On the morning of January 31, Muyuan shares (002714) disclosed the latest investor research information.
According to Muyuan, the average cost of pig breeding in 2023 decreased by 07 yuan kg, the cost of the decline is mainly due to the improvement of production performance and the decline of expenses during the period, if the increase in material prices is excluded, the cost reduction contribution caused by the improvement of production performance and the decline in costs during the period is 0About 9 yuan kg.
For the company's future cost reduction path, Muyuan shares said that the company should continue to reduce the cost center at the same time, narrow the cost gap between different field lines, especially eliminate the cost of more than 16 yuan kg of high-cost field line. In order to achieve this goal, the company will take technology and management as the two core cost reduction work, in terms of technology, disease prevention and control is the most important work at present, the company should open up various technical paths, to achieve continuous improvement of production indicators; In terms of management, the company should do a good job in the management of people, and continue to train and empower front-line employees and management cadres.
For the trend of pork in 2024, Muyuan shares believe that the recent pig price has regional characteristics, and some provinces have a certain number of piglets and commercial pigs, mainly due to short-term supply and demand changes before the holiday. For the full year, the overall performance in 2024 is expected to be more optimistic than in 2023. On the supply side, the current breeding sows are still at a high level, but the overall trend is downward, and the number of live pigs in 2024 is expected to be lower than last year; On the demand side, as the economy gradually stabilizes, demand is expected to rise to a certain extent in 2024.
For this year's capital expenditure plan, Muyuan Co., Ltd. introduced that the company's annual capital expenditure in 2023 will be 16 billion yuan to 17 billion yuan, of which the slaughtering part will be about 800 million yuan, and the proportion of completed settlement, new production capacity, and maintenance and transformation in the breeding part will be about % respectively. This year's annual capital expenditure is expected to be about 8 billion yuan, of which, the slaughterhouse construction expenditure is expected to be about 700 million yuan, and the cost of fixed asset maintenance and upgrading is expected to be 2 billion yuan to 3 billion yuan.
For the slaughter plan in 2024, Muyuan Co., Ltd. introduced that by the end of December 2023, the number of sows that the company can reproduce will be 31290,000 heads, a year-on-year increase of about 300,000 heads. Corresponding to this year's slaughter volume will also have a certain increase, the growth ratio is expected to be about 10%, the actual slaughter volume will be affected by the company's production and operation arrangements, production performance fluctuations and other factors, 2024 specific slaughter volume range guidance will be disclosed in the 2023 annual report.
Editor-in-charge: Ren Haopeng |Review: Li Zhen |Supervisor: Wan Junwei.