研報掘金丨國盛證券:維持温氏股份“買入”評級,年度目標實現
國盛證券研報指出,温氏股份(300498.SZ)2024年度預計實現營業收入超1,000億元,歸母淨利潤為90億元-95億元,實現扭虧為盈;對應2024年第四季度歸母淨利潤區間為26億元-31億元。按第四季度肉豬養殖綜合成本14.0元/kg估算頭均盈利約335元/頭。公司成本水平持續優化,初步規劃2025 年全年肉豬養殖綜合成本目標為13元/公斤以下。考慮由於2024年四季度豬價、雞價表現略低於預期,下調2024-2025年豬、雞價格預測,並結合2024年實際銷售情況,調整2025-2026銷量預期,從而預計2024-2026年公司歸母淨利潤94.5億元、111.7億元、92.4億元,同比分別+248%、+18.1%、-17.3%,當前對應2025 年PE 為9.8x,維持“買入”評級。
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