牧原股份原文

Financial Data and Key Metrics Changes - The company expects a net profit of 0.9 billion to 1.1 billion yuan for the first half of 2024, with a net profit attributable to shareholders of 0.7 billion to 0.9 billion yuan, and a net profit excluding non-recurring items of 0.9 billion to 1.1 billion yuan, indicating a turnaround from losses in the previous year [2][4] - The total number of pigs sold in the first half of 2024 reached 32.388 million, a year-on-year increase of 7% [2] Business Line Data and Key Metrics Changes - The company slaughtered 5.41 million pigs in the first half of 2024, with a slight decrease in slaughter volume in June compared to May due to market conditions and production scheduling [8][13] - The total number of breeding sows as of June 30, 2024, was 3.309 million, with an expected annual output of 66 million to 72 million pigs for 2024 [4][16] Market Data and Key Metrics Changes - The average selling price of pigs has increased compared to the same period last year, contributing to the improved profitability [2] - The company noted a decline in slaughter volume in the second quarter compared to both year-on-year and quarter-on-quarter metrics, reflecting broader market trends [11][13] Company Strategy and Development Direction - The company is focused on reducing breeding costs, which have decreased to approximately 14 yuan per kilogram as of June 2024, with expectations for further reductions due to improved breeding performance and lower feed prices [4][15] - Management emphasized the importance of respecting market dynamics and adjusting production schedules accordingly to meet demand [46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of 2024, anticipating stable or improved market conditions and profitability [9][21] - The company is committed to reducing its debt levels and maintaining a focus on operational efficiency and cost control [41][42] Other Important Information - The company has implemented measures to enhance disease prevention and management, which have contributed to improved production metrics [3][17] - The company is maintaining a dividend payout ratio of no less than 20%, with potential for increases as financial conditions improve [24] Q&A Session All Questions and Answers Question: What are the reasons for the slower growth in breeding sows in June? - The increase in breeding sows was primarily based on production considerations and internal funding assessments, with no special factors influencing the decision [7] Question: What are the reasons for the decrease in slaughter volume in June? - The decrease was attributed to a reduction in seed pigs due to market factors and a slight change in production scheduling [8] Question: What is the expected level of asset-liability ratio in the medium term? - Management indicated confidence in achieving a lower asset-liability ratio, with ongoing improvements in profitability expected to support this goal [9] Question: What is the current status of the slaughter business and its profitability? - The slaughter volume has seen a slight decline, but profitability remains stable compared to the previous year, with ongoing efforts to improve customer acquisition [13][14] Question: What are the latest updates on breeding performance and cost reduction targets? - The company reported a survival rate exceeding 80% and is confident in achieving a cost target of 13 yuan per kilogram by year-end [15][16] Question: How does the company view the demand side of the market? - Management acknowledged that demand varies by channel, with some channels showing weaker performance, but overall, the company has maintained a relatively stable slaughter volume [32][33]