Muyuan Foods (SZ:002714)2025-03-20 01:46Financial Performance - In 2024, the company achieved operating revenue of CNY 137.947 billion, a year-on-year increase of 24.43% [4] - Net profit attributable to shareholders reached CNY 17.881 billion, a significant year-on-year growth of 519.42%, marking a turnaround from losses [4] - Net cash flow from operating activities was CNY 37.543 billion, up 279.50% year-on-year [4] - The asset-liability ratio at the end of 2024 was 58.68%, a decrease of 3.43 percentage points compared to the previous year [4] Livestock Production - The company sold 71.602 million pigs in 2024, including 65.477 million market pigs, 5.659 million piglets, and 465,000 breeding pigs [5] - By the end of 2024, the annual pig breeding capacity was approximately 81 million heads, with a breeding sow inventory of 3.512 million heads [5] - The average cost of pig farming decreased from CNY 15.8/kg in January-February to around CNY 13/kg by the end of the year, with an annual average cost of CNY 14/kg [5] - For 2025, the company expects market pig output to be between 72 million and 78 million heads, and piglet output between 8 million and 12 million heads [5] Slaughtering and Meat Processing - In 2024, the company slaughtered 12.5244 million pigs, with a capacity utilization rate of approximately 43% [6] - The company has invested in 10 slaughterhouses with an annual capacity of 29 million heads [6] - The average loss per head decreased from CNY 70 in 2023 to around CNY 50 in 2024, achieving profitability in December [6] - The company aims to maintain a capacity utilization rate of over 60% in 2025 and improve product and channel structures [13] Cost Reduction Strategies - The company achieved its cost target of CNY 13/kg by December 2024, with plans to reduce the average cost to CNY 12/kg in 2025 [7] - Key focus areas for cost reduction include health management, breeding, nutritional formulation, and smart applications [8] Capital Expenditure Plans - The company plans to maintain a low level of capital expenditure in 2024, with an estimated amount of CNY 9 billion for 2025 [9] - Specific allocations include CNY 3 billion for pig house upgrades and CNY 4-5 billion for the Zhengzhou industrial park and breeding platform construction [9] Debt Reduction Goals - The company aims to reduce its overall debt by approximately CNY 10 billion in 2025, continuing the trend of decreasing the asset-liability ratio [10] Smart Agriculture Development - The company has made progress in smart agriculture, focusing on health management, nutritional feeding, breeding efficiency, and personnel empowerment through AI technology [11][12] International Business Development - The company has partnered with a local Vietnamese company to provide pig farming technology services, hardware support, and training to enhance local farming practices [14]