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研報掘金丨光大證券:牧原股份資金儲備充足、償債能力強化,維持“買入”評級
格隆匯 03-25 15:08

光大證券研報指出,牧原股份(002714.SZ)24年實現歸母淨利潤178.81億元,上年同期爲-42.63億元,同比扭虧爲盈。單季度來看,24Q4實現歸母淨利潤74 億元。25年公司在出欄結構上進行調整,將仔豬作爲增量彈性的貢獻點,通過訂單交易鎖定價格和利潤,幫助實現更加穩定的生產計劃。公司以種豬性能、飼料營養調整以及養殖管理優化爲核心降本路徑,有望全面提升養殖效率,全年12 元/公斤的成本目標兌現可期。公司重視負債表健康度,未來盈利支撐下,資產負債率將持續改善。基於現有產能儲備,公司依然維持相對穩健的資本開支規劃。公司是我國生豬養殖一體化龍頭,24年大幅盈利後,資金儲備充足、償債能力強化,資金端已足以支撐公司穿越週期低谷。維持“買入”評級。

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