Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a net profit of 229 million yuan for Q1 2025, with a debt-to-asset ratio of 27.8% at the end of the quarter. In 2024, the company achieved a revenue of 5.584 billion yuan, a year-on-year increase of 43.5%, and a net profit of 687 million yuan, marking a turnaround from losses [4][8] - The total cost of pig farming has been continuously decreasing, reaching 12.4 yuan per kilogram in Q1 2025. The average cost for 2024 was approximately 13.9 yuan per kilogram, with Q4 dropping to 13.7 yuan per kilogram [5][6] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 5.584 billion yuan, with a year-on-year growth of 43.5%. The net profit attributable to the parent company was 687 million yuan, reflecting a significant turnaround [10] - For Q1 2025, the company reported a revenue of 1.47 billion yuan, a year-on-year increase of 36%, and a net profit of 229 million yuan, also indicating a turnaround from losses [4][10] Cost Management - The company has successfully reduced its pig farming costs, with the complete cost dropping to 12.4 yuan per kilogram in Q1 2025. This is attributed to several factors, including the optimization of management and the implementation of health-focused development strategies [5][6] Production and Sales Forecast - The company expects to achieve pig output of 3.5 million heads in 2025, 4.5 million heads in 2026, and 5 million heads in 2027, with respective year-on-year growth rates of 54%, 29%, and 11% [8] - The projected revenue for 2025 is 6.537 billion yuan, with a year-on-year growth of 17.1%, and a net profit of 1.005 billion yuan, reflecting a growth of 46.4% [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a significant increase in revenue and profit, with 2024 revenue reaching 5.584 billion yuan, a year-on-year growth of 43.5%, and a net profit of 687 million yuan, marking a turnaround from losses [4][10] - In Q1 2025, the company achieved revenue of 1.47 billion yuan, a 36% year-on-year increase, and a net profit of 229 million yuan, also indicating a return to profitability [4][10] - The company's total asset-liability ratio at the end of Q1 2025 was 27.8%, a slight increase of 0.4 percentage points from the end of 2024 [4] Financial Performance - The company’s total cost of pig farming has been decreasing, with the complete cost dropping to 12.4 yuan per kilogram in Q1 2025 [5][6] - The average complete cost for 2024 was approximately 13.9 yuan per kilogram, with Q4 2024 seeing a reduction to 13.7 yuan per kilogram [6] - The company aims to increase its pig output to 3.5 million heads in 2025 and 5 million heads in 2027, with expected revenue of 6.537 billion yuan, 7.818 billion yuan, and 8.935 billion yuan for 2025, 2026, and 2027 respectively [8][10] - The projected net profit for 2025 is 1.005 billion yuan, with a year-on-year growth of 46.4% [10] Operational Insights - The company has implemented several strategies to reduce costs, including optimizing management, upgrading hardware, and enhancing health standards in pig farming [6] - The company’s breeding strategy has been continuously improved, leading to better genetic indices and reduced health costs [6] - The company plans to increase its breeding sows by approximately 40,000 heads annually, aiming for a total of 160,000 by the end of 2025 [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Insights - The company reported a revenue of 9.092 billion yuan for 2024, representing a year-on-year growth of 5.98%, and achieved a net profit of 73.04 million yuan, marking a turnaround from losses [5] - The company has successfully met its annual target for pig production, with a significant increase in sales prices and production volume, indicating effective cost control and growth in output [6] - A recent capital increase plan has been approved, which will raise up to 1.6 billion yuan to support new pig farm projects and repay bank loans, alleviating financial pressure [7] - The company is expected to see further improvements in profitability, with projected EPS of 0.40 yuan, 0.67 yuan, and 1.52 yuan for 2025, 2026, and 2027 respectively, indicating strong growth potential [8] Summary by Sections Company Overview - The latest closing price is 10.62 yuan, with a total market capitalization of 6.7 billion yuan and a circulating market value of 5.3 billion yuan [4] - The company has a debt-to-asset ratio of 72.4% and a price-to-earnings ratio of 88.50 [4] Financial Performance - The company achieved a revenue of 9.092 billion yuan in 2024, with a growth rate of 5.98% [9] - The projected revenues for 2025, 2026, and 2027 are 10.102 billion yuan, 11.255 billion yuan, and 12.383 billion yuan respectively, with growth rates of 11.12%, 11.40%, and 10.03% [9] - The net profit is expected to grow significantly, reaching 253.64 million yuan in 2025 and 962.02 million yuan in 2027, with growth rates of 247.26% and 127.58% respectively [9] Cost Management - The company has managed to reduce breeding costs, with an expected cost of approximately 16 yuan per kilogram for 2024, showing a steady decline throughout the year [6] - The average selling price of pigs in 2024 was 16.61 yuan per kilogram, reflecting a year-on-year increase of 10.46% [6]

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company reported a significant increase in Q1 performance, achieving a revenue of 36.06 billion yuan, a year-on-year growth of 37.3%, and a net profit attributable to shareholders of 4.49 billion yuan, marking a substantial turnaround from losses [7]. - The sales volume of pigs reached 22.66 million heads in Q1, up 41.52% year-on-year, with a notable increase in the sales of piglets, which surged by 595% [7]. - The company is focused on optimizing production metrics, with breeding costs decreasing to 12.5 yuan per kilogram by March 2025, driven by improvements in survival rates and weight gain [7]. - The company aims to expand its production capacity, expecting to sell between 72 million to 78 million pigs in 2025, representing a year-on-year increase of 10% to 19% [7]. - The slaughtering segment saw an increase in volume, with 5.32 million pigs processed in Q1, an 81% increase year-on-year, although profitability remains challenged due to low product segmentation [7]. - The report forecasts revenues of 135.5 billion yuan for 2025, with a slight decline of 1.8% year-on-year, and net profits expected to reach 20.83 billion yuan, reflecting a growth of 16.5% [6][7]. Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 135.5 billion yuan, with a net profit of 20.83 billion yuan, leading to a PE ratio of 11 [6][9]. - The company anticipates a gradual increase in revenue over the next few years, with estimates of 141.86 billion yuan in 2026 and 147.31 billion yuan in 2027 [6][9]. - The gross margin is expected to improve from 18.2% in Q1 2025 to 24.1% in 2025E, indicating enhanced operational efficiency [6].

每经记者 胥帅 每经编辑 董兴生 牧原股份表示，业绩同比增长原因主要为报告期内生猪出栏量、生猪销售均价较去年同期上升，叠加养 殖成本的持续下降。 4月24日，养猪龙头牧原股份（002714.SZ，股价40.52元，市值2213.51亿元）发布2025年一季度报告。 今年第一季度，公司实现营业收入360.61亿元，同比增长37.26%；实现净利润46.19亿元，同比增长 287.87%。 当日晚间，公司首席财务官高曈和董秘秦军出席了财报电话会，进一步向外界回应养殖成本、"出海"战 略等备受关注的问题。 高曈在电话会上表示，今年一季度，公司成本下降空间符合预期，也符合公司现在的管理水平。公司对 未来的成本持续下降也有信心，猪群业绩持续改善是最强的信心来源。同时，他也提到今年的猪价走 势，对今年下半年的猪价预期感到乐观。 "600元成本空间已经挖潜了400元" 公告显示，牧原股份第一季度实现营业收入360.61亿元，同比增长37.26%；实现净利润46.19亿元，同 比增长287.87%；实现归母净利润44.91亿元，同比增加288.79%。 当日晚间，牧原股份召开电话会，介绍了一些具体的养殖数据，第一季度销售生猪 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a significant turnaround in 2024, achieving a net profit of 17.88 billion yuan, compared to a loss of 4.26 billion yuan in 2023, with a revenue increase of 24.43% to 137.95 billion yuan [7] - The company experienced a notable increase in pig sales, with a total of 71.60 million pigs sold in 2024, representing a year-on-year growth of 12.2% [7] - The average selling price of pigs increased to 16.75 yuan/kg, up 11.62% year-on-year, contributing to an estimated profit of 250 yuan per pig sold [7] - The company aims to reduce production costs further, targeting a cost of 12 yuan/kg by 2025, down from 14 yuan/kg in 2024 [7] - The company plans to increase its pig output to between 72 million and 78 million pigs in 2025, reflecting a growth of 10% to 19% year-on-year [7] - The company has implemented a cash dividend plan, proposing a distribution of 5.72 yuan per 10 shares, totaling 30.83 billion yuan, which indicates a commitment to shareholder returns [7] Financial Data and Profit Forecast - The company’s total revenue is projected to be 135.50 billion yuan in 2025, a slight decrease of 1.8% from 2024, with net profit expected to reach 20.83 billion yuan, reflecting a growth of 16.5% [6][9] - The company’s gross margin is expected to improve to 24.1% in 2025, with a return on equity (ROE) of 23.1% [6] - The earnings per share (EPS) is forecasted to be 3.81 yuan in 2025, up from 3.30 yuan in 2024 [6]