Investment Rating - The report maintains a "Buy" rating for the company [3][5][11]. Core Views - The company reported a revenue of 96.775 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 16.64%. The net profit attributable to shareholders reached 10.481 billion RMB, marking a turnaround from losses [3][4]. - The company plans to distribute a cash dividend of 8.31 RMB per 10 shares, amounting to a total of 4.5 billion RMB, which constitutes 40.06% of the net profit for the first three quarters of 2024. The company aims to increase the cash distribution ratio to 40% over the next three years [3][4]. - The company achieved a stable growth in hog output, with 50.144 million heads sold in the first three quarters, a 7% increase year-on-year. The average selling price of hogs in Q3 was approximately 18.89 RMB per kg, benefiting from rising prices and decreasing costs [3][4]. Summary by Sections Performance Analysis - The company achieved a stable increase in hog output, with 50.144 million heads sold in the first three quarters, a 7% increase year-on-year. In Q3 alone, 17.756 million heads were sold, a 6% increase year-on-year [3][4]. - The average selling price of hogs in Q3 was about 18.89 RMB per kg, with production costs decreasing to below 13.7 RMB per kg by the end of September. The company expects costs to further decline to around 13 RMB per kg by year-end [3][4]. Financial Health - As of the end of Q3 2024, the company had a breeding sow inventory of 3.316 million heads, an increase of approximately 7,000 heads from the end of Q2. The debt-to-asset ratio improved to 58.38%, down 3.43 percentage points from Q2 2024 [4]. - The company is committed to shareholder returns, with a planned cash dividend distribution that reflects confidence in its financial stability [4]. Profit Forecast and Valuation - The company is expected to achieve net profits of 18.7 billion RMB, 24 billion RMB, and 23.9 billion RMB for the years 2024 to 2026, respectively. The corresponding earnings per share (EPS) are projected to be 3.42 RMB, 4.39 RMB, and 4.37 RMB [5][7]. - The current price-to-earnings (P/E) ratio for 2024 and 2025 is estimated at 13x and 10x, respectively, indicating a favorable valuation for potential investors [5][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a net profit attributable to shareholders of 10.48 billion yuan for Q3, with a significant quarterly dividend and a revised profit distribution plan [1] - The company achieved a revenue of 96.78 billion yuan from January to September, representing a year-on-year growth of 16.6% [1] - The company plans to distribute a total cash dividend of approximately 4.5 billion yuan, marking its first quarterly dividend [1] - The company aims to distribute at least 40% of its distributable profits in cash annually over the next three years, up from the previous 20% [1] - The company has successfully reduced its total cost of raising pigs to 13.7 yuan per kilogram in Q3, with a total pig output of 50.144 million heads from January to September, a year-on-year increase of 6.7% [1][2] Financial Performance Summary - For the first nine months of 2023, the company reported a total revenue of 96.78 billion yuan, with a net profit of 10.48 billion yuan [1] - The company’s total assets as of September 2023 were 195.405 billion yuan, with a debt-to-asset ratio of 58.4%, down 3.4 percentage points from June [1][4] - The company’s projected revenues for 2024, 2025, and 2026 are 130.128 billion yuan, 138.581 billion yuan, and 136.894 billion yuan, respectively, with corresponding net profits of 17.675 billion yuan, 19.278 billion yuan, and 9.543 billion yuan [2][3][5] - The company’s gross margin is expected to improve significantly to 20.9% in 2024, compared to 3.1% in 2023 [3][5] Operational Insights - The company has set a target of 6.6 to 7.2 million heads for pig output in 2024, with a projected growth in breeding stock [2] - The company is focusing on enhancing its slaughtering business profitability and has a current slaughtering capacity of 29 million heads per year [1][2] - The company plans to improve operational efficiency through digitalization and innovation in slaughtering processes [2]

证券时报e公司讯，牧原股份10月29日在2024年三季报交流会上表示，公司2024年前三季度资本开支为 101.65亿元，其中第三季度资本开支较二季度环比有所增长，主要是公司为今年冬季疫病防控提前做准 备，用于猪场设备的新增、升级改造支出有所增加，预计全年公司的资本开支在120亿元左右。 当前公司经营策略已转变为稳健增长，在建工程规模呈现下降趋势，未来每年资本开支预计将逐步下 降。 ...

证券代码：002714 证券简称：牧原股份 牧原食品股份有限公司 投资者关系活动记录表 编号：2024-17 重要提示：参会人员名单由组织机构提供，由于调研对象数量较多，公司无法 保证参会单位、人员的完整性、准确性，提示投资者特别注意。 | 投资者关系活动类别 | □特定对象调研□分析师会议 | | | --- | --- | --- | | | □媒体采访□业绩说明会 | | | | □新闻发布会□路演活动 | | | | □现场参观 | | | | 年三季报交流会）  其他（2024 | | | 参与单位名称及人员姓名 | 招商基金况冲、易方达基金张心怡、摩根基金征茂 | | | | 平、兴证全球基金王志强、上银基金蒋纯文、工银 | | | | 瑞信基金袁辰昱、永赢基金蒋卫华、嘉实基金高群 | | | | 山、光大保德信基金张禹等 375 位投资者 | | | 时间 | 2024 年 10 月 29 日 | | | 地点 | 公司会议室 | | | 上市公司接待人员姓名 | 董事会秘书 秦 | 军 | | | 投资者关系主管 王翰斌 | | 公司经营情况介绍 财务情况：2024 年 1-9 月，公司实现 ...

| 证券代码：002714 | 证券简称：牧原股份 公告编号：2024-076 | | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | 牧原食品股份有限公司 未来三年（2024-2026 年度）股东分红回报规划（修订稿） 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 为进一步完善决策科学、可持续的股东分红回报机制，引导投资者树立长期 价值投资理念，为投资者提供稳定、公开、透明的预期，提升全体股东的长期回 报，牧原食品股份有限公司（以下简称"公司"）根据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司监管指引第 3 号——上市公司现金分红》 等法律法规、规范性文件和《公司章程》的有关规定，结合公司运营的实际情况， 特此修订《牧原食品股份有限公司未来三年（2024-2026 年度）股东分红回报规 划》（以下简称"本规划"）。 一、公司制定股东分红回报规划的原则 1、公司制定本规划考虑的因素 在符合相关法律法规、规范性文件、《公司章程》和本规划有关规定和条件， 同时保持利润分配政策的连续性与稳定性的前提下，公司可以采取现 ...

关于 2024 年前三季度利润分配方案的公告 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 10 月 29 日召开了第 四届董事会第三十次会议，会议审议通过了《关于公司 2024 年前三季度利润分 配方案的议案》，该议案需提交公司股东大会审议，股东大会时间另行通知。现 将相关事宜公告如下： 一、利润分配方案的具体内容 公司 2024 年 1-9 月实现净利润 11,245,651,658.16 元，归属于母公司所有者 的净利润 10,481,068,452.78 元。截至 2024 年 9 月末公司累计未分配利润为 49,762,694,336.42 元，母公司累计未分配利润为 6,074,911,865.98 元。（以上数据 均未经审计） 综合考虑 2024 年前三季度实际经营情况，充分考虑到广大投资者的合理诉 求，根据中国证监会鼓励上市公司现金分红，给予投资者稳定、合理回报的指导 意见，在符合利润分配原则、保证公司正常经营和长远发展的前提下，公司拟定 2024 年前三季度利润分配方案为： 公司拟以 ...

Revenue and Profit Performance - Revenue for the third quarter of 2024 reached RMB 39.91 billion, a year-on-year increase of 28.33%[4] - Net profit attributable to shareholders of the listed company for the third quarter of 2024 was RMB 9.65 billion, a year-on-year increase of 930.20%[4] - Operating revenue for the period reached 96.78 billion yuan, a 16.65% increase compared to the previous year's 82.97 billion yuan[17] - Net profit attributable to the parent company's shareholders was 10.48 billion yuan, a significant improvement from the previous year's loss of 1.84 billion yuan[18] - Total comprehensive income for the period was 11.21 billion yuan, compared to a loss of 1.65 billion yuan in the same period last year[18] - Basic earnings per share for the period were 1.94 yuan, compared to a loss of 0.34 yuan in the previous year[19] - The company's operating profit for the period was 12.11 billion yuan, a significant turnaround from the previous year's loss of 1.42 billion yuan[18] Cash Flow and Financial Activities - Cash flow from operating activities for the third quarter of 2024 was RMB 10.34 billion, a year-on-year increase of 866.04%[4] - Sales of goods and services received cash of RMB 98.6 billion, a 16.7% increase compared to the previous period's RMB 84.5 billion[20] - Total cash inflow from operating activities reached RMB 106.04 billion, up 18.9% from RMB 89.15 billion in the previous period[20] - Net cash flow from operating activities surged to RMB 29.18 billion, a 336.3% increase from RMB 6.69 billion in the prior period[20] - Cash outflow for investment activities totaled RMB 19.77 billion, a 24.7% rise from RMB 15.85 billion in the previous period[21] - Net cash flow from financing activities was negative RMB 14.54 billion, compared to a positive RMB 3.31 billion in the prior period[21] - The company's cash and cash equivalents balance at the end of the period stood at RMB 15.75 billion, an 18.6% increase from RMB 13.28 billion in the previous period[21] Assets and Liabilities - Total assets as of the end of the third quarter of 2024 were RMB 191.27 billion, a decrease of 2.12% compared to the end of the previous year[4] - Equity attributable to shareholders of the listed company as of the end of the third quarter of 2024 was RMB 72.25 billion, a year-on-year increase of 15.00%[4] - Total assets at the end of Q3 2024 were RMB 191.27 billion, a decrease from RMB 195.40 billion at the beginning of the period[14][15] - Current liabilities decreased to RMB 84.80 billion from RMB 94.66 billion at the beginning of the period[15] - Inventory at the end of Q3 2024 was RMB 39.95 billion, down from RMB 41.93 billion at the beginning of the period[14] - Fixed assets decreased to RMB 107.53 billion from RMB 112.15 billion at the beginning of the period[14] - Short-term borrowings decreased to RMB 41.87 billion from RMB 46.93 billion at the beginning of the period[15] - Accounts payable decreased to RMB 18.27 billion from RMB 23.46 billion at the beginning of the period[15] - Long-term borrowings increased to RMB 10.62 billion from RMB 9.86 billion at the beginning of the period[15] - The company's cash and cash equivalents at the end of Q3 2024 were RMB 19.33 billion, slightly down from RMB 19.43 billion at the beginning of the period[14] - Total owner's equity increased to 79.60 billion yuan, up from 74.04 billion yuan at the beginning of the period[16] - The company's total liabilities and owner's equity decreased slightly to 191.27 billion yuan from 195.40 billion yuan at the beginning of the period[16] - Minority shareholders' equity decreased to 7.35 billion yuan from 11.21 billion yuan at the beginning of the period[16] Shareholder and Equity Information - The number of ordinary shareholders at the end of the third quarter of 2024 was 220,407[11] - Qin Yinglin, the largest shareholder, holds 38.17% of the company's shares, with 198.16 million shares pledged[11] - The company repurchased 41.87 million shares, accounting for 0.77% of the total shares, with a total repurchase amount between RMB 1 billion and RMB 2 billion[12] - The top 10 shareholders hold a significant portion of the company's shares, with Muyuan Industrial Group Co., Ltd. holding 835.20 million shares, representing a substantial stake[12] Expenses and Investments - Non-recurring gains and losses for the third quarter of 2024 amounted to a loss of RMB 690.31 million, primarily due to tax reductions and exemptions[6] - Investment income for the third quarter of 2024 increased by 907.63% year-on-year, mainly due to increased investment income from associates[10] - Other current liabilities as of the end of the third quarter of 2024 increased by 1148.89% compared to the beginning of the period, mainly due to the issuance of ultra-short-term financing bills[9] - Research and development expenses increased to 1.27 billion yuan, up 11.51% from the previous year's 1.14 billion yuan[17] - Sales expenses rose to 789.21 million yuan, a 12.08% increase from the previous year's 704.18 million yuan[17]

| 证券代码：002714 | 证券简称：牧原股份 公告编号：2024-073 | | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | 一、会议以 3 票同意，0 票反对，0 票弃权的表决结果审议通过了《关于公 司<2024 年第三季度报告>的议案》； 经核查，监事会全体成员认为董事会编制和审核的公司《2024 年第三季度 报告》的程序符合相关法律、法规的规定，报告内容真实、准确、完整地反映了 上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 《2024 年第三季度报告》详见巨潮资讯网（www.cninfo.com.cn）及《证券时 报》《中国证券报》《上海证券报》《证券日报》。 二、会议以 3 票同意，0 票反对，0 票弃权的表决结果审议通过了《关于公 司 2024 年前三季度利润分配方案的议案》； 公司 2024 年前三季度利润分配方案符合《公司章程》及公司制定的现金分 红政策等有关规定，决策程序合法合规，符合公司实际经营发展情况，不存在损 害公司及中小股东利益的情形，有利于公司健康、稳定、可持续发展。监事会同 意该利润分配方案。 牧原食品股份有限公司 第四 ...

牧原食品股份有限公司（以下简称"公司"）第四届董事会第三十次会议于 2024 年 10 月 29 日以通讯方式召开。召开本次会议的通知及相关会议资料已于 2024 年 10 月 26 日通过书面、电子邮件等方式送达各位董事、监事和高级管理 人员。本次会议应出席董事 7 人，实际出席董事 7 人。公司监事会成员和高级管 理人员列席了本次会议，会议的召开符合《中华人民共和国公司法》等法律、法 规及《公司章程》的规定，会议合法有效。 本次会议由公司董事长秦英林先生主持，经与会董事认真审议，对以下议案 进行了表决，形成本次董事会决议如下： 一、会议以 7 票同意，0 票反对，0 票弃权的表决结果审议通过了《关于公 司<2024 年第三季度报告>的议案》； 《2024 年第三季度报告》详见巨潮资讯网（www.cninfo.com.cn）及《证券时 报》《中国证券报》《上海证券报》《证券日报》。 | 证券代码：002714 | 证券简称：牧原股份 公告编号：2024-072 | | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | 牧原食品股份有限公司 第四届董事会第三十次会议决议公告 本公 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [3][11]. Core Views - The company has signed a special loan agreement with CITIC Bank for RMB 2.4 billion, aimed at facilitating stock repurchase, which will optimize its financing structure and reduce average financing costs [6][7]. - The stock repurchase plan is progressing steadily, reflecting the company's confidence in its long-term development and enhancing its governance structure [8]. - The company is expected to achieve a significant turnaround in profitability, with projected net profits for the first three quarters of 2024 estimated between RMB 10 billion and RMB 11 billion, indicating a substantial recovery compared to the same period in 2023 [9][10]. Summary by Sections Financing and Stock Repurchase - The company has secured a low-interest special loan at an annual rate of 2.25% to support its stock repurchase plan, which is expected to alleviate cash flow pressures and enhance operational focus [7]. - The planned stock repurchase will utilize RMB 3 billion to RMB 4 billion, with a maximum repurchase price of RMB 58.60 per share, aimed at employee stock ownership and incentive plans [8]. Performance and Growth - The company anticipates a significant increase in revenue, with projections of RMB 133.48 billion, RMB 152.01 billion, and RMB 155.19 billion for 2024, 2025, and 2026 respectively, reflecting growth rates of 20.4%, 13.9%, and 2.1% [11][13]. - The company has successfully reduced breeding costs, with the complete cost per kilogram dropping to RMB 13.7, and aims to further decrease it to RMB 13 by the end of 2024 [10][11]. Profitability Forecast - The earnings per share (EPS) are projected to be RMB 2.80, RMB 4.70, and RMB 3.62 for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 15.4, 9.2, and 11.9 [11][13].