研報掘金丨廣發證券:牧原股份7月生豬業務量價齊升,維持“買入”評級
廣發證券研報指出,受益行業景氣上行,牧原股份(002714.SZ)7月生豬業務量價齊升。7月銷售生豬615.8萬頭,環比增長21.51%,同比增長8.04%;實現銷售收入134.05億元,同比增長43.5%。公司持續推進高質量發展,隨着養殖管理效率不斷提升,養殖成本持續下降,根據投資者關係活動記錄表,6月公司養殖完全成本下降至14元/公斤,PSY提升至28頭以上,24年底公司降本目標13元/公斤。此外,公司母豬產能保持穩步增長,截至6月底能繁母豬存欄量為330.9萬頭,較4月增長約11萬頭,有效支撐出欄穩步增長。產能方面,後備母豬價格上升較温和,或側面反應補欄積極性較一般,母豬存欄恢復或仍相對緩慢,行業景氣持續性有望超預期。該行維持公司合理價值57.31元/股的判斷不變,對應24 年PE估值18倍,維持“買入”評級。
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