牧原股份：低成本优势与盈利增长，预测全年营业收入1250.86~1892.82亿元

Core Viewpoint - The forecast for the operating revenue of the company is between 125.09 billion to 189.28 billion yuan, and the net profit is projected to be between 15.66 billion to 31.90 billion yuan by February 26, 2026, indicating potential for exceeding expectations in future financial disclosures [1][7]. Revenue and Profit Forecast - The predicted operating revenue range is 1250.86 to 1892.82 billion yuan, with an average forecast of 1418.05 billion yuan [2][8]. - The projected net profit range is 156.61 to 319.03 billion yuan, with an average of 226.99 billion yuan [2][8]. - The median revenue forecast is 1378.90 billion yuan, and the median net profit forecast is 215.60 billion yuan [2][8]. Company Insights - The company has established a strong cost moat through three pillars: breeding source, feed, and management, achieving 100% self-supply of breeding pigs [3][9]. - Feed costs are stabilized at 55%-60% of total costs, and the total breeding cost has been reduced to an industry-leading level of approximately 11.3 yuan per kilogram [4][9]. - Employee stock ownership and equity incentives are used to align interests and ensure strategic financing matches operational goals [4][9]. Business Expansion and Performance - The company is focusing on expanding its pig production capacity, with significant investments directed towards breeding projects across 24 provinces, establishing a slaughter capacity of approximately 30 million heads [4][9]. - The overseas market expansion strategy includes entering Vietnam through a light-asset cooperation model, enhancing management and technical capabilities [5][10]. - The slaughter business has seen a substantial increase in capacity utilization, reaching 88.1%, contributing positively to profit stability [5][11].