牧原股份(002714)：降本提速 分红高于预期

Group 1 - The company announced its 2025 semi-annual report, showing a revenue of 76.463 billion yuan, a year-on-year increase of 34.46%, and a net profit attributable to shareholders of 10.53 billion yuan, a year-on-year increase of 1169.77% [1] - In Q2 2025, the company achieved a revenue of 40.402 billion yuan, a year-on-year growth of 32.06%, with a net profit attributable to shareholders of 6.039 billion yuan, a year-on-year increase of 88.23% [1] - The semi-annual profit distribution plan includes a cash dividend of 9.32 yuan per 10 shares (tax included) [1] Group 2 - The company reported a total pig output of 46.91 million heads in the first half of 2025, a year-on-year increase of 44.8%, with 38.394 million being market pigs, a growth of 32.5% [2] - In Q2 2025, the total pig output was 24.253 million heads, a year-on-year increase of 48.1%, with market pigs at 19.999 million heads, a growth of 46.2% [2] - The company aims to reduce the total cost of market pig sales to 11 yuan/kg by the end of the year, with the cost decreasing to 11.8 yuan/kg in July [2] Group 3 - The company distributed approximately 5 billion yuan in dividends for the first half of the year, representing 47.5% of the net profit attributable to shareholders, exceeding the lower limit of the cash dividend plan for 2024-2026 [3] - The high dividend payout reflects the management's confidence in the continuous optimization of cash flow and further improvement in operational performance [3] - Profit forecasts for 2025-2027 are 24.17 billion, 20.48 billion, and 25.12 billion yuan, with year-on-year changes of +35.2%, -15.3%, and +22.6% respectively, corresponding to a PE ratio of 11.4x for 2025 [3]