智通财经APP获悉，中粮家佳康(01610)再涨超4%，截至发稿，涨3.92%，报1.59港元，成交额6425.7万港元。
中金发布研报称，中粮家佳康公布2024年业绩，公司2024年收入同比-5.3%至163.26亿元，生物资产公允价值调整前/调整后归母净利润为2.59/5.38亿元，同比+0.82/+5.48亿元，业绩符合市场预期，盈利增长因生猪养殖完全成本大幅改善。
该行指出，养殖降本成效较显著，套保等工具对业绩扰动下降，资产负债表保持稳健。据公告，1)养殖管理：聚焦完善防疫体系、深化精细化管理、推进数智化养殖、强化育种技术研发以及优化一线员工激励机制等，驱动成本竞争力强化。该行测算4Q24完全成本同比下降2-3元/千克至约14元/千克，且判断1Q25成本有望进一步降低。2)套保：24年公司期货套保盈利0.4亿元，较少见地在猪价上行期实现盈利，公司套保策略或已优化。3)资金实力：资金状况保持健康。收购导致应付关联公司款项、来自关联公司的贷款金额提升，带来24年资产负债率同比+9.6ppt至52.9%，但仍保持同业偏低水平。
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