研報掘金丨中金:牧原股份成本優化、產能擴張,維持“跑贏行業”評級
中金公司研報指出,認為牧原股份(002714.SZ)生產指標領先、資產負債表修復較快、產能擴張動能充足,有望持續引領新範式。成本優勢持續強化,完全成本目標13元/千克達成可期。產能儲備充足且仍在穩健擴張,25年出欄量有望增長超10%。認為隨着牧原從高速發展向高質量發展階段轉變,折舊高峯期已過帶來表觀利潤彈性釋放,以及資本開支收斂有望帶來自由活動現金流提升,貼現價值及分紅提升潛力有望逐步凸顯。維持“跑贏行業”評級及目標價56元。
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