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研報掘金丨中原證券:牧原股份估值處於合理區間,維持“增持”評級
格隆匯 03-26 15:20

中原證券研報指出,牧原股份(002714.SZ)24年歸母淨利潤178.81億元,同比扭虧爲盈;Q4歸母淨利潤74億元,同比扭虧爲盈。2024年公司生豬出欄量、生豬銷售均價同比提升,疊加生豬養殖成本同比下降,推動公司業績同比扭虧爲盈。從需求端來看,加徵美國豬肉關稅這一舉措或導致進口凍品數量下降,側面推動國內屠宰量增加。預計2025 年行業或進入供需雙增的局面。未來,公司將繼續提高產能利用率,從市場開拓、渠道建設、人才培養、內部運營管理等方面發力,增強屠宰肉食業務的盈利能力。根據生豬養殖行業可比上市公司市盈率情況,公司估值處於合理區間。考慮到公司龍頭企業的規模優勢和屠宰板塊的業績增長空間,維持公司“增持”的投資評級。

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