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研報掘金丨長江證券:牧原股份估值處於歷史底部,未來有望出海擴張

長江證券研報指出,牧原股份(002714.SZ)2025年實現淨利潤46.2億元,歸母淨利潤爲44.9億元,扣除非經常性損益後的淨利潤爲45.1億元,同比均扭虧爲盈。牧原股份已由高成長髮展階段步入高質量發展階段,內部管理不斷精進,養殖成本有望持續領先行業,屠宰業務盈利改善,未來有望出海擴張,踐行國際化戰略,構建新成長曲線。當前公司估值處於歷史底部,截至2025年5月6日,公司PB爲2.88,位於歷史分位數的1.59%。預計2025、2026與2027年年度生豬平均價格呈現窄幅波動,公司養殖成本持續改善,實現歸母淨利潤201、203與341億元。

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