Muyuan Foods (SZ:002714) Guohai Securities·2025-08-22 10:05Investment Rating - The report maintains a "Buy" rating for the company [1][5][10] Core Insights - The company achieved a significant increase in performance, with a revenue of 76.463 billion yuan in the first half of 2025, representing a year-on-year growth of 34.46%. The net profit attributable to shareholders reached 10.530 billion yuan, a staggering increase of 1169.77% [5][7] - The company is focused on optimizing breeding costs, with the total cost of pig farming decreasing to approximately 11.8 yuan/kg by July 2025, aiming for an average cost target of 12 yuan/kg for the year [7] - The company has set a goal to reduce its overall debt by 10 billion yuan, having already achieved a reduction of 5.6 billion yuan by the end of the second quarter of 2025 [7] Financial Performance - The company reported a net cash flow from operating activities of 17.351 billion yuan, reflecting a year-on-year increase of 12.13% [7] - As of the end of Q2 2025, the company's debt-to-asset ratio was 56.06%, a decrease of 3.14 percentage points from the previous quarter [7] - The company plans to distribute a cash dividend of 9.32 yuan per 10 shares, totaling 5.002 billion yuan, which accounts for 47.50% of the net profit for the first half of 2025 [7] Earnings Forecast - The company is projected to achieve revenues of 129.599 billion yuan, 139.907 billion yuan, and 152.018 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be 18.264 billion yuan, 21.193 billion yuan, and 28.198 billion yuan for the same years [9][10]