牧原股份(002714) - 002714牧原股份调研活动信息20250607

Group 1: Cost Management - The company's pig farming cost has been decreasing monthly, reaching approximately 12.2 RMB/kg in May, a decrease of nearly 0.2 RMB/kg compared to the previous month, primarily due to improved production performance [3] - The company aims to achieve a cost target of 12 RMB/kg for the year through technological innovation and refined management in areas such as health management, breeding, nutrition formulation, and intelligent applications [4] Group 2: International Expansion - The global pig farming industry presents development opportunities, and the company is actively exploring overseas markets while deepening its domestic business [5] - The company is in the initial stages of internationalization and plans to conduct thorough research on overseas market demands and industry developments to inform future expansion strategies [5] Group 3: Debt Reduction Strategy - In 2024, the company will experience its first year where capital expenditures are less than asset depreciation, marking a key turning point in its development phase [6] - The company plans to gradually reduce total debt and the debt-to-asset ratio, improving its financial structure to maintain healthier financial indicators [6] Group 4: Dividend Policy - The company has entered a stable development phase with improving cash flow, which supports an increase in the dividend payout ratio [7] - From 2024 to 2026, the company will adjust the cash distribution of profits from no less than 20% to 40% of the distributable profits, with a total cash dividend of 7.588 billion RMB planned for 2024, setting a new annual dividend scale record [7] Group 5: Meat Processing Business Outlook - Since 2019, the company has developed its meat processing business, achieving an annual capacity of 29 million heads, with no plans for additional capacity [8] - The company aims to enhance overall capacity utilization through sales channel expansion and improve product structure to increase the proportion of processed products, thereby enhancing profitability [9] - The company will leverage synergies between its slaughtering and breeding operations to better understand market demands and improve breeding and production management based on consumer needs [9]