SHUANGHUI(000895) 国信证券·2025-04-16 12:16Investment Rating - The investment rating for the company is "Outperform the Market" [5][29]. Core Views - In 2024, the company's net profit attributable to shareholders decreased by 1.26% year-on-year, with total revenue of 59.7 billion yuan, a decline of 0.64%. The fresh products segment saw a revenue drop of 2.1%, while the meat products segment experienced a revenue decline of 6.2% but an increase in operating profit by 6.8% due to effective cost control measures [1][8]. - The company maintains a high cash dividend policy, distributing 4.885 billion yuan in cash dividends for 2024, resulting in a dividend yield of 5.43% [1][8]. - The company plans to continue expanding its network and enhancing marketing innovation in the meat products market, while also focusing on the growth of its fresh products and improving profitability in the breeding sector [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 59.7 billion yuan, with a net profit of 4.989 billion yuan. The fresh products segment generated 30.33 billion yuan in revenue, while the meat products segment generated 24.79 billion yuan [1][8]. - The operating profit for the fresh products segment fell by 35.6% to 440 million yuan, while the meat products segment's operating profit rose to 6.65 billion yuan [1][8]. - The company’s overall operating cash flow increased significantly by 148.4% to 8.416 billion yuan, representing 14.13% of total revenue [22]. Business Segments - The total external sales volume of meat products in 2024 was 3.18 million tons, a decrease of 1.67%. The slaughtering volume declined due to increased industry capacity and competition [2]. - The average operating profit per ton of meat products reached 4,699 yuan, marking a historical high [2]. - The company has accelerated its entry into the prepared food sector, launching various products that have received positive market feedback, indicating potential for revenue growth [3]. Future Outlook - The company has revised its profit forecasts for 2025-2027, now expecting net profits of 5.305 billion yuan, 5.606 billion yuan, and 5.878 billion yuan respectively [3][25]. - The projected price-to-earnings ratios for 2025-2027 are 17.2, 16.2, and 15.5 times, respectively [3][25].