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 ...

Financial Performance - The total revenue for Q3 2024 reached ¥16.41 billion, an increase of 4.06% year-on-year[2] - The net profit attributable to shareholders was ¥1.51 billion, up 1.18% compared to the same period last year[2] - For the first nine months of 2024, total revenue was ¥44.11 billion, a decrease of 4.82% year-on-year[7] - The total net profit for the first nine months was ¥3.80 billion, a decrease of 12.08% year-on-year[2] - Total operating revenue for the third quarter was CNY 44.11 billion, a decrease of 4.97% compared to CNY 46.35 billion in the same period last year[30] - Net profit for the period was CNY 5.12 billion, compared to CNY 5.61 billion in the previous year, reflecting a decline of 8.77%[30] - Net profit attributable to shareholders was ¥3,804,459,384.15, down 12.09% from ¥4,327,222,307.85 year-on-year[31] - Basic and diluted earnings per share were both ¥1.0981, compared to ¥1.2490 in the same period last year, reflecting a decrease of 12.09%[31] Cash Flow and Liquidity - Cash flow from operating activities for the year-to-date was ¥6.91 billion, a significant increase of 182.03%[2] - Net cash flow from operating activities surged by 182.03% to ¥691,300 million, driven by inventory release and fulfillment of pre-received payments[10] - Cash flow from operating activities generated ¥6,912,997,807.76, significantly up from ¥2,451,145,083.33 in the previous year, marking an increase of 182.36%[34] - The company reported cash and cash equivalents at the end of the period amounting to ¥5,586,858,651.14, an increase from ¥4,189,134,509.67 at the end of the previous year[35] - The company's cash and cash equivalents increased by 112.00% to ¥600.85 million compared to the end of the previous year[9] - The net increase in cash and cash equivalents was ¥328,293 million, a turnaround from a decrease of ¥104,720 million in the previous year[10] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥38.22 billion, an increase of 4.22% from the end of the previous year[2] - The total current assets reached RMB 18,516,435,482.53, up from RMB 16,376,412,407.80 at the beginning of the year, indicating an increase of about 13.1%[27] - The company’s total liabilities increased to CNY 18.05 billion, up from CNY 15.53 billion, reflecting a rise of 16.19%[29] - The equity attributable to shareholders decreased to CNY 19.93 billion from CNY 20.84 billion, a decline of 4.35%[29] Operational Efficiency - The company has seen a notable increase in cash flow from operations, indicating improved liquidity and operational efficiency[10] - The total cost of goods sold was CNY 3,894,544.71 million, highlighting the company's operational scale and efficiency[20] - Operating costs amounted to CNY 38.93 billion, down 4.54% from CNY 40.78 billion year-on-year[30] - The company plans to continue focusing on improving operational efficiency and managing costs in future projects[24] Investments and Projects - The chicken industry capacity construction project has achieved an investment progress of 103.75%, with a cumulative investment of CNY 345,482.30 million[22] - The cumulative amount of raised funds utilized by the company reached CNY 714,663.82 million, with CNY 6,492.76 million used in the current period[21] - The pig breeding capacity construction project has not achieved positive returns due to low capacity utilization and operational challenges[23] - The meat processing technology renovation project has also not reached expected benefits, with net profits not reflective of the project's full-year performance[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 204,597[12] - The largest shareholder, Rotkes Limited, holds 70.33% of the shares, totaling 2,436,727,364 shares[12] - The top ten shareholders collectively hold significant stakes, with the second-largest being China Life Insurance Company at 2.98%[12] Research and Development - The company has ongoing research and development efforts focused on new product lines, particularly in the meat processing sector, to enhance market competitiveness[21] - Research and development expenses were CNY 150.19 million, slightly up from CNY 145.47 million, indicating a focus on innovation[30]

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、 ...

证券代码：000895 证券简称：双汇发展 公告编号：2024-41 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。 重要内容提示： 1、交易目的：河南双汇投资发展股份有限公司（以下简称公司）及控股子 公司开展商品期货套期保值业务主要是为了降低大宗商品价格波动对公司经营 的影响，保障及提高公司盈利能力。 2、交易方式：公司开展商品期货套期保值业务，交易工具仅限在境内期货 交易所上市的标准化期货合约，交易品种仅限与公司及控股子公司的生产经营密 切相关的产品，主要包括：生猪、玉米、淀粉、棕榈油、大豆、豆油、豆粕、白 糖、铝锭、纸浆等品种。 3、交易金额：公司及控股子公司开展商品期货套期保值业务预计任一时点 动用的交易保证金和权利金不超过 2 亿元人民币，预计任一交易日持有的最高合 约价值不超过 16 亿元人民币，在额度内资金可以循环使用，期限内任一时点的 交易金额（含前述交易的收益进行再交易的相关金额）均不超过前述额度，该额 度自公司本次董事会审议通过之日起 12 个月内有效。 4、已履行的审议程序 ...

证券代码：000895 证券简称：双汇发展 公告编号：2024-38 针对公司股票交易异常波动情况，公司对有关事项进行了核查，并询问了公 司控股股东和实际控制人，现将相关情况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处。 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较 大影响的未公开重大信息。 河南双汇投资发展股份有限公司 关于股票交易异常波动的公告 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、股票交易异常波动的情况 河南双汇投资发展股份有限公司（以下简称公司）股票（证券简称：双汇发 展，证券代码：000895）交易价格于 2024 年 9 月 27 日、9 月 30 日、10 月 8 日 连续三个交易日内收盘价格涨跌幅偏离值累计达到-20.67%，根据《深圳证券交 易所交易规则》的规定，属于股票交易异常波动的情况。 二、公司关注和核实情况 3、公司目前的经营情况及内外部经营环境未发生重大变化。 4、公司及公司控股股东、实际控制人不存在关于公司的应披露而未披露的 重大事项，或处于筹划阶段的重大事项。 5、本次股票异常波 ...

证券代码：000895 证券简称：双汇发展 公告编号：2024-37 河南双汇投资发展股份有限公司 第九届董事会第三次会议决议公告 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 根据公司经营管理需要，为提升运营效率，推动企业数字化建设，董事会同 意取消公司团餐事业部，并成立公司数字化转型办公室。 (四) 董事会会议由董事长万宏伟先生主持。 (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《关于选举公司副董事 长的议案》。 会议选举万隆先生为公司第九届董事会副董事长，任期与公司第九届董事会 任期一致。 (一) 河南双汇投资发展股份有限公司（以下简称公司或本公司）于 2024 年 9 月 20 日以电子邮件和电话方式发出召开第九届董事会第三次会议的通知。 1 (二) 董事会会议于 2024 年 9 月 22 日在公司会议室以通讯表决的方式 ...

第九届董事会第二次会议决议公告 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。 证券代码：000895 证券简称：双汇发展 公告编号：2024-36 河南双汇投资发展股份有限公司 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（以下简称公司或本公司）于 2024 年 8 月 29 日以电子邮件和电话方式发出召开第九届董事会第二次会议的通知。 (二) 董事会会议于 2024 年 8 月 31 日在公司会议室以现场表决结合通讯表决 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，监事和拟任的高级管理人员人选 等列席会议。 (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》（以下简称《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》（以下简称《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《关于聘任公司总裁的 议案》。 1 根据公司经营管理需要，经公司董事长提名 ...