Muyuan Foods (002714) 东兴证券·2025-03-21 12:32Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Views - The company achieved a revenue of 1379.47 billion yuan in 2024, a year-on-year increase of 24.43%, and a net profit of 178.81 billion yuan, marking a turnaround from losses [1] - The company sold 71.602 million pigs in 2024, a 12.2% increase year-on-year, with a target of 72-78 million for 2025 [1] - The complete cost of pig farming decreased from approximately 14 yuan/kg in 2024 to a target of 12 yuan/kg in 2025, contributing to improved profitability [1] - The slaughtering segment achieved monthly profitability in December 2024, with a reduction in average losses per head from 70 yuan in 2023 to 50 yuan in 2024 [2] - The company is expanding its overseas business and enhancing its technological capabilities in smart farming applications [2] Financial Forecasts - The projected net profits for 2025, 2026, and 2027 are 206.29 billion yuan, 220.67 billion yuan, and 353.65 billion yuan respectively, with EPS expected to be 3.88, 4.03, and 6.46 yuan [3] - The company’s PE ratios for the same years are forecasted to be 10, 10, and 6 times [3] - Revenue is expected to grow from 142.48 billion yuan in 2025 to 162.78 billion yuan in 2027, with a growth rate of 13.77% in 2027 [5]