金吾财讯 | 德康农牧(02419)逆市冲高，临近午盘涨幅扩大，截至发稿，涨17.13%，报46.15港元，成交额3.02亿港元。招商证券研报指出，德康长期深耕于生猪及黄羽鸡养殖行业，经年累积的育种优势使得其畜禽成本领先于同行。生猪：公司自主培育的德康E 系种猪自2023 年起大面积推广，降本成效显著；估算目前公司完全成本或已降至13 元/千克以下，成本居于行业第一梯队。公司计划自西南往华南及华东市场扩张，在自营农场与一号家庭农场稳健扩张的同时，重点发展二号家庭农场模式，预计未来三年公司生猪出栏增速在20~30%左右；黄羽鸡：公司充分利用其种鸡资源优势，提高中慢速及中速型黄羽肉鸡的比例；加大华南地区的拓展力度，预计黄鸡出栏量稳中略有增长。该行预计公司2025~2027 年分别实现营业收入256/322/421 亿元，生物资产公允价值调整后净利润分别为44.4/48.8/76.8 亿元，EPS 分别为11.41/12.55/19.74 元。上调至“强烈推荐”投资评级。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.