研報掘金丨中金:維持牧原股份“跑贏行業”評級 低成本、大體量龍頭展現稀缺性
中金公司研報指出,認為牧原股份(002714.SZ)是低成本、大體量的養豬龍頭代表,稀缺性或逐步展現,看好本年公司資產負債表快速修復。公司生產管理快速優化,推動年末13元/公斤完全成本目標兑現可期。若公司生產效率提升、疫病防控及淨化持續推進,有望進一步推動成本下行。另外,母豬產能穩健擴張,支撐全年出欄量約7000萬頭。綜合看,認為行業從“資金競賽”迴歸“成本競爭”,非瘟期間積累的資本紅利、防疫紅利等戰略機遇正在邊際收窄,以牧原為代表的順勢成長為低成本、大體量的龍頭企業或凸顯稀缺性。維持跑贏行業評級及目標價56元。
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