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研報掘金丨中金:維持温氏股份“跑贏行業”級及目標價25元
格隆匯 11-20 16:02

中金公司研報指出,認為温氏股份(300498.SZ)生產管理水平優勢較顯著、產能及資金狀況穩健,有望持續引領生豬養殖新範式。公司10月肉豬養殖綜合成本/毛雞出欄完全成本降至13.4/11.4元/千克,較1 月-2.2/-1.6元/千克,同比-2.2/-1.6元/千克。豬苗生產成本290元/頭,較5月下降40元/頭;料肉比2.56,較6 月-0.04。認為公司生產效率較非瘟前仍存進步空間,成本或可進一步優化。認為豬週期投資正從傳統買豬價和出欄彈性雙擊、小豬成長為王,切換至買大體量和超額盈利、龍頭強者更強,公司作為老牌養豬龍頭有望優先受益。維持跑贏行業評級及目標價25元。

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