智通财经APP获悉，万洲国际(00288)高开逾3%，截至发稿，涨3.04%，报7.12港元，成交额1087.94万港元。
中金发布研报称，万州国际1Q25收入65.54亿美元，同比+6.0%;经营利润5.98亿美元，同比+19.4%；核心归母净利润(剔除生物资产价值变动)3.64亿美元，同比+20.9%。其中中国/美国/欧洲营业利润分别同比-14.3/+72.8/-10.2%。1Q25利润表现略超市场预期，该行估计主要与美国养殖业务盈利同比改善有关。
该行续指，展望2025：1)国内业务：屠宰业务2025年有望延续客户扩容、屠宰量提升趋势，并且养殖业务(包括生猪及禽肉养殖)2025年盈利将有进一步改善。肉制品方面随着2Q渠道调整逐渐步入正轨并且渠道库存恢复低位，预估2Q25开始肉制品销量有望同比逐季改善。2)美国业务：肉制品业务盈利有望保持稳健增长，尽管生猪价格成本上涨但公司可通过公式定价及效率优化上进行传导，并且美国肉类蛋白需求较为稳健刚性。另外，上游养殖业务会受益于2025年美国生猪价格上涨和饲料成本下降的利好，全年养殖业务有望盈利。
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