Muyuan Foods (SZ:002714) Zhi Tong Cai Jing·2026-01-16 13:41Core Viewpoint - Muyuan Foods Co., Ltd. is a leading player in the pig farming industry, with a vertically integrated business model covering the entire pig production chain, from breeding to slaughtering and meat processing [3][4]. Group 1: Company Overview - Muyuan Foods has been recognized as the world's largest pig farming enterprise since 2021, with a consistent top ranking in pig output for four consecutive years. The company's global market share in pig output increased from 2.6% in 2021 to 5.6% in 2024, surpassing the combined market share of its second to fourth competitors [3]. - The company began its foray into the pig slaughtering and meat processing business in 2019 to enhance its operational advantages across the entire industry chain. By 2024, it is projected to rank fifth globally and first in China in terms of slaughtering volume [3]. Group 2: Financial Performance - From 2014 to 2024, Muyuan Foods achieved a compound annual growth rate (CAGR) of 48.7% in total revenue, the highest among the top ten listed pork companies globally based on output volume. The net profit CAGR during the same period reached 72.7%, with an average annual net profit margin of 19.0% [4]. - The company's EBITDA CAGR from 2014 to 2024 was 60.2%, with an average EBITDA margin of 30.8%, outperforming other large listed companies in China's pig farming industry [4]. Group 3: Key Operational Metrics - The projected pig output for Muyuan Foods is as follows: 61,201 thousand heads in 2022, 63,816 thousand heads in 2023, and 71,602 thousand heads in 2024. The sales volume of meat products is expected to reach 1,416 thousand tons in 2024, up from 757 thousand tons in 2022 [5][7]. - Financial figures indicate that the company's revenue for the fiscal years 2022, 2023, and 2024 are approximately RMB 124.83 billion, RMB 110.86 billion, and RMB 137.95 billion, respectively. The net profit for the same years is projected to be RMB 149.33 billion, -RMB 41.68 billion, and RMB 189.25 billion [6][7]. Group 4: Market Trends - Global pork consumption is stable, increasing from 95.2 million tons in 2020 to an estimated 115.3 million tons in 2024, with a CAGR of 4.9%. China, as the largest pork consumer, has significant growth opportunities, with per capita meat consumption projected to be 69.4 kg in 2024, compared to 102.0 kg in the U.S. [6].