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研報掘金丨國泰君安:維持聖農發展“增持”評級,下調目標價至16.6元

國泰君安研報指出,1~10月聖農發展(002299.SZ)家禽飼養加工板塊銷售雞肉115萬噸,同比+17.22%,肉製品加工29.80 萬噸,同比+10%,銷量持續增長。當前公司白羽雞養殖產能超7 億羽,已建及在建食品深加工產能合計超過50 萬噸,預計2025~2026 年公司養殖規模仍將繼續增長。渠道方面,C 端通過消費場景和目標人羣定位,提提升A4A5 人羣體量和轉化率;B 端加大新市場新賽道開發力度,緊抓中式連鎖餐飲市場機會,不斷拓展增量客户。此外,公司自有種源持續迭代,“聖澤901”夯實國產種源領跑地位。種雞優勢有望帶動公司整體產業鏈成本下降以及創造新的盈利方向。維持“增持”評級,下調目標價至 16.6元。

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