a year-on-year increase of 28.33%, and a net profit of 96.52 billion yuan, up 930.2% year-on-year [2][3]. - The company is focused on cost reduction and efficiency improvements, with the cost of pig farming dropping to slightly below 13.7 yuan per kilogram in September 2024, down from 15.8 yuan per kilogram at the beginning of the year [3]. - The company has increased its dividend payout, distributing 8.31 yuan per 10 shares, totaling 45.05 billion yuan, which represents 40.06% of its net profit for the first three quarters of 2024 [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a total revenue of 967.75 billion yuan, a year-on-year increase of 16.6%, and a net profit of 104.81 billion yuan, with a non-recurring net profit of 112.21 billion yuan, indicating a significant turnaround from losses in the previous year [2][4]. - The company sold 5,014.4 million pigs in the first three quarters, a 6.7% increase year-on-year, with Q3 alone seeing a sale of 1,775.6 million pigs, up 8.4% quarter-on-quarter [4]. Cost Management - The company has successfully reduced its breeding costs, with a notable decrease in feed prices contributing to a 50% reduction in costs, alongside improvements in production efficiency [3]. Dividend Policy - The company has revised its dividend policy to increase the minimum annual cash distribution to shareholders from 20% to 40% of the distributable profits, reflecting a commitment to enhancing shareholder returns [5]. Earnings Forecast - The company is projected to achieve revenues of 1,334.78 billion yuan, 1,520.08 billion yuan, and 1,551.94 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 2.80 yuan, 4.70 yuan, and 3.62 yuan [6][8].

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [15]. Core Views - The company has turned its performance around, reporting a profit for the first three quarters of 2024, with revenue reaching 96.775 billion yuan, a year-on-year increase of 16.64%. The net profit attributable to shareholders was 10.481 billion yuan, marking a significant recovery [2]. - The company announced a cash dividend plan, distributing 8.31 yuan per 10 shares, totaling 4.505 billion yuan, which represents 40.06% of the net profit for the first three quarters of 2024, reflecting confidence in its financial health [2]. - The report anticipates a strong demand for pork in Q4, driven by traditional year-end stocking needs, despite recent price fluctuations [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit of 10.481 billion yuan, compared to a loss in the same period of the previous year. The operating cash flow was 29.178 billion yuan, up 336.27% year-on-year [2]. - The company sold 50.144 million pigs in the first nine months of 2024, a 6.67% increase year-on-year, with a significant rise in sales volume and price [4]. - The average cost of pig farming has been decreasing, with expectations to reach 13 yuan/kg by the end of 2024 [4]. Revenue and Profit Forecast - The projected net profits for 2024, 2025, and 2026 are 20.034 billion yuan, 20.096 billion yuan, and 18.710 billion yuan, respectively, with corresponding earnings per share (EPS) of 3.67 yuan, 3.68 yuan, and 3.42 yuan [5][10]. - The company’s revenue is expected to grow from 135.26 billion yuan in 2024 to 142.17 billion yuan in 2025, with a slight increase to 142.688 billion yuan in 2026 [10]. Market Position and Valuation - The company’s current price-to-earnings (P/E) ratio is projected at 11.75 for 2024, indicating a reasonable valuation compared to peers in the industry [5][8]. - The report highlights the company's competitive advantages as a leading player in the industry, with growth potential in its slaughtering segment [5].

Investment Rating - The report maintains a "Buy" rating for the company [3][5][11]. Core Views - The company reported a revenue of 96.775 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 16.64%. The net profit attributable to shareholders reached 10.481 billion RMB, marking a turnaround from losses [3][4]. - The company plans to distribute a cash dividend of 8.31 RMB per 10 shares, amounting to a total of 4.5 billion RMB, which constitutes 40.06% of the net profit for the first three quarters of 2024. The company aims to increase the cash distribution ratio to 40% over the next three years [3][4]. - The company achieved a stable growth in hog output, with 50.144 million heads sold in the first three quarters, a 7% increase year-on-year. The average selling price of hogs in Q3 was approximately 18.89 RMB per kg, benefiting from rising prices and decreasing costs [3][4]. Summary by Sections Performance Analysis - The company achieved a stable increase in hog output, with 50.144 million heads sold in the first three quarters, a 7% increase year-on-year. In Q3 alone, 17.756 million heads were sold, a 6% increase year-on-year [3][4]. - The average selling price of hogs in Q3 was about 18.89 RMB per kg, with production costs decreasing to below 13.7 RMB per kg by the end of September. The company expects costs to further decline to around 13 RMB per kg by year-end [3][4]. Financial Health - As of the end of Q3 2024, the company had a breeding sow inventory of 3.316 million heads, an increase of approximately 7,000 heads from the end of Q2. The debt-to-asset ratio improved to 58.38%, down 3.43 percentage points from Q2 2024 [4]. - The company is committed to shareholder returns, with a planned cash dividend distribution that reflects confidence in its financial stability [4]. Profit Forecast and Valuation - The company is expected to achieve net profits of 18.7 billion RMB, 24 billion RMB, and 23.9 billion RMB for the years 2024 to 2026, respectively. The corresponding earnings per share (EPS) are projected to be 3.42 RMB, 4.39 RMB, and 4.37 RMB [5][7]. - The current price-to-earnings (P/E) ratio for 2024 and 2025 is estimated at 13x and 10x, respectively, indicating a favorable valuation for potential investors [5][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a net profit attributable to shareholders of 10.48 billion yuan for Q3, with a significant quarterly dividend and a revised profit distribution plan [1] - The company achieved a revenue of 96.78 billion yuan from January to September, representing a year-on-year growth of 16.6% [1] - The company plans to distribute a total cash dividend of approximately 4.5 billion yuan, marking its first quarterly dividend [1] - The company aims to distribute at least 40% of its distributable profits in cash annually over the next three years, up from the previous 20% [1] - The company has successfully reduced its total cost of raising pigs to 13.7 yuan per kilogram in Q3, with a total pig output of 50.144 million heads from January to September, a year-on-year increase of 6.7% [1][2] Financial Performance Summary - For the first nine months of 2023, the company reported a total revenue of 96.78 billion yuan, with a net profit of 10.48 billion yuan [1] - The company’s total assets as of September 2023 were 195.405 billion yuan, with a debt-to-asset ratio of 58.4%, down 3.4 percentage points from June [1][4] - The company’s projected revenues for 2024, 2025, and 2026 are 130.128 billion yuan, 138.581 billion yuan, and 136.894 billion yuan, respectively, with corresponding net profits of 17.675 billion yuan, 19.278 billion yuan, and 9.543 billion yuan [2][3][5] - The company’s gross margin is expected to improve significantly to 20.9% in 2024, compared to 3.1% in 2023 [3][5] Operational Insights - The company has set a target of 6.6 to 7.2 million heads for pig output in 2024, with a projected growth in breeding stock [2] - The company is focusing on enhancing its slaughtering business profitability and has a current slaughtering capacity of 29 million heads per year [1][2] - The company plans to improve operational efficiency through digitalization and innovation in slaughtering processes [2]

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。 ...