Consumer Staples Jul 15, 2021 08:34 AM (GMT+8)
CITIC Securities research report pointed out that muyuan shares forecast a profit of 11-11.5 billion yuan in the first half of 2021, with a net profit of 9.4-10.2 billion yuan attributable to the parent company, a year-on-year decrease of 12.83% - 5.42%, slightly exceeding market expectations. We estimate that the full cost of Q2 commercial pigs has been reduced to less than 15 yuan / kg, and is expected to continue to improve, or to 14 yuan / kg by the end of the year. In 2021q2, the number of live pigs sold was 9.72 million, a year-on-year increase, and the number of pigs sold in the whole year was expected to reach 40 million. The company's long-term layout, management, research and development, food go hand in hand, with long-term growth. We expect the EPS of the company from 2021 to 2023 to be 6.50/4.30/2.34 yuan. Referring to the company's historical valuation and comparable companies, we will give 16 times PE in 2021, corresponding to the target price of 145 yuan, maintaining the "buy" rating.
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