牧原股份（002714）：业绩兑现分红提升，生猪龙头量增本降高质量发展

Investment Rating - The report maintains a "Buy" rating for the company [6][12]. Core Views - The company has demonstrated significant revenue growth and profitability, with a notable increase in sales volume and a decrease in costs, indicating a high-quality development trajectory [6][5]. - The company is actively managing its breeding stock to align with national production capacity adjustments, which is expected to enhance industry health [6]. - The company is entering a new development phase characterized by improved cash flow, reduced leverage, and increased shareholder returns [6]. Financial Data and Earnings Forecast - For 2025, the company is projected to achieve total revenue of 146.39 billion yuan, with a year-on-year growth rate of 6.1% [5]. - The net profit attributable to shareholders is expected to reach 21.42 billion yuan in 2025, reflecting a year-on-year increase of 19.8% [5]. - The company aims to reduce its average breeding cost to 12 yuan/kg by 2025, with current costs showing a downward trend [6]. - The company plans to distribute a cash dividend of 9.32 yuan per 10 shares, totaling 5 billion yuan, which represents 47.5% of its net profit for the first half of 2025 [6].