牧原股份分析师会议-20250519

Group 1: Report Overview - Reported company: Muyuan Foods Co., Ltd. [16] - Industry: Agriculture, Animal Husbandry, Feed, and Fishery [2] - Research date: May 16, 2025 [16] Group 2: Research Participants - Institutions and individuals participating in the research: Hu Peng, Dai Xuesong, Bai Xue, Bao Haibin, Zhang Tao, Liu Youzhi, Zhang Erkuan, etc. [19] Group 3: Chairman's Speech - Past decade achievements: The company has continuously improved in business, internal governance, and compliance, with shareholders' support, improved internal governance and successor systems, and emphasized compliance and social responsibility [23] - Accumulated capabilities: Product, service, industrial chain comprehensive development, and modern technology application capabilities [24] - Future plans: Strengthen pig - raising production capabilities to create greater value [25] Group 4: Cost Reduction and Future Outlook - Current cost: In April 2025, the full - cost of pig farming reached 12.4 yuan/kg, with a target of 12 yuan/kg this year, and excellent field lines can control it below 11 yuan/kg [26] - Cost reduction paths: Improve disease prevention and control, build a scientific breeding system, promote low - soybean diet technology, and apply intelligent equipment [26] - Value - added goals: Achieve a 600 - yuan cost reduction and 100 - yuan value - added per pig through an integrated industrial chain and consumer - oriented breeding [27] Group 5: Intelligent Application - Personnel training: Intelligent application is integrated into corporate culture and management, promoting experience sharing [28] - Health management: Intelligent pig houses maintain suitable temperatures, improving production indicators and reducing labor dependence [30] - Feed nutrition: Intelligent application enables precise feed formulation and reduces labor intensity [30] - Breeding: Build a high - value breeding platform to improve breeding efficiency and pig performance [30] Group 6: Slaughter and Meat Business - Business improvement: In Q1 2025, the slaughter and meat business improved significantly, and will increase investment in segmentation and R & D to meet consumer needs [31] Group 7: International Development - Motivation: Inspired by the Party's speech, aiming to share experience globally and promote the global pig - raising industry [32][33] - Plans: Cultivate international talents, pursue capital internationalization through a Hong Kong listing, and is in the early stage of internationalization [33][34] Group 8: Investor Return - Foundation: Stable operation and continuous profit are the basis for investor returns [36] - Dividend policy: Adjusted the cash - dividend ratio from 20% to 40% in 2024 - 2026, with a record - high dividend of 7.588 billion yuan in 2024 [36] - Market value management: Developed a market value management system and will adapt return plans to the company's development [36] Group 9: Debt and Capital Expenditure - Debt reduction: The asset - liability ratio has been decreasing since early 2024, and the company aims to reduce the debt by about 10 billion this year [37] - Capital expenditure: This year's capital expenditure is about 9 billion, and future expenditure will be further controlled [37]