Muyuan Foods (002714) 开源证券·2024-09-27 06:03Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's share buyback plan demonstrates confidence, and with improving macroeconomic consumption, performance is expected to be highly realized [5] - The company is expected to maintain a high dividend payout due to strong performance in the second half of 2024, supported by a favorable macroeconomic environment [6] - The company benefits from leading cost control in the industry, with a projected decrease in production costs and an increase in pig output [6][7] Financial Summary - The company plans to repurchase shares worth between RMB 30 billion and RMB 40 billion, with a maximum repurchase price of RMB 58.60 per share, representing 0.94%-1.25% of total shares [5] - The projected net profit for 2024-2026 is RMB 253.28 billion, RMB 286.16 billion, and RMB 206.74 billion, with corresponding EPS of RMB 4.63, RMB 5.24, and RMB 3.78 [5] - The company's total revenue for 2024 is estimated at RMB 135.901 billion, with a year-on-year growth of 22.6% [8] - The company achieved a pig output of 44.786 million heads from January to August 2024, with an annual target of 66-72 million heads [6] Macroeconomic Context - Recent macroeconomic policies, including a new stock repurchase loan tool and measures to boost domestic consumption, are expected to benefit the company significantly [7] - The central bank's announcement of a stock repurchase loan tool with a first phase quota of RMB 300 billion at a low interest rate is aimed at encouraging companies to buy back shares [7]