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研報掘金丨廣發證券:牧原股份4月出欄量保持穩定,維持“買入”評級

廣發證券研報指出,牧原股份(002714.SZ)4月出欄量保持穩定,仔豬銷售佔比達19.3%。23年以來母豬存欄持續去化,產能缺口或逐步顯現。截至1季度末,統計局公佈全國能繁母豬存欄量約3992萬頭,同比下降7.3%;生豬存欄量為40850萬頭,同比下降5.2%,季度環比下降5.9%,存欄水平處於21年以來最低值。隨着後續產能去化效應體現以及需求季節性回暖,2季度豬價有望趨勢上行,關注未來豬價、企業利潤等因素超預期表現的催化作用。該行維持公司合理價值50.06元/股的判斷不變,對應24年PE估值21倍,維持“買入”評級。

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