Muyuan Foods (002714) 中邮证券·2025-03-21 20:27Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company reported a total revenue of 137.95 billion yuan for 2024, representing a year-on-year growth of 24.43%, and a net profit attributable to shareholders of 17.88 billion yuan, which is a significant increase of 519.42% year-on-year [5] - The company has achieved notable cost reductions, with a per-kilogram breeding cost decreasing from 15.8 yuan at the beginning of the year to 13 yuan by the end of the year, and further down to 12.9 yuan in February 2025 [6] - The company plans to distribute a cash dividend of 5.72 yuan per 10 shares for the 2024 fiscal year, amounting to a total of 30.83 billion yuan [7] - The company is expected to maintain substantial profits despite a projected decline in pig prices in 2025, with estimated earnings per share (EPS) of 3.09 yuan, 3.96 yuan, and 5.79 yuan for 2025, 2026, and 2027 respectively [8] Summary by Sections Company Overview - The latest closing price is 38.26 yuan, with a total market capitalization of 209 billion yuan and a circulating market value of 145.8 billion yuan [4] Financial Performance - The company achieved a total revenue of 137.95 billion yuan in 2024, with a net profit of 17.88 billion yuan [5][9] - The company’s EBITDA for 2024 was approximately 37.99 billion yuan [9] Cost Management - The average breeding cost for the company was approximately 14 yuan/kg in 2024, with a target of 12 yuan/kg for 2025 [6] Shareholder Returns - The proposed cash dividend for 2024 is 5.72 yuan per 10 shares, leading to a dividend payout ratio of 42.44% [7] Earnings Forecast - The company is projected to have EPS of 3.09 yuan, 3.96 yuan, and 5.79 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 12X, 10X, and 7X [8][9]