Investment Rating - The investment rating for the company is "Accumulate" [2][3]. Core Insights - The company reported a total revenue of 44.112 billion yuan for the first three quarters of 2024, a decrease of 4.82% year-on-year, with a net profit attributable to shareholders of 3.804 billion yuan, down 12.08% [2]. - In Q3 2024, the company achieved a total revenue of 16.440 billion yuan, an increase of 3.90% quarter-on-quarter, and a net profit of 1.508 billion yuan, up 1.18% [2]. - The total sales volume of meat products in Q3 2024 showed a positive growth of 0.57% year-on-year, while the total external sales volume for the first three quarters was 2.3488 million tons, down 4.93% year-on-year [2]. - The company’s fresh products business saw a revenue of 8.501 billion yuan in Q3 2024, reversing a decline of 16.14% in the first half of the year to a growth of 5.04% [2]. - The unit profit for the meat products business reached a historical high, with a revenue of 6.828 billion yuan in Q3 2024, a decrease of 4.01% year-on-year, but an operating profit of 1.889 billion yuan, an increase of 7.89% [2]. - The company’s gross profit margin for the first three quarters of 2024 was 18.23%, an increase of 0.55 percentage points year-on-year, while the net profit margin was 8.62%, a decrease of 0.71 percentage points [2]. Financial Data and Valuation - The company’s projected net profits for 2024, 2025, and 2026 are 4.802 billion yuan, 5.044 billion yuan, and 5.241 billion yuan, respectively, with year-on-year growth rates of -4.97%, 5.05%, and 3.91% [3]. - The company’s revenue for 2024 is estimated at 58.306 billion yuan, with a year-on-year decline of 2.98% [4]. - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 18, 17, and 16 times, respectively [3].

Group 1: Sales Performance - In the first three quarters of 2024, the sales volume of meat products in new offline channels such as leisure snacks, convenience stores, and membership supermarkets increased by approximately 60% year-on-year, while online channel sales grew by over 20% [2] - As of September 2024, the market inventory of meat products was at a normal level, showing a decrease compared to the same period last year [2] Group 2: Inventory and Valuation - The current frozen product inventory is at a historically low level, with potential impacts on valuation due to fluctuations in pork prices, but the overall impact on business operations is expected to be minimal [2] - The structure of meat products in the first three quarters of 2024 shows that high-temperature products accounted for about 70% of sales, while low-temperature products accounted for around 30%, with an increase in the proportion of low-temperature products [2] Group 3: Strategic Measures - The company plans to continue adjusting product structure, maintaining high-temperature products while promoting frozen products [3] - There will be a comprehensive effort to expand distribution points and enhance terminal market management [3] - The company aims to strengthen online channels and B-end business operations to address weak channels [3] - Increased market investment will be made to precisely participate in competition and expand market share [3] - Digitalization will be enhanced to improve market operation levels and efficiency [3] Group 4: Profit Outlook - For Q4 2024, the company expects a year-on-year decrease in meat product costs, with a slight increase in market support, leading to a forecasted decline in average profit per ton, but it will still remain at a good level [4] Group 5: Dividend Policy - The company will adhere to a profit distribution policy focused on cash dividends, providing stable returns to shareholders [5]

Investment Rating - Maintain "Overweight" rating for the company [1][6] Core Views - The company's performance met expectations, with Q3 net profit increasing both year-on-year and quarter-on-quarter [3] - The company is a leader in the domestic meat processing industry with a comprehensive product line and diverse product categories [6] - The company's valuation still has room for expansion, supported by its leading position and high dividend payout ratio [6] Financial Performance - Revenue for the first three quarters of 2024 was RMB 43.999 billion, a year-on-year decrease of 4.75% [3] - Net profit attributable to shareholders was RMB 3.804 billion, a year-on-year decrease of 12.08% [3] - Operating cash flow for the first three quarters was RMB 6.913 billion, a year-on-year increase of 182.03% [3] - Q3 revenue was RMB 16.406 billion, a year-on-year increase of 4.06%, and net profit attributable to shareholders was RMB 1.508 billion, a year-on-year increase of 1.18% [3] Business Segments Packaged Meat Products - Revenue for the first three quarters of 2024 was RMB 19.201 billion, a year-on-year decrease of 7.71% [4] - Operating profit was RMB 5.213 billion, a year-on-year increase of 6.65%, with an operating profit margin of 27.15%, up 3.65 percentage points year-on-year [4] - Q3 revenue was RMB 6.828 billion, a year-on-year decrease of 4.01%, and operating profit was RMB 1.890 billion, a year-on-year increase of 7.92% [4] Fresh Products - Revenue for the first three quarters of 2024 was RMB 21.826 billion, a year-on-year decrease of 8.99% [5] - Operating profit was RMB 340 million, a year-on-year decrease of 46.73%, with an operating profit margin of 1.56%, down 1.10 percentage points year-on-year [5] - Q3 revenue was RMB 8.5 billion, a year-on-year increase of 5.03%, and operating profit was RMB 90 million, a year-on-year decrease [5] Valuation and Forecasts - Estimated net profit attributable to shareholders for 2024/2025/2026 is RMB 5.441 billion, RMB 6.045 billion, and RMB 5.926 billion, respectively [6] - EPS for 2024/2025/2026 is estimated at RMB 1.57, RMB 1.74, and RMB 1.71, respectively [6] - Current P/E ratios for 2024/2025/2026 are 15.47x, 13.93x, and 14.21x, respectively [6] Market Data - Closing price as of October 29, 2024: RMB 24.30 [2] - Market capitalization: RMB 84.178 billion [2] - P/B ratio: 4.22x [2] - Net asset per share: RMB 5.75 [2] - ROE (diluted): 19.09% [2] - Debt-to-asset ratio: 47.24% [2] Industry Comparison - The company's valuation is compared with peers such as Huatong Co Ltd, Longda Foodstuff Group Co Ltd, and Yuanming Meat Industry Co Ltd [10] - The company's P/E ratio for 2024E is 17.06x, compared to Huatong Co Ltd's 11.06x and Longda Foodstuff Group Co Ltd's 59.83x [10]

Investment Rating - The report maintains an "Accumulate" investment rating for the company [5] Core Views - The company's performance meets expectations, with Q3 net profit showing both year-on-year and quarter-on-quarter growth. For the first three quarters of 2024, the company achieved revenue of 43.999 billion yuan, a year-on-year decrease of 4.75%, and a net profit of 3.804 billion yuan, down 12.08% year-on-year. However, operating cash flow increased significantly by 182.03% [2] - The packaging meat products segment saw a revenue of 19.201 billion yuan in the first three quarters, a decrease of 7.71% year-on-year, but operating profit increased by 6.65% year-on-year, with a historical high profit per ton of approximately 4,900 yuan, up 13% year-on-year [3] - The fresh products segment experienced a revenue of 21.826 billion yuan in the first three quarters, down 8.99% year-on-year, with operating profit declining by 46.73% year-on-year. However, Q3 revenue improved by 5.03% year-on-year and 26% quarter-on-quarter [4] - The company is expected to achieve net profits of 5.441 billion yuan, 6.045 billion yuan, and 5.926 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.57 yuan, 1.74 yuan, and 1.71 yuan [5][7] Summary by Sections Market Data - Closing price: 24.30 yuan - Market capitalization: 84.178 billion yuan - Price-to-book ratio: 4.22 [1] Financial Performance - Q3 2024 revenue: 16.406 billion yuan, up 4.06% year-on-year - Q3 2024 net profit: 1.508 billion yuan, up 1.18% year-on-year, and up 47.18% quarter-on-quarter [2] - Q3 2024 operating cash flow: 6.913 billion yuan, up 182.03% year-on-year [2] Segment Performance - Packaging meat products: Q3 revenue of 6.828 billion yuan, down 4.01% year-on-year, but operating profit increased by 7.92% year-on-year [3] - Fresh products: Q3 revenue of 8.5 billion yuan, up 5.03% year-on-year, but operating profit decreased [4] Future Projections - Expected net profits for 2024, 2025, and 2026 are 5.441 billion yuan, 6.045 billion yuan, and 5.926 billion yuan respectively [5][7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong investment opportunity due to its competitive advantages and low valuation [6]. Core Insights - The company reported a total revenue of 441.12 billion yuan for the first three quarters of 2024, a year-on-year decrease of 4.82%, with a net profit attributable to shareholders of 38.04 billion yuan, down 12% year-on-year. However, Q3 2024 showed a revenue of 164.4 billion yuan, up 3.9% year-on-year, and a net profit of 15.08 billion yuan, an increase of 1.18% year-on-year, aligning with expectations [5][6]. - The company is projected to have net profits of 48.24 billion, 50.75 billion, and 52.59 billion yuan for 2024 to 2026, with respective year-on-year changes of -4.5%, +5.2%, and +3.6% [6]. - The report highlights a significant improvement in meat product demand, with a notable year-on-year increase in profit per ton, reaching nearly 4,900 yuan, up 13% [6]. Summary by Sections Market Data - Closing price: 24.30 yuan - Market capitalization: 84,178 million yuan - Price-to-book ratio: 4.1 - Dividend yield: 5.60% [2]. Financial Performance - For Q3 2024, the company achieved a revenue of 164.4 billion yuan, with a net profit of 15.08 billion yuan. The total revenue for the first three quarters was 441.12 billion yuan, with a net profit of 38.04 billion yuan [5][6]. - The company’s revenue for 2024 is projected to be 57,425 million yuan, with a net profit of 4,824 million yuan [8]. Profitability Metrics - The gross profit margin for Q3 2024 was reported at 18.2%, with a return on equity (ROE) of 19.1% [8]. - The earnings per share (EPS) for 2024 is projected to be 1.39 yuan [8]. Business Segments - The meat product segment reported a revenue of 68.28 billion yuan in Q3 2024, with a profit margin improvement due to effective cost management and a favorable pricing environment [6]. - The slaughtering business generated 85 billion yuan in revenue, with a year-on-year growth of 5% [7]. Future Outlook - The company is expected to maintain a high dividend payout ratio, with a projected dividend yield of 6% based on 2023 net profits [6]. - The report anticipates a recovery in sales volume due to improved inventory management and expansion into high-end retail channels [6].

Investment Rating - The report maintains a "Strong Buy" rating for Shuanghui Development with a target price of 28 CNY [1] Core Views - Shuanghui Development's Q3 2024 revenue was 164.1 billion CNY, a year-on-year increase of 4.75%, while net profit attributable to the parent company was 15.1 billion CNY, a year-on-year decrease of 1.2% [1] - The meat products business saw a revenue decline of 4.0% in Q3 2024, but the profit margin reached a historical high due to effective cost control and product structure adjustments [1] - The slaughtering business experienced a revenue decline of 53.6% in Q3 2024, with a profit margin of 1.0%, mainly due to weak demand and low prices for frozen products [1] - The company's dividend yield remains attractive at 5.6%, and the target price of 28 CNY implies an 18X PE ratio for 2025 [1] Business Performance Meat Products Business - Revenue from the meat products business in Q3 2024 was 68.3 billion CNY, a year-on-year decrease of 4.0% [1] - The profit margin for meat products reached 27.7% in Q3 2024, up 3.1 percentage points year-on-year, with a profit per ton of approximately 4,800 CNY [1] - The company has been actively adjusting its product mix and expanding into mid-range products and new sales channels, which has helped narrow the decline in sales volume [1] Slaughtering and Other Businesses - Revenue from the slaughtering business in Q3 2024 was 85.0 billion CNY, a year-on-year decrease of 53.6%, with a profit margin of 1.0% [1] - The company's slaughtering volume was lower in Q3 2024 due to weak demand and low prices for frozen products, leading to reduced profitability [1] - The company's pig and chicken farming businesses showed significant improvement in Q3 2024, with reduced losses compared to the previous quarter [1] Future Outlook - The company is expected to continue strengthening its leading position in the meat products market, with further adjustments in product structure and sales channels [1] - The slaughtering business is expected to improve in Q4 2024, with potential benefits from lower pig prices and increased fresh meat sales [1] - The company's farming operations are expected to achieve breakeven or profitability in the coming year, driven by cost optimization and improved operational efficiency [1] Financial Forecasts - The report forecasts EPS for 2024-2026 to be 1.47/1.58/1.67 CNY, slightly higher than previous estimates due to improved profitability in the farming business and adjustments in the meat products segment [1] - The company's revenue is expected to grow by 5.4% in 2025 and 4.9% in 2026, with net profit growth of 8.0% and 5.4% respectively [10] - The company's ROE is expected to remain strong, at 24.1% in 2024, 24.9% in 2025, and 25.2% in 2026 [10]

000895 投资者调研记录 编号：2024-09 1 河南双汇投资发展股份有限公司 | --- | --- | --- | --- | |--------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|----------------------------------------------------------| | 时间 | 2024 年 10 月 29 日 | 投资者调研记录 \n地点 | 电话会议 | | 投资者关 系活动类 别 | 双汇发展 2024 | 年三季度业绩交流会 | | | 参与单位 名称及人 员姓名 | 中金公司 陈文博 中信证券 王加熊 国寿资产 李想 易方达基金 黄逸群 博时基金 梅思哲 广发基金 龚路成 南方基金 董泓孛 银 ...

河南双汇投资发展股份有限公司 2024 年第三季度报告 证券代码：000895 证券简称：双汇发展 公告编号：2024-40 河南双汇投资发展股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告 中财务信息的真实、准确、完整。 3.第三季度报告是否经过审计 □是 否 1 河南双汇投资发展股份有限公司 2024 年第三季度报告 一、主要财务数据 （一）主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |--------------------------------------------------------------|------------------------------|---------- ...

河南双汇投资发展股份有限公司 第九届董事会第四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、 董事会会议召开情况 (一) 河南双汇投资发展股份有限公司（以下简称公司）于 2024 年 10 月 16 日以电子邮件和电话方式向公司全体董事发出召开第九届董事会第四次会议的 通知。 证券代码：000895 证券简称：双汇发展 公告编号：2024-39 (二) 董事会会议于 2024 年 10 月 26 日在公司会议室以现场表决的方式召开。 (三) 董事会会议应到董事 8 人，实到董事 8 人。 (四) 董事会会议由董事长万宏伟先生主持，监事和高级管理人员列席会议。 (五) 董事会会议的召集、召开程序，表决程序及表决方式符合《中华人民共 和国公司法》等有关法律、行政法规、规范性文件和《河南双汇投资发展股份有 限公司章程》的规定。 二、 董事会会议审议情况 (一) 会议以 8 票同意、0 票反对、0 票弃权审议通过《公司 2024 年第三季度 报告》。 董事会审计委员会已对公司《2024 年第三季度报告》中的财务信息进行审 议，一致同意将议案提交董 ...

河南双汇投资发展股份有限公司 关于开展商品期货套期保值业务的可行性分析报告 一、公司开展商品期货套期保值业务的目的和必要性 随着国内期货市场的发展，期货品种越来越多，期货交易越来越活跃，期货 市场定价越来越成熟，通过期货交易锁定经营利润、规避经营风险，已成为企业 稳定经营的重要手段。 公司及控股子公司主要从事生猪和肉鸡屠宰、肉类食品的加工及销售等业务， 配套有饲料、养殖、进口、化工包装等产业，经营受生猪、玉米、豆粕、淀粉、 白糖、大豆、豆油、棕榈油、铝锭、纸浆等大宗商品价格波动影响。因此，公司 有必要通过大宗商品的期货套期保值辅助生产经营活动，降低价格波动对公司经 营的影响，保障及提高公司盈利能力。 公司进行商品期货套期保值业务的期货品种，只限于与生产经营密切相关的 产品，并严格遵循套期保值原则，对冲现货价格波动风险，不进行投机交易。本 次交易资金使用安排合理，不会影响公司主营业务的发展。 公司拟利用境内期货交易所上市的标准化期货合约进行套期保值，预期管理 的最大风险敞口为公司每年生产预期所需主要原材料的用量，以及每年预计的生 猪出栏量、冻猪肉库存量、生产所用原料库存量。生猪、玉米、豆粕、淀粉、白 糖、大豆、 ...