Muyuan Foods (002714) 申万宏源证券·2025-03-20 11:41Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a significant turnaround in 2024, achieving a net profit of 17.88 billion yuan, compared to a loss of 4.26 billion yuan in 2023, with a revenue increase of 24.43% to 137.95 billion yuan [7] - The company experienced a notable increase in pig sales, with a total of 71.60 million pigs sold in 2024, representing a year-on-year growth of 12.2% [7] - The average selling price of pigs increased to 16.75 yuan/kg, up 11.62% year-on-year, contributing to an estimated profit of 250 yuan per pig sold [7] - The company aims to reduce production costs further, targeting a cost of 12 yuan/kg by 2025, down from 14 yuan/kg in 2024 [7] - The company plans to increase its pig output to between 72 million and 78 million pigs in 2025, reflecting a growth of 10% to 19% year-on-year [7] - The company has implemented a cash dividend plan, proposing a distribution of 5.72 yuan per 10 shares, totaling 30.83 billion yuan, which indicates a commitment to shareholder returns [7] Financial Data and Profit Forecast - The company’s total revenue is projected to be 135.50 billion yuan in 2025, a slight decrease of 1.8% from 2024, with net profit expected to reach 20.83 billion yuan, reflecting a growth of 16.5% [6][9] - The company’s gross margin is expected to improve to 24.1% in 2025, with a return on equity (ROE) of 23.1% [6] - The earnings per share (EPS) is forecasted to be 3.81 yuan in 2025, up from 3.30 yuan in 2024 [6]