Summary of the Conference Call for Wan Zhou International & Shuanghui Development Industry and Company Overview - The conference call primarily discusses the performance and outlook of Wan Zhou International and Shuanghui Development in the meat processing industry, particularly focusing on the U.S. market and its various business segments [1][4]. Key Points and Arguments 2025 Business Outlook - Wan Zhou International anticipates growth in its U.S. pork business in 2025 despite rising hog prices, as production costs are expected to decrease. The company expects the hog farming segment to remain profitable due to favorable futures market conditions [3][4]. - The meat processing segment will face cost pressures but will respond through formula pricing adjustments, increasing self-owned capacity, and cost-saving measures [3][4]. - The company plans to reduce upstream capacity, with hog output expected to decrease from 17.5 million heads to 11.5 million heads, aiming for a future target of around 10 million heads [3][7]. Market Conditions - The U.S. protein supply shortage has led to high beef and chicken prices, which is expected to positively impact the sales of pork and its products in 2025 [5][4]. - The company will optimize production processes and enhance operational efficiency to improve profitability [5][4]. Strategic Developments - Wan Zhou International successfully listed Smithfield, leveraging capital markets for expansion and enhancing investor confidence through increased transparency [8][4]. - The company is focusing on industrialization, diversification, internationalization, and digitalization, with plans to compress hog farming scale and reduce the ratio of hog farming to slaughtering operations to below 30% [9][10]. Dividend Policy - The dividend payout ratio has been adjusted from 30% to 50%, with a commitment to maintain this policy based on operational performance and cash flow [11][4]. Shuanghui Development's Growth Plans - Shuanghui Development expects to increase its network by over 10% in 2025, adding more than 200,000 outlets, with a focus on expanding new sales channels [12][4]. - The company plans to enhance its channel strategy by filling gaps in existing channels and expanding into new ones, with expectations that new channels will account for over 20% of total sales by 2026 [13][4]. Operational Adjustments - Shuanghui Development has implemented a more targeted performance assessment mechanism for its sales teams, focusing on individual and team performance linked to specific product categories [6][4]. - The company anticipates a significant increase in personnel dedicated to meat products, reflecting a 50% increase in workforce in this area [14][4]. Pricing and Market Trends - The average pork price in 2025 is expected to be lower than in 2024, with a projected decline of approximately 2 yuan from last year's average of 17 yuan [24][4]. - The U.S. market is expected to see stable growth, with feed prices declining and pork prices rising, while product sales are also anticipated to increase [25][4]. European Market Insights - The European market is expected to see a decline in hog prices due to increased supply, benefiting the slaughtering industry but reducing profitability in hog farming [18][4]. Export Dynamics - Clearfield's export business to Mexico and Canada is significant, with Mexico accounting for a larger share. The company plans to increase high-value product exports to mitigate the impact of tariffs [19][4]. Additional Important Information - The company is focusing on technological upgrades and innovations, including the introduction of AI, to enhance the competitiveness of the traditional meat industry [10][4]. - The overall strategy includes maintaining a strong position in the U.S. slaughtering and meat processing sectors while optimizing business operations through mergers and acquisitions [18][4].

长按即可免费加入哦 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：青蓝投资之路 来源：雪球 一 、 回购少数股东权益 每次发财报的时候我都会提 ， 回购少数股东权益目前是对股东最大的好处 ， 比回购 、 分红 、 偿还债务降低资产负债率都要好 。 牧原也是按照最有利股东去做的 ， 分红75亿元 、 回购10亿 元 ， 回购少数股东权益花了105亿元 ， 比分红和回购多了很多 ， 这几项牧原做的每一件事都是 我非常认同的 。 这三项加起来190亿元 ， 与净利润一样了 ， 比归属于上市公司的股东利润还多 ， 也就是牧原把 所有的利润都拿来回馈了股东 ， 这一点也不是每个看都能看到的 。 即使把利润都拿出来分红 ， 照样不影响牧原的缓慢发展 ， 折旧140亿元 ， 而资本支出只有124亿元 ， 而这124亿元里面用于 维持的只有40亿元 ， 说牧原折旧激进隐藏了利润 ， 这不很明白么 。 我们大概看一下回购的这些少数股东权益资产 ， 账面净资产65亿元 ， 花了105亿元 ， 溢价40亿 元 ， 市净率1.6 ， 比市场上买牧原便宜很多了 ， 而且越往后就要花更大的代 ...

证券研究报告 牧原股份 (002714 CH) 2024 年养猪增出栏降成本，屠宰逐步扭亏 养殖端，2024 年公司销售生猪 7160 万头、同比+12%，其中商品猪 6548 万头。受益于猪价上涨+公司降本效果明显，2024 年牧原生猪头均盈利约 259 元（行业平均约 170 元），我们估算育肥完全成本约 14 元/公斤。Q4 出栏生猪 2146 万头，同比+28%、环比+21%，猪价虽在 Q4 环比略有下滑， 但公司育肥完全成本亦明显改善至约 13.2 元/公斤，支撑公司生猪头均盈利 维持在 349 元的高位（行业平均约 218 元）。屠宰端，2024 年公司屠宰生 猪 1278 万头、同比小幅减少，但公司持续优化客户结构与产品结构、提升 运营质量，头均亏损下降至 50 元左右，并在 2024 年 12 月实现单月盈利。 年底延续高分红回报股东，2025 年或延续高质量成长 公司同步公告了 2024 年度利润分配方案及 2025 年中期分红规划。2024 年 拟向全体股东每 10 股派发现金红利 5.72 元、分红总额 31 亿元，叠加前三 季度已分红 45 亿元、2024 年度股份回购金额 10 亿元 ...