智通财经APP获悉，德康农牧(02419)涨超10%，截至发稿，涨10.23%，报36.1港元，成交额4410.7万港元。
消息面上，德康农牧近期公布年度业绩，全年收入224.63亿人民币，同比增加39%；纯利41.02亿元，相较上年度亏损17.75亿元，实现扭亏转盈。期内毛利48.65亿元，上升39.7倍；毛利率由2023年的0.7%大增至21.7%。2024年，生猪板块收入达人民币182.716亿元，同比增长49.1%；家禽板块收入为人民币32.76亿元，同比下降1.7%；辅助产品板块收入为人民币9.16亿元，同比增长61.4%，乃受屠宰业务增长所推动。
中金指出，根据公司公告，1）轻资产：“二号农场”母猪代养模式强化养户粘性，轻资产赋能高质量成长。2）低成本：公司强化育种及营养技术优势，应用精准营养与饲料技术，重视健康管理系统建设，筑牢低成本优势；此外该行判断2025年猪价中枢回落，公司有望凭借低成本获取头均超额利润。3）高ROE：轻资产模式叠加盈利实力，该行测算24年公司ROE38.4%（不考虑生物资产公允价值变动），向前看好公司ROE领跑同业。
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