Muyuan Foods (002714) 太平洋·2025-01-17 03:41Investment 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]