Muyuan Foods (002714)2025-02-14 10:10Group 1: Company Performance and Financial Outlook - The company expects a net profit of 18-19 billion yuan for 2024, with a parent net profit of 17-18 billion yuan, marking a turnaround from losses due to increased pig sales and lower costs [3] - In 2024, the company sold 71.6 million pigs, achieving its annual target, with 65.5 million being market pigs [3] - As of December 2024, the company had 3.512 million breeding sows [4] Group 2: Cost Management - The total cost of pig farming in January 2025 was approximately 13.1 yuan/kg, slightly up from previous months due to seasonal sales fluctuations [5] - The company aims to achieve a cost target of 12 yuan/kg this year, excluding feed price fluctuations [5] - The company plans to optimize health management and production processes to further reduce costs [6] Group 3: Slaughter and Meat Processing Operations - In 2024, the company slaughtered 12.52 million pigs, with a capacity utilization rate of 43% [7] - The meat processing segment has shown improvement, with monthly profitability achieved in late 2024 and early 2025 due to increased sales during the festive season [7] Group 4: Piglet Sales and Market Demand - The company is increasing piglet sales to meet high market demand, with a focus on providing quality and stable supply [8] - The cost of weaned piglets is between 260-270 yuan/head, giving the company a competitive edge in the market [9] Group 5: Quality Management in Pork Production - The company emphasizes consumer-driven breeding and has established a traceability system for quality management across the supply chain [10] - Quality management is a key focus for the year, aiming to enhance pork quality and increase sales prices [10] Group 6: Response to Rising Feed Costs - The company is implementing low soybean meal feed technology to mitigate the impact of rising soybean meal prices [11] - Collaboration with West Lake University on synthetic biology technology aims to further reduce soybean meal usage in feed formulations [11]