牧原股份：低成本龙头生产商；自由现金流生成前景强劲；维持 “买入” 评级

18 January 2026 | 6:29PM HKT Equity Research Muyuan Foods (002714.SZ) Leading low cost producer; strong free cash flow generation outlook; Maintain Buy 002714.SZ 12m Price Target: Rmb67.00 Price: Rmb47.33 Upside: 41.6% We revise down recurring net profit for Muyuan by 52% in 2025E, 21% in 2026E, and 14% in 2027E, to incorporate lower domestic benchmark hog pricing, and 1H25/3Q25 results. We expect earnings to recover in 2026E, driven by improving hog pricing from the bottom. Muyuan's competitive low-cost po ...