牧原股份（002714）：24年生猪量价齐升，屠宰业务实现单月盈利

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - In 2024, the company achieved a revenue of 1379.47 billion yuan, a year-on-year increase of 24.43%, and a net profit attributable to shareholders of 178.81 billion yuan, reversing a loss of 42.63 billion yuan in the previous year [5] - The company plans to slaughter between 72 million to 78 million pigs in 2025, with a total of 71.6 million pigs slaughtered in 2024, representing a year-on-year increase of 12.2% [5] - The company has improved its gross profit margin significantly, with a comprehensive gross margin of 19.05% in 2024, up by 15.94 percentage points year-on-year [5] - The company has established a nationwide pork sales network, with 70 service stations across 20 provincial-level administrative regions [5] Financial Performance Summary - The company’s revenue is projected to grow from 1379.47 billion yuan in 2024 to 1465.04 billion yuan in 2025, reflecting a growth rate of 6.20% [6] - The net profit attributable to shareholders is expected to increase from 178.81 billion yuan in 2024 to 189.46 billion yuan in 2025, a growth rate of 5.95% [6] - The earnings per share (EPS) for 2025 is estimated at 3.47 yuan, with a price-to-earnings (PE) ratio of 11 times [6] Operational Highlights - The company’s total pig slaughtering volume in 2024 was 12.52 million heads, with a revenue contribution from slaughtering and meat products of 24.27 billion yuan, a year-on-year increase of 11.03% [5] - The company has achieved a monthly profit in its slaughtering business as of December 2024 [5] - The company’s total assets are projected to grow from 1876.49 billion yuan in 2024 to 2823.87 billion yuan in 2025 [7] Key Financial Ratios - The gross margin is expected to improve to 19.86% in 2025, with a net profit margin of 13.69% [9] - The return on equity (ROE) is projected to be 21.53% in 2025 [9] - The company’s debt-to-asset ratio is expected to decrease to 58.68% by the end of 2024 [5]