研報掘金丨華泰證券:牧原股份盈利兑現能力強,維持“買入”評級
華泰證券研報指出,牧原股份(002714.SZ)2024年預計實現歸母淨利潤170~180億元,同比扭虧;24Q4預計實現歸母淨利潤65~75 億元,同比扭虧、環比下滑22%~32%,略低於我們的預期,主要系Q4豬價旺季不旺導致。2024年公司屠宰生豬1278萬頭、同比-4%,但估算公司屠宰頭均虧損或同比收窄,或主要受益於渠道開拓、客户服務、運營能力等方面的提升。2024年公司出欄增量、成本逐季改善,年末能繁母豬增加或支撐2025年出欄增長,穩健的成本優勢下公司盈利兑現能力強,維持“買入”評級。
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