证券代码：000895 证券简称：双汇发展 公告编号：2024-17 经中国证券监督管理委员会出具的《关于核准河南双汇投资发展股份有限公 司非公开发行股票的批复》（证监许可[2020]1979 号）核准，公司向特定投资者 非公开发行人民币普通股 145,379,023 股，每股发行价格为 48.15 元，募集资金 总额为人民币 6,999,999,957.45 元，扣除承销费、保荐费、律师费、验资费用等 发行费用 32,318,315.72 元后，实际募集资金净额为人民币 6,967,681,641.73 元。 上述募集资金到位情况业经安永华明会计师事务所（特殊普通合伙）验证，并于 2020 年 9 月 18 日出具安永华明（2020）验字第 61306196_R02 号验资报告。 1 二、募集资金的存放与管理情况 （一）募集资金管理情况 公司依照《中华人民共和国公司法》《中华人民共和国证券法》《上市公司 监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《深圳证券交易 所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》等法律法规，制定了公司《募集资金管理办法 ...

证券研究报告 | 2024年04月28日 双汇发展（000895.SZ） 买入 2024 一季报点评：肉制品吨利稳步提升，屠宰端冻品盈利受 行情影响承压 核心观点 公司研究·财报点评 2024Q1营收与净利同比承压，受行情低迷、销量高基数影响，整体销售规 农林牧渔·农产品加工 模下滑。公司2024Q1实现营业总收入143.1亿元，同比-8.9%，归母净 证券分析师：鲁家瑞 证券分析师：李瑞楠 利12.7亿元，同比-14.5%，环比+4.0%。分业务看，屠宰业务方面，鲜 021-61761016 021-60893308 lujiarui@guosen.com.cn liruinan@guosen.com.cn 品盈利相对稳定，但冻品因2024Q1行情同比反差较大、盈利下降，目 S0980520110002 S0980523030001 前公司冻品库存较高，整体成本相对低，未来将结合行情加强冻品运作， 联系人：江海航 预计有望受益于下半年猪价景气回升；肉制品业务方面，得益于有效成 010-88005306 jianghaihang@guosen.com.cn 本控制、产品结构优化，2024Q1吨均盈利同比+21 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 肉制品 ＃investSuggestion＃ ＃ ＃d 双yCo 汇mp 发any＃展 （ 000895 ） investSug 增持 ( 维ges持tion ）Ch 0 需00 求00 疲9 软销 量下滑， 成＃ 本tit 红le＃ 利 下 肉制品吨利创新高 ange＃ ＃ createTime1＃ 2024年 4月 24日 投资要点 公 ＃市m场a数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 公司发布 2024 年一季报：24Q1 总营收/归母净利润/扣非归母净利润 司 日期 2024-04-23 分别为143.08/12.72/12.45亿元，同比-8.92%/-14.54%/-11.12%。 点 收盘价（元） 27.19 评 总股本（百万股） 3,464.66 ⚫ 肉制品：需求疲软致销量下滑，成本红利下吨利创历史新高。Q1肉制品业务 收入67.93亿元、同比-4.5%，经营利润18.87亿元、同比+15.7%。拆分量价 报 流通股本（百万股） 3,464.12 净资产（百万元） 22,114.85 利来看 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2]. Core Views - The company reported a total revenue of 14.308 billion yuan in Q1 2024, a decrease of 8.92% year-on-year, with a net profit attributable to shareholders of 1.272 billion yuan, down 14.54% [3]. - The gross margin improved by 2.13 percentage points year-on-year to 19.38% in Q1 2024, driven by an upgrade in the meat product structure [3]. - The company is accelerating the upgrade of meat products and expanding its sales network, which is expected to support steady growth in meat product sales [4]. - The forecasted net profits for 2024, 2025, and 2026 are 5.334 billion yuan, 5.641 billion yuan, and 5.941 billion yuan, respectively, reflecting year-on-year growth rates of 5.57%, 5.76%, and 5.32% [4]. Summary by Sections Financial Performance - In Q1 2024, the total external sales volume of meat was 780,900 tons, a decrease of 4.43% year-on-year [3]. - The company's selling and administrative expense ratios were 3.39% and 2.20%, respectively, with increases of 0.29 and 0.44 percentage points year-on-year [3]. - The net profit margin for Q1 2024 was 8.91%, down 0.59 percentage points year-on-year, primarily due to increased financial expenses and income tax rates [3]. Product and Market Strategy - The company is focusing on launching new high-margin products such as light chicken sausages and energy sausages, which are expected to enhance the profitability of packaged meat products [4]. - The company has over 1 million sales outlets in China and is actively expanding its network to support sales growth [4]. Earnings Forecast - The projected earnings per share for 2024, 2025, and 2026 are 1.54 yuan, 1.63 yuan, and 1.71 yuan, respectively [5]. - The price-to-earnings ratios for 2024, 2025, and 2026 are estimated to be 18, 17, and 16 times, respectively, based on the market capitalization of 94.2 billion yuan [4].

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2][4] Core Views - The company's Q1 2024 revenue was 14.31 billion yuan, a year-on-year decrease of 8.9%, with a net profit attributable to shareholders of 1.27 billion yuan, down 14.5% year-on-year. The profit forecast for 2024-2026 is maintained, with expected net profits of 5.44 billion, 5.80 billion, and 6.17 billion yuan, representing growth rates of 7.7%, 6.6%, and 6.4% respectively. The corresponding EPS for these years is projected to be 1.57, 1.67, and 1.78 yuan, with current PE ratios of 16.5, 15.5, and 14.5 times [4][5][6] Summary by Sections Financial Performance - In Q1 2024, the slaughtering business faced pressure with revenue of 6.6 billion yuan, a year-on-year decline of 16.5%, and operating profit of 95.67 million yuan, down 68.5% year-on-year. The fresh product segment's profitability remained stable, while frozen product profitability declined, leading to a decrease in overall profitability for the fresh product division [5][6] - The meat product segment reported a revenue decline of 4.5% to 6.79 billion yuan, attributed to a high base from the previous year due to pandemic control measures. However, operating profit increased by 15.7% to 1.89 billion yuan, driven by cost control and product mix improvements [6][7] Market Outlook - The company plans to implement several strategies in 2024 to enhance sales and profitability, including expanding the number and quality of distribution points, adjusting product structures, developing new products, and increasing market investments to boost competitiveness [6][7] - The forecast for 2024 indicates that despite short-term pressures on the slaughtering business, the meat product segment is expected to maintain high profitability levels, with volume and profit growth anticipated [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2024 report shows a decline in revenue and net profit, with operating income at 14.269 billion yuan, down 8.92% year-on-year, and net profit attributable to shareholders at 1.272 billion yuan, down 14.54% year-on-year [3] - Despite the decline in sales volume, the profit per ton of meat products reached a historical high of 5,000 yuan/ton, benefiting from low pork prices and ongoing product structure upgrades [4][5] - The company is expected to achieve revenue growth of 3% in 2024, with net profit growth of 6%, and maintain a strong profit margin due to cost control and product mix optimization [6][7] Summary by Sections Financial Performance - In Q1 2024, the company achieved operating income of 14.269 billion yuan, a decrease of 8.92% year-on-year, and a net profit of 1.272 billion yuan, down 14.54% year-on-year [3] - The meat products segment generated revenue of 6.793 billion yuan, a decline of 4.5% year-on-year, but operating profit increased by 15.7% to 1.887 billion yuan [4] - The profit margin for meat products reached 27.78%, an increase of 4.85 percentage points year-on-year [4] Market Position - The company's stock is currently priced at 27.53 yuan, with a market capitalization of approximately 95.38 billion yuan [4] - The stock has shown a performance of -3.3% over the past month, 3.0% over the past three months, and 12.7% over the past year, compared to the CSI 300 index [5] Future Outlook - The company is projected to achieve operating revenues of 62.111 billion yuan in 2024, with a growth rate of 3%, and net profit of 5.332 billion yuan, reflecting a growth rate of 6% [6][7] - The expected earnings per share (EPS) for 2024 is 1.54 yuan, with a price-to-earnings (P/E) ratio of 17.67 [7][8]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 32 CNY, compared to the current price of 27.53 CNY [2][8]. Core Views - The company continues to face operational pressure, with Q1 2024 total revenue at 14.31 billion CNY, down 8.9% year-on-year, and net profit attributable to shareholders at 1.27 billion CNY, down 14.5% year-on-year. However, the net cash flow from operating activities improved significantly to 1.45 billion CNY from a negative 5.55 million CNY in the same period last year [2][8]. - The meat product business is under pressure due to high base effects, but the company has managed to increase profit per ton by 22% to 5,000 CNY/ton, achieving a record high for a single quarter. The operating profit for the meat product segment increased by 15.7% year-on-year to 1.89 billion CNY [2][8]. - The slaughtering and other businesses faced challenges due to low-price competition, resulting in a 16.5% year-on-year decline in revenue to 6.60 billion CNY, with operating profit down 68.5% to 96 million CNY [2][8]. - The company is focusing on high-quality development in the meat product segment and aims to stabilize profits in the slaughtering business while gradually improving the breeding business, which is currently facing losses [2][8]. Financial Summary - For 2023, total revenue is projected at 59.89 billion CNY, with a year-on-year decline of 4.3%. The net profit attributable to shareholders is expected to be 5.05 billion CNY, down 10.1% year-on-year. The earnings per share (EPS) for 2024 is forecasted at 1.58 CNY [2][12]. - The company’s current dividend yield stands at 5.3%, which remains attractive [2][8]. - The financial ratios indicate a price-to-earnings (P/E) ratio of 17 for 2024, with a projected P/B ratio of 4.5 [2][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [7]. Core Views - The company's Q1 2024 performance met expectations, with total revenue of 14.308 billion, a year-on-year decrease of 8.9%, and a net profit of 1.272 billion, down 14.54% year-on-year. The decline in revenue and profit was anticipated [7]. - The meat products segment achieved a record high in profitability, with operating profit increasing by 15.7% year-on-year, despite a 4.5% decline in revenue [7]. - The company is expected to continue its growth strategy by expanding its distribution network and developing high-end supermarket channels, which may lead to a recovery in meat product sales [7]. Summary by Sections Financial Performance - For Q1 2024, the company reported total revenue of 14.308 billion, a decrease of 8.9% compared to the previous year. The net profit was 1.272 billion, reflecting a 14.54% decline year-on-year [7][9]. - The meat products revenue was 6.793 billion, down 4.5% year-on-year, with sales volume at 380,000 tons, a decrease of 4.9% [7]. - The slaughtering business generated revenue of 6.598 billion, down 16.5% year-on-year, with operating profit dropping by 68.5% to 96 million [8]. Profitability and Forecast - The report forecasts net profits for 2024, 2025, and 2026 to be 5.338 billion, 5.643 billion, and 5.912 billion respectively, with expected growth rates of 6%, 6%, and 5% [7][9]. - The company’s dividend yield for 2023 was noted at 5.3%, indicating a strong commitment to returning value to shareholders [7]. Market Position and Strategy - The company is recognized as a leading player in the meat products industry, benefiting from strong competitive advantages and low valuation metrics [7]. - The report highlights the company's ongoing efforts to enhance its market presence through strategic channel development and product offerings [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a decline in total revenue and net profit for Q1 2024, attributed to a weak external environment and high base effects from the previous year. However, the profit per ton for meat products reached a historical high [3][4] - The company aims to improve sales volume of meat products throughout the year, with expectations of significant profit per ton exceeding 4000 yuan [3] - The slaughtering business showed stable fresh product profits, but frozen product profits were a drag on overall performance. The company anticipates a stable average price for pigs throughout the year [3] - The breeding business faced losses, primarily due to declining prices for poultry. However, there are improvements in operational indicators, and profits are expected to improve over the year [3] Summary by Sections Financial Performance - In Q1 2024, the company achieved total revenue of 14.31 billion yuan, down 8.9% year-on-year, and a net profit of 1.272 billion yuan, down 14.5% year-on-year [3] - Revenue from meat products was 6.79 billion yuan, a decrease of 4.5% year-on-year, while operating profit increased by 16% to 1.89 billion yuan [3] - The slaughtering business generated revenue of 6.60 billion yuan, down 16.5% year-on-year, with operating profit declining by 69% [3] Earnings Forecast and Valuation - The company maintains its previous earnings forecast, expecting revenues of 64.7 billion, 68.8 billion, and 72.3 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 7.6%, 6.5%, and 5.0% [4] - Net profits are projected to be 5.49 billion, 5.77 billion, and 6.11 billion yuan for the same years, with corresponding year-on-year growth rates of 8.6%, 5.2%, and 5.9% [4] - The expected EPS for 2024, 2025, and 2026 are 1.58, 1.67, and 1.76 yuan, with P/E ratios of 17x, 17x, and 16x respectively [4]

Financial Performance - The company's total operating revenue for Q1 2024 was ¥14.27 billion, a decrease of 8.92% compared to ¥15.67 billion in the same period last year[3]. - Net profit attributable to shareholders was ¥1.27 billion, down 14.54% from ¥1.49 billion year-on-year[3]. - The total external sales volume of meat products was 780,900 tons, representing a decline of 4.43% year-on-year[6]. - Total revenue for the meat products segment reached ¥679,275.52 million, while the slaughtering segment generated ¥589,945.23 million, contributing to a total revenue of ¥1,430,792.93 million[18]. - The company reported a total operating profit of ¥175,138.70 million, with a net profit of ¥174,978.02 million after accounting for non-operating income and expenses[18]. - The company reported a net profit of RMB 6,492.76 million for the current period, reflecting a significant increase compared to previous periods[21]. - The total comprehensive income for Q1 2024 was ¥1.29 billion, down from ¥1.51 billion in Q1 2023[29]. Cash Flow and Liquidity - The company's cash flow from operating activities was ¥1.45 billion, a significant improvement from a negative cash flow of ¥5.56 million in the previous year[3]. - The net cash flow from financing activities decreased by 32.14% to 490,607, attributed to higher loan repayments during the reporting period[10]. - The net increase in cash and cash equivalents for Q1 2024 was 321,044, reflecting a 65.19% increase compared to 194,351 in Q1 2023, driven by higher net cash inflows from operating activities and reduced net outflows from investing activities[10]. - The company's cash and cash equivalents rose by 114.22% to ¥607.14 million, primarily due to retained earnings and temporary capital reserves[7]. - The company's cash flow from operating activities showed a positive trend, contributing to the overall liquidity improvement[26]. Investments and Expenses - The company reported a decrease in investment income by 80.74% to ¥5.38 million, influenced by the scale of structured deposits[9]. - The company incurred financial expenses totaling ¥3,770.90 million during the reporting period[18]. - The company recorded a total operating cost of ¥12.49 billion, down 9.5% from ¥13.80 billion in Q1 2023[28]. - Research and development expenses increased to ¥50.30 million in Q1 2024 from ¥43.85 million in Q1 2023[28]. - The company achieved a gross profit margin of approximately 11.7% in Q1 2024, compared to 12.0% in Q1 2023[28]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 203,903, with the largest shareholder, Rotkes Limited, holding 70.33% of the shares[12]. - Rotkes Limited's shareholding amounted to 2,436,727,364 shares, while the second-largest shareholder, Hong Kong Central Clearing Limited, held 3.12% with 108,177,106 shares[12]. Related Party Transactions - The company reported related party transactions totaling 146,644.14 million yuan for purchasing goods, with the largest transaction being 137,920.98 million yuan for purchasing various meat products from Rotkes Limited[15]. - The company also incurred 33,515.59 million yuan in service-related transactions, primarily for logistics and property services[15]. - The company reported a total of ¥5,647.26 million in related party transactions, primarily from sales of goods and services[16]. Future Plans and Market Strategy - The company is focusing on improving cash flow management and reducing investment outflows to enhance liquidity in the upcoming quarters[10]. - The company has ongoing plans for market expansion and new product development, although specific details were not disclosed in the report[19]. - The company plans to focus on market expansion and new product development in the upcoming quarters to drive future growth[26]. Legal Matters - A lawsuit has been filed against a subsidiary regarding a construction settlement, with RMB 60 million frozen as part of the legal proceedings[23]. - The company has confirmed sufficient liabilities related to the disputed construction settlement in its financial statements[23]. - The company plans to accelerate the project settlement process and timely pay related expenses to address ongoing construction disputes[23].