研報掘金丨華泰證券:維持牧原股份“買入”評級,目標價51.3元
華泰證券研報指出,牧原股份(002714.SZ)24年歸母淨利179億元(yoy+519%)。其中Q4歸母淨利74億元(yoy+406%,qoq-23%),業績表現符合市場預期。公司2024年養豬持續增出欄降成本、生豬頭均盈利約259元,屠宰經營持續改善、年底已實現單月盈利;2024年高分紅回報股東、股息率約3.66%。公司目標2025年出欄商品豬7200~7800萬頭(同比+10%~19%)、仔豬800~1200萬頭(同比+41%~112%),預計公司養殖成本有望持續改善。考慮到公司延續高分紅+高質量成長,給予公司2025年3.5x PB,維持目標價51.30元,維持“買入”評級。
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