Muyuan Foods (002714) Guolian Securities·2024-10-31 01:12Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company reported strong performance in Q3 2024, with revenue of 39.909 billion yuan, a year-on-year increase of 28.33%, and a net profit attributable to shareholders of 9.652 billion yuan, a remarkable growth of 930.20% [2][6] - The company plans to distribute a cash dividend of 8.31 yuan per 10 shares (including tax), totaling 4.505 billion yuan [2][6] - The improvement in profitability and significant increase in shareholder returns are highlighted, with a gross margin of 30.84% and a net margin of 25.61% in Q3 2024 [6] Summary by Sections Financial Performance - In Q3 2024, the company sold 17.756 million pigs, a year-on-year increase of 6.04%, with an average selling price of 18.89 yuan/kg, up 23.30% year-on-year [2][6] - The breeding cost improved, dropping to slightly below 13.7 yuan/kg in September [6] - The company expects revenue for 2024-2026 to be 136.284 billion yuan, 144.954 billion yuan, and 157.732 billion yuan, with year-on-year growth rates of 22.93%, 6.36%, and 8.82% respectively [6][7] Profitability and Valuation - The net profit for 2024-2026 is projected to be 18.038 billion yuan, 22.082 billion yuan, and 24.038 billion yuan, with growth rates of 523.10%, 22.42%, and 8.86% respectively [6][7] - Earnings per share (EPS) are expected to be 3.30 yuan, 4.04 yuan, and 4.40 yuan for the same period [6][7] - The company maintains a strong market position and has shown a clear commitment to increasing shareholder returns [6]