研報掘金丨中金:牧原股份成本挖潛穩步推進,維持“跑贏行業”評級
中金公司研報指出,牧原股份(002714.SZ)以成本領先為基礎,通過健康管理優化等驅動的成本挖潛仍在穩步推進。當前行業正處緊資金為基礎、低豬價是催化的產能加速去化階段,低成本、穩資金優勢為公司帶來份額提升確定性。成本為豬羣管理多環節的映射,在健康管理優化等多環節綜合協同下,或助力公司達成24年14元/千克的完全成本目標。價值提升方面,公司在做好白條品基礎上,未來或進一步提高分割品比例,高溢價分割品有望增強屠宰肉食業務盈利能力。基於公司頭均市值中樞,上調目標價10%至46元,目標價對應2024 年28.8 倍P/E,17%向上空間,維持跑贏行業評級。
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