| 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2025-008 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | | | 是否为 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 控股股 | | 占其 | | | | | | | | | | | 东或第 | | | 占公司 | | | | | | | | | 股东 | | 本次质押数 | 所持 | | 是否为 | 是否为补 | 原质押 | 原质押 | 展期后 | | 质押 | | | 一大股 | | | 总股本 | | | | | | 质权人 | | | 名称 | | 量 | 股份 | | 限售股 | 充质押 | 起始日 | 到期日 | 到期日 | | 用途 | | | 东及其 | | 比例 | 比例 | | | | | | | | | | 一致行 | | | | | | | | | | | | | 动人 | | | | | | | | | ...

二、 募集资金存放和管理情况 | 证券代码：002714 | 证券简称：牧原股份 公告编号：2025-007 | | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | 牧原食品股份有限公司 关于注销部分募集资金专户的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、 募集资金基本情况 经中国证券监督管理委员会《关于核准牧原食品股份有限公司公开发行可转 换公司债券的批复》（证监许可[2021]442 号）核准，牧原食品股份有限公司（以 下简称"公司"或"本公司"）向社会公开发行面值总额 9,550,000,000.00 元可转换 公司债券，每张面值为人民币 100 元，共计 9,550 万张，按面值发行，期限 6 年， 扣除承销费和保荐费等各项发行费用人民币 21,315,000.00 元，实际募集资金净 额为人民币 9,528,685,000.00 元。上述募集资金已经中兴华会计师事务所（特殊 普通合伙）出具的验资报告验证确认。 为了规范募集资金的管理和使用，提高资金使用效率和效益，保护投资者权 益，本公司按照《中华人民共 ...

| 证券代码：002714 | 证券简称：牧原股份 公告编号：2025-005 | | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 董 事 会 为进一步优化融资结构，降低融资成本，牧原食品股份有限公司（以下简 称"公司"）发行中期票据事项已经 2023 年 12 月 5 日、2023 年 12 月 21 日分别 召开的第四届董事会第二十三次会议及 2023 年第一次临时股东大会审议批准， 并已收到交易商协会出具的《接受注册通知书》(中市协注〔2024〕MTN458 号)。 具体内容详见《证券时报》《中国证券报》《上海证券报》《证券日报》及巨 潮资讯网（www.cninfo.com.cn）。 2025 年 1 月 18 日 2025 年 1 月 15 日，公司进行了 2025 年度第一期中期票据的发行工作，本 次发行规模为 10 亿元人民币，2025 年 1 月 17 日该募集资金已全部到账。现将 发行结果公告如下： 特此公告。 牧原食品股份有限公司 牧原食品股份有限公司 关于 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" with a target price based on the last closing price of 36.20 [1][5] Core Insights - The company is expected to achieve a net profit of 18-19 billion yuan in 2024, a significant turnaround from a loss of 4.168 billion yuan in 2023 [3][5] - The total sales volume of pigs reached 71.6 million heads in 2024, a year-on-year increase of 12.2%, with a notable average selling price of 16.49 yuan per kilogram, up 13.91% year-on-year [4] - The comprehensive cost of pig farming is projected to be approximately 7.06 yuan per jin in 2024, showing a decrease of about 0.94 yuan per jin compared to the previous year, indicating effective cost control [4] Financial Performance Summary - The company forecasts revenues of 137.715 billion yuan in 2024, reflecting a growth rate of 24.22% compared to 2023 [6] - The estimated earnings per share (EPS) for 2024 is 3.44 yuan, with a corresponding price-to-earnings (PE) ratio of 10.53x [6][12] - The company anticipates a return on equity (ROE) of 24.74% in 2024, indicating strong profitability [12]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved its annual cost reduction target, with profitability reaching a new level [1] - The company's Q4 2024 net profit attributable to shareholders is estimated to be between 6 52 billion and 7 52 billion yuan [1] - The company's pig production volume accelerated in Q4 2024, with costs continuing to decline [2] - The company aims to achieve a cost target of 12 yuan/kg in 2025, assuming no fluctuations in feed raw material prices [2] - The company's pig inventory and breeding sow inventory have increased significantly, indicating strong growth potential for 2025 [3] Financial Performance - The company's 2024 full-year pig production volume reached 71 602 million heads, a year-on-year increase of 12 2% [2] - The average selling price of commercial pigs in 2024 was 16 3 yuan/kg, with a complete cost of 14 0 yuan/kg and a profit per head of 281 yuan [2] - In Q4 2024, the company's pig production volume was 21 458 million heads, a year-on-year increase of 27 7%, with a complete cost of 13 1 yuan/kg and a profit per head of 360 5 yuan [2] - The company's pig inventory at the end of November 2024 was approximately 49 million heads, a 22 5% increase from the end of 2023 [3] - The company's breeding sow inventory at the end of 2024 was 3 512 million heads, a 12 2% increase from the end of 2023 [3] Financial Forecasts - The report adjusts the company's profit forecasts for 2024-2026, with net profit attributable to shareholders expected to be 17 98 billion yuan, 24 35 billion yuan, and 19 17 billion yuan, respectively [3] - The company's 2024-2026 revenue growth rates are forecasted to be 26 7%, -0 8%, and 1 6%, respectively [4] - The company's 2024-2026 net profit growth rates are forecasted to be 521 7%, 35 4%, and -21 3%, respectively [4] - The company's 2024-2026 EPS is forecasted to be 3 29 yuan, 4 46 yuan, and 3 51 yuan, respectively [4] - The company's 2024-2026 ROE is forecasted to be 20 4%, 23 2%, and 15 7%, respectively [4] Valuation Metrics - The company's 2025 PE ratio is 8 4x [3] - The company's 2025 PB ratio is 2 0x [4] - The company's 2025 EV/EBITDA ratio is 6 2x [9]

Investment Rating - The report assigns a "Buy" rating to Muyuan Foods (002714 SZ) with a target price of 49 34 RMB [3] Core Views - Muyuan Foods achieved a net profit of 17 6-19 billion RMB in 2024, representing a year-on-year growth of 498 7%-522 2% [7] - The company's 2024 slaughter volume exceeded 71 million heads, successfully meeting the annual target with a 12 2% year-on-year increase [7] - Muyuan Foods' breeding efficiency continues to improve, with PSY reaching over 29 and a complete breeding cost of 13 1 RMB/kg in November 2024 [7] - The company's sow inventory increased by 196,000 heads in Q4 2024, supporting future slaughter volume growth [7] Financial Performance - Revenue is projected to grow from 110 861 million RMB in 2023 to 149 413 million RMB in 2026 [2] - Net profit is expected to recover significantly from -4 263 million RMB in 2023 to 26 755 million RMB in 2026 [2] - EPS is forecasted to increase from -0 79 RMB in 2023 to 4 90 RMB in 2026 [2] - ROE is projected to improve from -6 8% in 2023 to 22 5% in 2026 [2] Operational Highlights - Muyuan Foods' slaughter volume reached 21 46 million heads in Q4 2024, a 27 7% year-on-year increase [7] - The company's complete breeding cost decreased to 13 1-13 3 RMB/kg in Q4 2024, maintaining industry leadership [7] - Muyuan Foods aims to reduce the complete breeding cost to 12 RMB/kg in 2025 [7] Valuation Metrics - The company's P/E ratio is expected to decrease from 19 58x in 2022 to 7 61x in 2026 [2] - EV/EBITDA is projected to decline from 22 09x in 2023 to 4 08x in 2026 [2] - The target price of 49 34 RMB is based on a 15x PE multiple for 2025 [7]

Company Performance - The company expects a net profit of 18 billion to 19 billion yuan for 2024, a significant turnaround from the previous year's loss [1] - The company sold 71,602,000 pigs in 2024, including 65,477,000 commercial pigs, 5,659,000 piglets, and 465,000 breeding pigs, achieving its annual target [1] - The company's pig sales revenue reached 136,225 billion yuan in 2024, showing growth compared to the previous year [1] - In December 2024, the company sold 8,578,000 pigs, including 8,188,000 commercial pigs, 360,000 piglets, and 31,000 breeding pigs, driven by increased demand before the Spring Festival [1] Cost Management - The company's pig farming cost decreased to approximately 13 yuan/kg in December 2024, down from 15.8 yuan/kg at the beginning of the year, reaching the lowest level in recent years [2] - The company's sales price in 2024 was around 16.3 yuan/kg, a 12.7% year-on-year increase, significantly higher than the farming cost, contributing to the company's strong performance [2] - The company aims to reduce the overall pig farming cost to 12 yuan/kg by 2025, excluding fluctuations in feed raw material prices [2] - The company has achieved half of its cost reduction target of 600 yuan per pig, with one-third of the reduction realized after accounting for feed price impacts [2] Production Efficiency - The company's PSY (Pigs per Sow per Year) exceeded 29 in November 2024, with a survival rate close to 86%, daily weight gain of over 800 grams, and a feed-to-meat ratio of around 2.8, indicating improved production efficiency [3] - The company's operating cash flow reached 29.18 billion yuan in the third quarter of 2024, the highest since its listing, reflecting strong financial health [3] - The company distributed 4.5 billion yuan in dividends for the first three quarters of 2024, representing 40.06% of its net profit for the period [3]

Profit Forecast and Growth - Net profit for 2024 is expected to be between RMB 18.0 billion and RMB 19.0 billion, a significant turnaround from a loss of RMB 4.168 billion in the previous year, representing a growth of 531.88% to 555.87%[4] - Net profit attributable to shareholders is projected to be between RMB 17.0 billion and RMB 18.0 billion, compared to a loss of RMB 4.263 billion in the previous year, indicating a growth of 498.75% to 522.21%[4] - Non-GAAP net profit is forecasted to be between RMB 19.0 billion and RMB 20.0 billion, up from a loss of RMB 3.918 billion in the previous year, showing a growth of 584.97% to 610.49%[4] - Basic earnings per share are expected to be between RMB 3.20 and RMB 3.40, compared to a loss of RMB 0.79 per share in the previous year[4] Factors Contributing to Performance Turnaround - The turnaround in performance is attributed to an increase in both the volume of pigs sold and the average selling price, alongside a reduction in pig farming costs compared to the previous year[7][8] Audit and Financial Reporting - The company has pre-communicated with its accounting firm regarding the performance forecast, and no significant disagreements exist, though the final data will be subject to audit results[5] - The performance forecast has not been audited by a certified public accountant[6] - The performance forecast is based on preliminary calculations by the company's financial department, and the final financial data will be disclosed in the 2024 annual report[10] Risks and Challenges - Risks include significant fluctuations in pig market prices, which could impact the company's performance, and the systemic risk of price changes in the pig production industry[9] - Animal diseases pose a major risk to the livestock industry and could significantly affect the company's performance[9]

| 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2025-002 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： | 股票代码：002714 | | | | 股票简称：牧原股份 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券代码：127045 | | | | 债券简称：牧原转债 | | | | | | | 转股价格：人民币 | | 45.74 | | 元/股（2024 | | 年 | 12 | 月 | 日生效） 30 | | 转股时间：2022 | 年 | 2 月 | 21 | 日至 8 | 2027 | 年 | 月 | 15 | 日（如遇节假日，向后顺延） | 根据《深圳证券交易所股票上市规则》等有关规定，牧原食品股份有限公司 （以下简称"牧原股份"或"公司"）现将 2024 年第四季度"牧原转债"转股及公司 股份变动 ...

| 证券代码：002714 | 证券简称：牧原股份 公告编号：2025-001 | | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | 牧原食品股份有限公司 关于股份回购进展情况的公告 本次回购符合相关法律法规及公司既定回购股份方案的要求。 二、其他说明 公司回购股份的时间及集中竞价交易的委托时段符合《深圳证券交易所上市 公司自律监管指引第 9 号——回购股份》的相关规定。 1、公司未在下列期间回购股份： 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 牧原食品股份有限公司（以下简称"公司"）于 2024 年 9 月 25 日召开的第 四届董事会第二十九次会议审议通过了《关于回购公司股份的议案》，公司拟使 用自有资金或自筹资金以集中竞价交易的方式回购公司发行的人民币普通股（A 股），回购总金额不低于人民币 30 亿元且不超过人民币 40 亿元（均含本数），回 购价格不超过人民币 58.60 元/股（含本数）。由于公司实施 2024 年前三季度权益 分派，于 2024 年 12 月 30 日调整回购股份价格为不超过人民币 57.7 ...