牧原股份(002714) - 牧原股份调研活动信息

Group 1: Production and Management - The company aims to enhance production indicators, which have recently shown recovery but remain below last year's peak levels due to external factors like disease outbreaks and internal management issues [3] - The company emphasizes innovation and the application of new technologies in pig farming, with a future goal of achieving smart and unattended pig farming [4] - Personnel management will be a core cost-reduction strategy, focusing on improving the capabilities and management efficiency of frontline employees [4] Group 2: Capital Expenditure Planning - The company plans a capital expenditure of approximately 10 billion CNY for 2024, with 3 billion CNY allocated for maintenance and renovation [4] - New pig farming capacity construction has slowed down, and future capital expenditures will primarily focus on upgrading existing farms, maintaining a low annual level [4] Group 3: Debt Management and Financial Strategy - Improved profitability and cash flow are expected due to better market conditions and lower breeding costs, providing a basis for reducing debt levels [4] - The company has shifted to a strategy of steady growth, aiming to control annual capital expenditures at a low level while optimizing debt structure and financial status [4] Group 4: Dividend Policy - The company will distribute at least 20% of the annual distributable profits as cash dividends, contingent on profitability and retained earnings [4] - As capital expenditure levels decrease, cash flow is expected to improve, allowing for a reasonable profit distribution plan that considers shareholder interests [4] Group 5: Feed Formula Adjustments - The company produces its own feed, with nutritional formulas developed in-house, adjusting feed formulas based on market price fluctuations of raw materials like corn and wheat [5] Group 6: African Swine Fever Vaccine - The company is monitoring the development of African swine fever vaccines and will evaluate their economic viability if approved for market release, while prioritizing biosecurity and internal management as primary disease control measures [6]