研報掘金丨華泰證券:牧原股份上半年強勢扭虧,維持“買入”評級
華泰證券研報指出,豬價升+成本降驅動牧原股份(002714.SZ)24H1強勢扭虧,Q2母豬存欄增量養殖端豬價上升+穩步降本或是公司Q2強勢扭虧並帶動上半年整體扭虧的主要來源。估算公司Q2肥豬銷售均價約16.01元/公斤、同環比升幅均在2元/公斤左右;而超越行業的頭均盈利水平則來源於公司優秀的成本管控。另外,Q2末公司能繁母豬存欄約331萬頭、較Q1末增加近17萬頭。考慮到公司龍頭優勢穩固、持續降本增效、母豬存欄穩定增加,該行給予公司24年3.65xPB,目標價54.53元,維持“買入”評級。
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