德康农牧解构德康专题三:如何理解“轻资产、低成本、高弹性”

中金公司
21 May

投资建议德康正在开辟中国猪业增长的新范式,并持续兑现“轻资产、低成本、高弹性”的成长叙事。我们曾在《解构德康系列深度》阐述:德康以“公司+农户”为主,并开创二号农场母猪代养模式,推行西南区域加密策略。公司完全成本和出栏增速领先行业,24/1Q25 成本均位列上市公司第一,20-24 年出栏增速也位列前十大猪企第一名。我们看好公司价值的持续修复。理由轻资产:养殖模式以“公司+农户”为主,首创母猪代养...

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