Muyuan Foods (SZ:002714) Zhi Tong Cai Jing·2025-05-27 08:42Core Viewpoint - Muyuan Foods Co., Ltd. (牧原股份) has submitted an application for listing on the Hong Kong Stock Exchange, with Morgan Stanley, CITIC Securities, and Goldman Sachs as joint sponsors [1] Company Overview - Muyuan Foods is a global leader in the pig farming industry, covering the entire supply chain from breeding, pig farming, feed production, slaughtering, to meat processing [5] - According to Frost & Sullivan, since 2021, the company has been the largest pig farming enterprise globally by production capacity and slaughter volume, maintaining the highest slaughter volume for four consecutive years [5] - The company's global market share in pig slaughtering is projected to grow from 2.6% in 2021 to 5.6% in 2024, surpassing the combined market share of the second to fourth largest competitors [5] Financial Performance - From 2014 to 2024, Muyuan Foods is expected to achieve a compound annual growth rate (CAGR) of 48.7% in total revenue, ranking first among the top ten listed pork food companies globally by slaughter volume [5][6] - The net profit CAGR from 2014 to 2024 is projected to be 72.7%, with an average net profit margin of 19.0% [5][6] - The company's EBITDA CAGR during the same period is expected to reach 60%, with an average EBITDA margin of 31%, significantly outperforming other large listed companies in the Chinese pig farming industry [6] Market Trends - Global pork consumption is stable, increasing from 95.2 million tons in 2020 to 115.3 million tons in 2024, with a CAGR of 4.9% [6] - China, as the largest pork consumer globally, is projected to have a per capita major meat consumption of 69.4 kg in 2024, indicating significant growth opportunities compared to the United States' 102.0 kg [6] - The proportion of chilled pork in total pork consumption in China remains lower than in developed countries, suggesting long-term growth potential for overall meat consumption and product upgrades in China [6] Revenue and Profit Data - For the fiscal years 2022, 2023, and 2024, Muyuan Foods reported revenues of approximately RMB 124.83 billion, RMB 110.86 billion, and RMB 137.95 billion, respectively [7][8] - The net profits for the same years were approximately RMB 14.93 billion, a loss of RMB 4.17 billion, and a profit of RMB 18.93 billion, respectively [7][8]