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Research report mining丨CICC: muyuan foods cost optimization and capacity expansion, maintaining "outperform the industry" rating.
Gelonghui on November 20th | china international capital corporation research reports pointed out that muyuan foods (002714.SZ) leads in production indicators, repairs its balance sheet quickly, and has sufficient capacity expansion momentum, expected to continue leading a new paradigm. The cost advantage continues to strengthen, with the target of 13 yuan/kg for full cost achievable. Capacity reserves are abundant and still steadily expanding, with the expected annual output to grow by over 10% in 2025. It is believed that as muyuan transitions from high-speed development to high-quality development stage, the peak period of depreciation is over, bringing about the release of apparent profit elasticity, potential improvement in free cash flow from capital expenditure convergence, and the potential for increased discounted value and dividends.
muyuan foods (002714): Cost optimization, capacity expansion, leading excess growth momentum strengthening
In recent company news, we invited the management of muyuan foods to attend the 2024 CICC Annual Strategy Conference, where the company communicated with the market on issues related to operation status, growth global strategy, and fund utilization. We believe that the company’s production indicators are leading, and its assets and liabilities.
huaan: It is expected that the enthusiasm for stocking will continue to be weak in Q4 of 2024, while pig prices in 2025 will receive strong support.
At the end of Q3, the average debt-to-asset ratio of listed pig companies remained high at 61.5%, and winter is a peak period for outbreaks in the northern regions. As of now, pig prices are also lower than in Q3, and it is expected that the enthusiasm for restocking in Q4 will be weaker than in Q3, with enthusiasm for restocking continuing to be sluggish.
Pork prices have fallen for three consecutive months. Has the economic cycle failed?
Recently, pork prices have shown a continuous downward trend, and the industry’s prosperity cycle not only failed to continue but is also showing signs of gradual collapse. The Wind Pork Industry Index has significantly underperformed the market.
Central China Securities: Weak operation of pork prices, 'Singles' Day' pet data continues to grow
Central China Securities released research reports stating that the forward industry pe and pb are both lower than the historical valuation center, at relatively low levels, and are expected to see a valuation rebound in the future, maintaining an investment rating of "stronger than the market" for the industry.
China Post Securities: Recently, pork prices have continued to decline slightly, while the growth of production capacity in breeding enterprises has slowed down.
Postal Securities released a research report stating that the current prices in many places have fallen below 17 yuan/kg, and with temperatures gradually decreasing, it is expected that the downward space will be limited in the future.
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