Muyuan Foods (SZ:002714) 智通财经网·2026-01-16 13:38Core Viewpoint - Muyuan Foods Co., Ltd. (牧原股份) 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]. Group 1: Company Overview - Muyuan Foods is the largest pig farming enterprise globally by production capacity and output, maintaining the highest pig output for four consecutive years since 2021 [3]. - 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 the second to fourth largest competitors [3]. - Since 2019, Muyuan has expanded into the pig slaughtering and meat processing business, ranking fifth globally and first in China by slaughter volume in 2024 [3]. Group 2: Financial Performance - From 2014 to 2024, the company's total revenue compound annual growth rate (CAGR) reached 48.7%, the highest among the top ten listed pork companies globally by output [4]. - The net profit CAGR during the same period was 72.7%, with an average annual net profit margin of 19.0%, making it the only top ten pork company with a net profit margin above 15% [4]. - The EBITDA CAGR from 2014 to 2024 was 60.2%, with an average EBITDA margin of 30.8%, outperforming other large listed companies in the Chinese pig farming industry [4]. Group 3: Key Operational Metrics - The pig output figures for Muyuan are as follows: - 2022: 61,201 thousand heads - 2023: 63,816 thousand heads - 2024: 71,602 thousand heads - 2025: 69,234 thousand heads [5]. - The revenue for the fiscal years is projected as follows: - 2022: approximately 124.83 billion RMB - 2023: approximately 110.86 billion RMB - 2024: approximately 137.95 billion RMB - 2025: approximately 111.79 billion RMB [6][7]. Group 4: 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, has significant growth opportunities, with per capita meat consumption projected at 69.4 kg in 2024, compared to 102.0 kg in the U.S. [6].