牧原股份（002714）：降本提速，分红高于预期

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 76.463 billion yuan, a year-on-year growth of 34.46%, and net profit attributable to shareholders at 10.53 billion yuan, a staggering increase of 1169.77% [1] - The company plans to reduce its total cost of sales for commodity pigs to 11 yuan/kg by the end of 2025, demonstrating effective cost management [2] - A high dividend payout ratio of 47.5% of net profit for the first half of 2025 indicates strong cash flow and management confidence in future performance [3] Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 24.174 billion yuan, reflecting a year-on-year growth of 35.2% [4] - The company's earnings per share (EPS) for 2025 is estimated at 4.43 yuan, with a price-to-earnings (P/E) ratio of 11.4x [4] - The company’s revenue is expected to grow from 145.676 billion yuan in 2025 to 155.810 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7.6% [4]