Muyuan Foods (002714) 开源证券·2025-03-21 18:43Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated significant cost advantages and steady growth in output, leading to consistent performance in the industry [4][5] - The company reported a revenue of 1379.47 billion yuan in 2024, representing a year-on-year increase of 24.43%, and a net profit attributable to shareholders of 178.81 billion yuan, up 519.42% [4] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 240.66 billion yuan, 287.50 billion yuan, and 379.51 billion yuan respectively, with corresponding EPS of 4.41 yuan, 5.26 yuan, and 6.95 yuan [4][5] Financial Performance Summary - In 2024, the company achieved a revenue of 1362.29 billion yuan from pig farming, with a sales volume of 7160.2 million pigs, marking a 12.21% increase [5] - The company's breeding costs decreased from approximately 14 yuan/kg in 2024 to 12.9 yuan/kg in February 2025, indicating a strong trend in cost reduction [5] - The slaughtering business generated revenue of 242.74 billion yuan in 2024, with a reduction in per-head losses to around 50 yuan [6] Financial Forecasts - The company’s projected revenues for 2025, 2026, and 2027 are 1470.23 billion yuan, 1568.06 billion yuan, and 1732.69 billion yuan respectively, with corresponding net profits of 240.66 billion yuan, 287.50 billion yuan, and 379.51 billion yuan [7][12] - The gross margin is expected to improve from 19.1% in 2024 to 27.5% in 2027, while the net margin is projected to rise from 13.0% to 21.9% over the same period [12]