Muyuan Foods (SZ:002714) Guolian Minsheng Securities·2025-08-25 11:57Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a revenue of 76.463 billion yuan for 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%. The company plans to distribute a cash dividend of 9.32 yuan per 10 shares to all shareholders [5][13] - The revenue from the pig farming segment was 75.446 billion yuan, with a year-on-year growth of 34.68%. The company sold a total of 46.91 million pigs, including 38.394 million market pigs, 8.291 million piglets, and 225,000 breeding pigs. The production costs for pig farming have been decreasing monthly, with the total cost in June 2025 falling below 12.1 yuan/kg [5][15] - The slaughtering business saw a revenue increase of 93.83%, reaching 19.345 billion yuan, with 11.4148 million pigs slaughtered and 1.2736 million tons of fresh and frozen pork sold. The company aims to enhance the operational efficiency and capacity utilization of its slaughterhouses to improve profitability [16] - The company is expected to achieve revenue of 143.491 billion yuan in 2025, with a year-on-year growth of 4.02%. The net profit attributable to shareholders is projected to be 22.436 billion yuan, reflecting a growth rate of 25.47% [17] Financial Data Summary - For the first half of 2025, the gross profit margin was 19.02%, an increase of 11.28 percentage points year-on-year, while the net profit margin was 14.11%, up by 12.31 percentage points year-on-year. This improvement is attributed to stable market prices for pigs and decreasing farming costs [14] - The company’s total assets are projected to reach 202.527 billion yuan by 2025, with a debt-to-asset ratio of 52.76% [19] - The earnings per share (EPS) for 2025 is estimated at 4.11 yuan, with a price-to-earnings (P/E) ratio of 12.2 [17]