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研报掘金丨国信证券：牧原股份24年出栏生猪同比有望稳健增长，维持“买入”评级

Research Report Nuggets丨Guoxin Securities: The pigs released by Muyuan Co., Ltd. in '24 are expected to grow steadily year over year, maintaining a “buy” rating

Gelonghui Finance ·  Apr 9 03:14

According to the Guoxin Securities Research Report, Muyuan Co., Ltd. (002714.SZ) is a benchmark pig enterprise with an excellent management level. The cost has remained the highest in the industry for a long time, and the company continues to explore in 2023Q1-Q3. The total cost of commercial pigs is estimated to be about 14.5 yuan/kg, which is nearly 350 yuan in excess profit compared to the industry's single-head farming. The company has sufficient production capacity reserves. By the end of 2023, the number of breeding heads was 3.129 million, and 63.82 million pigs will be released in 2023. Steady year-on-year growth is expected in 2024. Based on the binary return breeding system accumulated over a long period of time, the company is also expected to achieve a rapid increase in pig production capacity during the upward cycle, or benefit from the sharp increase in volume and price dividends brought about by the reversal of pig prices. The company is expected to have a reasonable valuation of 53.0-55.8 yuan, a 15% to 25% premium over the current stock price, maintaining a “buy” rating.

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