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牧原股份(002714):养殖成本继续领先,分红彰显价值
CMS· 2025-08-22 01:35
Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1][7][3] Core Views - The company continues to lead in breeding costs, with significant cash flow improvements and a declining debt-to-asset ratio. The dividend payout ratio has notably increased, reflecting the company's value [1][7] - In the context of supply-side reforms and production capacity adjustments, the company is expected to benefit from its low-cost advantage, particularly in the face of industry challenges [7][1] - The company achieved a revenue of 76.5 billion yuan in the first half of 2025, representing a year-on-year increase of 34%, and a net profit of 10.5 billion yuan, up 1170% year-on-year [7][19] Financial Data and Valuation - The company’s total revenue is projected to be 110.861 billion yuan in 2023, with a growth rate of -11%, followed by a 24% increase in 2024 [19][20] - The estimated net profit for 2025 is 21.074 billion yuan, with a corresponding PE ratio of 13.0 [19][20] - The company’s cash flow from operating activities is expected to reach 38.235 billion yuan in 2025, indicating strong operational efficiency [18][20] Performance Metrics - The company’s breeding costs have significantly improved, with the estimated cost of live pigs dropping from 13.1 yuan/kg at the beginning of the year to 11.8 yuan/kg by July [7][19] - The company plans to distribute a cash dividend of 9.32 yuan per 10 shares, totaling 5 billion yuan, which represents 48% of its net profit [7][19] - The company’s return on equity (ROE) is projected to be 26.0% in 2025, reflecting strong profitability [20][19]
牧原股份(002714) - 002714牧原股份调研活动信息20250821
2025-08-21 01:34
投资者关系活动记录表 编号:2025-08 证券代码:002714 证券简称:牧原股份 牧原食品股份有限公司 重要提示:参会人员名单由组织机构提供,由于调研对象数量较多,公司无法 保证参会单位、人员的完整性、准确性,提示投资者特别注意。 | 投资者关系活动类别 | □特定对象调研□分析师会议 | | | --- | --- | --- | | | □媒体采访□业绩说明会 | | | | □新闻发布会□路演活动 | | | | □现场参观 | | | | 其他(2025 年半年报交流会) | | | 参与单位名称及人员姓名 | 易方达基金冯波、泰康资产管理王曼柳、宏利基 | | | | 金刁羽、工银安盛人寿保险吕佳音、建信基金王 | | | | 东杰、平安基金刘杰、建信理财唐文成、华泰柏 | | | | 瑞基金林浩祥、平安资产管理冯佳文、兴证全球 | | | | 基金李杰、富国基金徐哲琪、高毅资产管理罗寅 | | | | 骁、广发基金蔡宇杰等 347 位投资者 | | | 时间 | 2025 年 8 月 20 日 | | | 地点 | 公司会议室 | | | 上市公司接待人员姓名 | 首席财务官 高 | 曈 ...