Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2][3] Core Views - The company's revenue for 2023 was 59.89 billion yuan, a year-on-year decrease of 4.3%, with a net profit attributable to shareholders of 5.05 billion yuan, down 10.11% year-on-year. The fourth quarter of 2023 saw total revenue of 13.75 billion yuan, a decline of 24.0% year-on-year, and a net profit of 730 million yuan, down 53.3% year-on-year. Due to pressure on the slaughtering business, the net profit forecasts for 2024 and 2025 have been adjusted to 5.44 billion yuan and 5.80 billion yuan respectively, with a new profit forecast for 2026 at 6.17 billion yuan. The earnings per share (EPS) are projected to be 1.57, 1.67, and 1.78 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 16.5, 15.5, and 14.5 times. The company maintains a high profit per ton in its full industry chain layout and structural upgrades, hence the "Outperform" rating is upheld [3][4]. Summary by Sections Slaughtering Business - In 2023, the pig slaughtering volume increased by 12.9% year-on-year, primarily due to the company's expansion and market share growth. Fresh pork product sales reached 1.4052 million tons, up 3.03% year-on-year. However, the decline in pig prices in Q4 2023 led to a 33.0% drop in slaughtering department revenue to 6.99 billion yuan, with operating profit down 88.4% to 37.73 million yuan. For 2024, pig prices are expected to show a trend of being lower initially and higher later, with continued growth in slaughtering volume anticipated, although the slaughtering business may face short-term pressure due to low-price competition from breeding enterprises [4]. Meat Products - The total external sales of meat products for the company in 2023 were 3.23 million tons, an increase of 2.41% year-on-year, while packaged meat product sales decreased by 3.57% to 1.5064 million tons. The decline in meat product sales in Q4 2023 was mainly due to the high base from the 2023 Spring Festival stockpiling occurring in Q4 2022 and lower-than-expected sales during the Mid-Autumn and National Day holidays, leading to inventory digestion. The revenue from the meat product business in Q4 2023 was 5.61 billion yuan, down 17.7% year-on-year, with a profit of 1.33 billion yuan, down 9.1% year-on-year. For 2024, meat product sales are expected to grow due to the implementation of a network expansion plan, product structure adjustments, and increased market investment and innovative marketing. The profit per ton for meat products in 2023 was approximately 4,130 yuan, remaining at a high level, with expectations for steady growth in profit per ton [5]. Financial Forecasts - The financial forecasts for the company are as follows: - Revenue (billion yuan): 62.735 in 2024E, 65.299 in 2025E, 67.934 in 2026E - Net profit (billion yuan): 5.443 in 2024E, 5.800 in 2025E, 6.172 in 2026E - EPS: 1.57 in 2024E, 1.67 in 2025E, 1.78 in 2026E - PE ratios: 16.5 in 2024E, 15.5 in 2025E, 14.5 in 2026E - Gross margin: 17.1% in 2024E, 17.0% in 2025E, 16.9% in 2026E - Net margin: 8.7% in 2024E, 8.9% in 2025E, 9.1% in 2026E [6][10].

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 00000 肉9 ＃ ，tit 屠le＃ 制品 需求疲软 宰 短 期盈利承压 ange＃ ＃ createTime1＃ 2024年 03月 27日 投资要点 公 ＃市m场a数rk据et Data＃ ＃ sum 事ma 件ry＃ ⚫ ： 公司发布2023年年报，2023年总收入/归母净利润/扣非归母净利润分 司 日期 2024-03-27 别为 600.97/50.53/47.32 亿元，同比-4.20%/-10.11%/-9.29%，23Q4总收入/归 点 收盘价（元） 25.87 母净利润/扣非归母净利润分别为 137.52/7.26/6.18 亿元，同比-23.98%/ 评 总股本（百万股） 3,464.66 -53.35%/-53.78%。同时，公司公告拟派发现金红利24.3亿元，叠加中期派息 报 流通股本（百万股） 3,464.12 合计全年派息约50.2亿 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's 2023 performance fell short of expectations, primarily due to factors such as meat prices and inventory issues, but improvements in volume and profit are anticipated in 2024 [3]. - A total dividend of 2.4 billion is proposed for all shareholders, resulting in a dividend payout ratio of approximately 48% based on 2023 profits [3]. Financial Summary - The company's total revenue for 2023 was 60.1 billion, a year-on-year decrease of 4.2%, while net profit attributable to shareholders was 5.05 billion, down 10.1% year-on-year [4]. - The earnings per share (EPS) for 2023 is reported at 1.46, with forecasts for 2024, 2025, and 2026 adjusted to 1.57, 1.67, and 1.78 respectively [4][5]. - The company’s gross profit margin for meat products improved by 1.24 percentage points to 31.7% in 2023, despite a revenue decline of 2.8% [3][4]. Market and Operational Insights - The report indicates that the company’s slaughtering and breeding operations were impacted by low meat prices, but a structural upgrade is expected to continue, with a forecasted increase in slaughter volume [3]. - The average price of pork is expected to stabilize in 2024, with a projected improvement in profitability for the breeding segment [3]. Valuation Metrics - The target price for the company is set at 31.30, based on a 20X price-to-earnings ratio for 2024 [3][5]. - The company’s market capitalization is approximately 89.63 billion, with a current share price of 25.87 [6].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 34 yuan, compared to the current price of 28.57 yuan [2][3]. Core Insights - The company reported a total revenue of 60.1 billion yuan in 2023, a decrease of 4.2% year-on-year, with a net profit attributable to shareholders of 5.05 billion yuan, down 10.1% year-on-year. The fourth quarter saw a significant revenue drop of 24.0% to 13.75 billion yuan and a net profit decline of 53.3% to 730 million yuan [2][3]. - The company continues its high dividend policy, proposing a dividend of 7.0 yuan per 10 shares (including tax), resulting in a dividend payout ratio of 99.4% and a dividend yield of 5.1% [2][3]. Summary by Sections Meat Products Business - Revenue from meat products decreased by 2.8% in 2023, with sales volume and price changes of -3.6% and +0.8% respectively. The profit per ton increased by approximately 4.4%, with an operating profit margin of 23.6% [3]. - In Q4 2023, revenue from meat products fell by 17.7% to 5.61 billion yuan, with significant declines in both sales volume and price. The drop in sales was attributed to the delayed stocking for the 2024 Spring Festival and lower sales during the Mid-Autumn and National Day holidays [3]. - Despite the sales pressure, the company managed to maintain a profit per ton of 4,135 yuan in Q4, up 10.2% year-on-year, due to low pig prices and ongoing structural adjustments [3]. Slaughtering and Other Businesses - The slaughtering business generated revenue of 30.97 billion yuan in 2023, down 7.5%. The operating profit margin slightly decreased to 2.2% [3]. - In Q4 2023, revenue from the slaughtering business dropped by 33% to 6.99 billion yuan, primarily due to reduced frozen meat shipments amid low pig prices [3]. - The other business segment, primarily focused on chicken and pig farming, reported a significant loss of 340 million yuan in Q4, compared to a profit of 104 million yuan in the same period last year [3]. Outlook for the Year - The company is focusing on reforming its meat product business, emphasizing the development of prepared dishes and new products to drive sales growth. The number of distribution points increased by nearly 200,000 in 2023, with further expansion expected in 2024 [3]. - The company anticipates a return to positive sales growth in 2024, supported by low-cost raw material inventories and a stable profit per ton around 4,000 yuan [3]. - The slaughtering business aims to stabilize profits while expanding market share through cost reduction and deep processing initiatives [3]. Financial Forecast - The company forecasts total revenue of 64.05 billion yuan for 2024, with a year-on-year growth rate of 6.9%. The net profit is expected to reach 5.61 billion yuan, reflecting an 11.1% increase [9][13]. - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are 1.62 yuan, 1.72 yuan, and 1.80 yuan respectively, with corresponding price-to-earnings (PE) ratios of 18, 17, and 16 [9][13].

Financial Performance - Revenue for 2023 was RMB 59.89 billion, a decrease of 4.29% compared to 2022[12] - Net profit attributable to shareholders was RMB 5.05 billion, down 10.11% year-over-year[12] - Basic earnings per share (EPS) decreased by 10.10% to RMB 1.4584[12] - Weighted average return on equity (ROE) was 23.83%, down 1.60 percentage points from 2022[12] - Total assets increased by 0.72% to RMB 36.68 billion at the end of 2023[12] - Operating cash flow decreased significantly by 55.22% to RMB 3.39 billion[12] - Revenue for Q1, Q2, Q3, and Q4 were RMB 15.67 billion, RMB 14.76 billion, RMB 15.77 billion, and RMB 13.70 billion respectively[14] - Net profit attributable to shareholders for Q1, Q2, Q3, and Q4 were RMB 1.49 billion, RMB 1.35 billion, RMB 1.49 billion, and RMB 725.52 million respectively[14] - Non-recurring gains and losses for 2023 amounted to RMB 320.67 million, a decrease from RMB 404.16 million in 2022[16] - Government subsidies in 2023 were RMB 329.24 million, slightly down from RMB 345.98 million in 2022[16] - The company's total revenue in 2023 was 601 billion yuan, a decrease of 4.2% year-over-year. Net profit attributable to shareholders was 5.05 billion yuan, a decrease of 10.11% year-over-year[52] - Total operating revenue for 2023 was RMB 59.89 billion, a decrease of 4.29% compared to 2022[53] - Revenue from the meat products industry accounted for 44.10% of total revenue, with a year-on-year decrease of 2.85%[53] - Revenue from the slaughtering industry accounted for 51.71% of total revenue, with a year-on-year decrease of 7.45%[53] - Revenue from other industries increased by 23.85% year-on-year, accounting for 15.06% of total revenue[53] - Gross profit margin for the meat products industry was 31.66%, an increase of 1.24% compared to 2022[54] - Gross profit margin for the slaughtering industry was 5.70%, an increase of 0.57% compared to 2022[54] - Sales volume of fresh pork products increased by 3.03% year-on-year to 1.4052 million tons[55] - Inventory of fresh pork products increased by 76.56% year-on-year to 147,600 tons[55] - Sales volume of packaged meat products decreased by 3.57% year-on-year to 1.5064 million tons[55] - Inventory of packaged meat products decreased by 85.06% year-on-year to 5,900 tons[55] - Sales expenses decreased by 0.69% to 1,913,913,276.54 RMB in 2023 compared to 2022[64] - Management expenses increased by 8.83% to 1,234,518,618.33 RMB in 2023[64] - R&D expenses increased by 18.27% to 199,133,798.75 RMB in 2023[64] - Advertising and promotion expenses decreased by 7.83% to 519,499,400 RMB in 2023[65] - Operating cash flow decreased by 7.28% to 64,576,477,060.10 yuan in 2023, while net operating cash flow dropped by 55.22% to 3,387,718,636.44 yuan[71][72] - Investment cash inflow surged by 148.78% to 20,213,024,634.20 yuan, and outflow increased by 101.42% to 23,391,185,543.99 yuan[71][72] - Financing cash inflow rose by 325.33% to 76,643,537,047.59 yuan, and outflow increased by 226.54% to 79,789,351,176.83 yuan[71][72] - Net cash outflow from financing activities decreased by 3.27 billion yuan, mainly due to increased net inflow from working capital financing and reduced dividend payments[72] - Inventory increased by 5.73% to 8,266,656,574.16 yuan, accounting for 22.54% of total assets, due to higher domestic frozen product and meat raw material reserves[74] - Monetary funds decreased by 8.11% to 2,834,162,998.73 yuan, mainly due to increased inventory, dividend payments, and short-term investments[74] - Investment income was 144,701,735.79 yuan, accounting for 2.18% of total profit, mainly from bank structured deposits and equity investments in associates[73] - Government subsidies contributed 293,251,947.79 yuan to other income, accounting for 4.41% of total profit[73] - Fixed assets increased by 4.91% to 17.07 billion RMB, accounting for 46.56% of total assets, due to the completion of new construction and technical renovation projects[75] - Short-term borrowings rose by 7.67% to 5.98 billion RMB, primarily to optimize capital leverage and supplement working capital[75] - Contract liabilities decreased by 3.15% to 1.97 billion RMB, reflecting the fulfillment of product delivery obligations[75] - Long-term borrowings increased by 2.59% to 961.79 million RMB, as the company optimized its financing structure[75] - Other current assets grew by 4.54% to 3.84 billion RMB, driven by increased short-term debt investments by the company's financial subsidiary[75] - The company's total investment in 2023 was 3.08 billion RMB, a decrease of 49.85% compared to the previous year[79] - The company had 110 million RMB in pledged fixed deposits and 60.18 million RMB in frozen bank deposits due to contractual disputes[78] - The company's commodity futures contracts for hedging purposes had an initial investment of 199.32 million yuan, with a year-end balance of 19.90 million yuan, accounting for 0.09% of the company's net assets[81] - The company's hedging activities resulted in a loss of 3.34 million yuan in the reporting period, primarily due to fluctuations in futures contracts[81] - The company's total raised funds amounted to 6.97 billion yuan, with 708.17 million yuan already utilized, leaving 104.88 million yuan unused and deposited in a dedicated account[85] - The broiler industrialization capacity construction project achieved an investment progress of 103.75%, with a cumulative investment of 3.45 billion yuan[86] - The pig farming capacity construction project reached an investment progress of 103.59%, with a cumulative investment of 1.03 billion yuan[86] - The pig slaughtering and processed products technical transformation project achieved an investment progress of 102.35%, with a cumulative investment of 368.46 million yuan[86] - The meat product processing technical transformation project had an investment progress of 87.61%, with a cumulative investment of 236.55 million yuan[86] - The China Shuanghui headquarters project achieved an investment progress of 97.02%, with a cumulative investment of 696.33 million yuan[86] - The company's total investment in committed projects reached 7.08 billion yuan, with a net loss of 42.96 million yuan in the reporting period[86] - The "Xihua 100 million broiler industrialization capacity construction project" achieved a net profit from January to December 2023, but did not meet the expected benefits due to oversupply and lower-than-expected market consumption, resulting in low broiler and chicken product prices[87] - The "Zhangwu 100 million broiler industrialization capacity construction project" achieved a net profit from July to December 2023, but the full-year net profit for 2023 is not applicable as the project only reached operational status in June 2023[87] - The "Fuxin 500,000-head pig farming capacity construction project" achieved a net profit from September to December 2023, but did not achieve positive returns due to low pig prices and low initial capacity utilization[87] - The "pig slaughtering and processed products technical transformation project" achieved a net profit from January to December 2023 but did not meet expected benefits due to low capacity utilization and high manufacturing costs[87] - The "meat product processing technical transformation project" achieved a net profit from January to December 2023 and met the expected benefits, with a cumulative investment progress of 87.61%[87] - The "China Shuanghui Headquarters Project" reached operational status with a cumulative investment progress of 97.02%[87] - The company pre-invested RMB 55.72 million in self-raised funds for the fundraising projects from May 17, 2020, to September 15, 2020, and later replaced it with raised funds[88] - The total net raised funds after deducting issuance costs amounted to RMB 6,967,681,641.73[88] - The company's subsidiary, Luohe Shuanghui Meat Industry Co., Ltd., achieved a net profit of RMB 524,786,026.38 in 2023[91] - The company anticipates opportunities from national policies to expand domestic demand, industry consolidation, rising consumer quality demands, and improved industrial layout and synergy[93] - The company plans to invest approximately 2.4 billion yuan in 2024 for new projects, continued projects, technological upgrades, and equipment investments to enhance automation, intelligence, and digital transformation[97] - The company aims to expand its meat product business by focusing on new product development, cost control, and price stabilization, while transitioning products to include more meat, eggs, dairy, vegetables, and grains[95] - The company will strengthen its fresh product business by improving procurement models, controlling costs, and expanding sales through increased store construction and upgraded network management[95] - The company plans to accelerate the development of its catering and group meal businesses, leveraging its market network to expand both C-end and B-end channels[103] - The company will continue to expand its sales network by increasing the number and quality of outlets, enhancing market services, and driving industrial scale growth[104] - The company will upgrade its marketing management, optimize its organizational structure, and strengthen brand building through innovative strategies and new media channels[106] - The company will advance its digital transformation by upgrading industrial automation and intelligence, improving its "Cloud Business System" and "Smart Store System," and building a big data platform[107] - The company will focus on talent development by improving recruitment, training, and retention mechanisms to build a strong management team[108] - The company will enhance its risk management and control systems, ensuring food safety, production safety, environmental safety, and legal compliance to support sustainable development[109] - Measures to promote sales growth of meat products in 2023, including frozen product operations planning and strategies to maintain meat product profit margins[110] - Sales performance of new meat products and prepared dishes in 2022, with a focus on future development directions[110] - Q1 2023 meat product sales growth and outlook for the pig farming and poultry industries[110] - Trends in pork deep processing and the operational status of the cooked food business[110] - Sales performance of new products in H1 2023, with a focus on fresh and frozen pork product sales ratios and reforms in the meat product distribution system[110] - Q3 2023 slaughter volume, fresh product sales, meat product sales, and poultry product sales, along with progress in meat product restructuring and R&D directions for prepared dishes[111] - Sales performance of new products from January to September 2023 and reasons for the slight decline in meat product sales in Q3 2023[111] - Development reasons and capacity status of the poultry industry, along with the sales performance and future plans for prepared dish products[111] Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.70 per share (tax included) for 2023[3] - The dividend distribution is based on 3.46 billion shares as the base[3] - No stock dividends or capital reserve to share capital conversion will be made[3] - Cash dividend distribution: 2,425,262,849.10 RMB, with a dividend of 7.00 RMB per 10 shares[156] - Cash dividend as a percentage of total profit distribution: 100%[156] Industry Trends and Market Position - The proportion of large-scale pig slaughtering enterprises in China reached 47.3% in 2023, the highest in recent years[20] - Pork remains the dominant meat in Chinese diets, with consumption recovering post-African swine fever[19] - The domestic meat processing industry is expected to see increased deep processing rates, driven by consumer demand for convenience and safety[21] - Cold fresh meat is becoming mainstream due to its freshness, nutritional value, and suitability for modern retail and e-commerce channels[21] - The company anticipates further development opportunities in the standardized and large-scale slaughtering sector, supported by government policies[20] Product Portfolio and Innovation - The company's product portfolio includes packaged meat products, fresh pork products, and fresh poultry products, with a focus on diversification and quality to meet consumer demand[23] - The company's star product, Shuanghui Wang Zhong Wang, has been a best-seller for many years, and new products like "Spicy? Spicy" and "Cheese Explosion Sausage" have shown significant growth potential[23] - The company has introduced a variety of new products, including Shuanghui Eight Bowls, Home Banquet, and other Chinese cuisine products, as well as convenient ready-to-eat products like BoBo Bags and rice/noodle mixes[23] - The company's fresh pork products are produced using advanced technology and cold processing techniques, ensuring high quality and safety[26] - The company's fresh poultry products are sourced from self-bred white-feathered broilers and processed using advanced automated production lines[28] - The company has developed more than 1,000 products, including ham sausages, hams, sausages, canned foods, braised cooked foods, catering ingredients, and fresh products, catering to both national and local markets[49] - Completed R&D projects include differentiated vegetarian product technology and chicken powder production technology[66] - Ongoing R&D projects include fresh meat preservation technology and intelligent key technology for sausage products[67] Marketing and Branding - The company has implemented various marketing strategies, including holiday-themed campaigns, celebrity endorsements, and KOL collaborations, to enhance brand visibility and competitiveness[31][32][33] - The company has engaged in sports sponsorship and public welfare activities, such as sponsoring the Henan Women's Volleyball Team, to promote a healthy and active brand image[34] - The company has adopted innovative marketing methods, such as collaborations with popular games and movies, to attract younger consumers and rejuvenate the brand[35] - The company has strengthened its brand influence through participation in industry exhibitions and events, as well as by opening its factories to the public for tours[37] Sales and Distribution - The company has established a comprehensive sales network covering both online and offline channels, including e-commerce platforms and traditional retail outlets[38] - The company has a total of 23,570 distributors as of December 2023, a net increase of 3,632 from the beginning of the year, representing an 18.22% growth. Among these, 6,785 are located south of the Yangtze River (5.00% increase) and 16,785 are north of the Yangtze River (24.55% increase)[39] - Direct sales revenue in 2023 was 1,295,707.90 million yuan, with a gross margin of 3.53%, a decrease of 1.36 percentage points year-over-year. Distributor sales revenue was 4,693,588.41 million yuan, with a gross margin of 20.79%, an increase of 1.70 percentage points year-over-year[40] - The company operates 22 online stores on platforms such as Tmall, JD.com, Taobao, Pinduoduo, and Douyin, and also manages warehouse business on platforms like Alibaba Retail, JD New Road, Meituan Maicai, Taocaicai, and Pupu Supermarket[41] - The company's total procurement amount in 2023 was 46.8 billion yuan, including 23.22 billion yuan for live pigs, 12.02 billion yuan for fresh and frozen meat, and 11.57 billion yuan for auxiliary materials, packaging, and other supplies[42] - The company has 30 modern meat processing bases and supporting industries in 18 provinces (cities) across China, with an annual processing capacity of over 2 million tons of meat products and a single-shift annual slaughter capacity of over 25 million pigs[42] - The company's total meat product sales volume in 2023 was 3.23 million tons, an increase of 2.41% year-over-year[52] - The company has over 1 million sales outlets nationwide, with products able to reach most provinces within a day[46] R&D and Innovation - R&D personnel increased by 16.92% to 311 in 2023, with a significant 22.67% increase in master's degree holders[68] - R&D personnel under 30 years old increased by 32.58% to 118 in 2023[68] - R&D personnel over 40 years old increased by 37.78% to 62 in 2023[68] - R&D investment increased by 8.43% to 860,482,651.79 yuan in 2023, accounting for 1.44% of revenue, up 0.17% from 2022[70] - The number of R&D personnel increased by 45, a 16.92% rise, mainly due to the addition of highly educated professionals with master's degrees or above[70] Corporate Governance and Management - The company has established a transparent performance evaluation and incentive mechanism for directors, supervisors, and senior management, ensuring reasonable evaluation, appropriate constraints, and effective incentives[119] - The company has a scientific and stable shareholder return mechanism, focusing on cash dividends while balancing long-term interests and providing reasonable returns to shareholders[122] - The company's information disclosure has been rated as Grade A by the Shenzhen Stock Exchange for five consecutive years, maintaining high transparency and efficiency[123] - The company's assets are independent and complete, with clear ownership of production systems, intellectual property, trademarks, and non-patented technologies[124] - The company has an independent financial management system, including

2024 年 03 月 27 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 刘洁铭 S0350521110006 Q4 业绩承[ 压Tab ，le_ 期Titl 待e] 猪价反转 liujm@ghzq.com.cn 证券分析师： 秦一方 S0350523120001 qinyf@ghzq.com.cn ——双汇发展（ ） 年报点评 000895 2023 联系人 ： 景皓 S0350124030009 jingh@ghzq.com.cn 最近一年走势 事件: 2024年3月26日，公司发布2023年年报。2023年实现营业收入598.93 亿元（不含其他类金融业务收入），同比-4.29%；归母净利润50.53亿 元，同比-10.11%；扣非归母净利润47.32亿元，同比-9.29%。2023Q4 实现营业收入137亿元（不含其他类金融业务收入），同比-24.07%；归 母净利润7.26 亿元，同比-53.35%；扣非归母净利润6.18 亿元，同比 -53.78%。公司拟每10股派现7元，结合中期每10股派现7.5元，年分 红率达99.43%。 相对沪深300表现 2024/03/26 投资要点: ...

上 市 公 司 食品饮料 2024 年03月 26 日 双汇发展 (000895) 公 司 研 究 ——业绩低于预期，维持高分红水平 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  事件：公司发布2023年年报。根据公司公告，2023年公司实现营业总收入600.97亿， 同比下降4.2%，归母净利润50.53亿，同比下降10.11%，公司业绩低于预期。2023年 证 市场数据： 2024年03月26日 券 公司拟向全体股东按每 10 股派 7元（含税）的比例实施利润分配，叠加 23年中分红每 收盘价（元） 28.57 研 一年内最高/最低（元） 30.1/24.04 10股派7.50元（含税），合计2023年分红总额50.2亿，分红率99.4%。 究 市净率 4.8 报 息率（分红/股价） 2.63  投资评级与估值：由于猪价持续下行拖累屠宰业务表现，下调 2024~2025 年盈利预测， 告 流通A股市值（百万元） 98970 上证指数/深证成指 3031.48/9449.43 新增2026年盈利预测，预测2024~2026年公司归母净利润分别为53.4，56.4，59. ...

000895投资者调研记录 编号：2024-01 河南双汇投资发展股份有限公司 投资者调研记录 时间 2024年3 月26日 地点 香港丽思卡尔顿酒店 投资者关 系活动类 投资者交流会 别 ABCI Paul Pan 参与单位 Alpha Grand Consulting Group Ltd. Joannie Wong 名称及人 Asia Pacific RlM(China) Limited Billy Kan 员姓名 CICC Chen Wenbo BOCI Penny Peng 等40余人 公司接待 公司董事兼总裁马相杰先生、常务副总裁兼财务总监刘松涛先生 人员 等。 会议记录 1、2023 年公司肉制品吨利情况及 2024年肉制品吨利展望？ 近几年公司肉制品坚持“两调一控”的经营方针，加强新产品推广、新赛 道开拓、网络建设等工作，2023年公司肉制品吨均经营利润4130元，同比增 长4.4%。预计2024年公司肉制品整体成本同比将有所下降，肉制品整体吨利 将稳中有增。 ...

一、概述 2023 年，外部环境错综复杂，国内经济开始修复，但有效需求不 足，经济回升承压较大。2023 年全国生猪出栏 7.26 亿头，同比增加 3.8%；全年猪牛羊禽肉产量 9,641 万吨，同比增长 4.5%，主要肉类供 应充足，但消费不振、需求不旺，市场竞争激烈，企业遇到了诸多困 难挑战。面对复杂多变的形势，董事会科学决策，经营层积极作为， 带领全体员工攻坚克难，公司全年肉类总外销量 323 万吨，同比增长 2.4%；营业总收入 601 亿元，同比下降 4.2%；利润总额 66.5 亿元， 同比下降 7.2%。 2023 年，公司入选"凯度 BrandZ 最具价值中国品牌 100 强""中 国品牌价值 500 强""中国民营企业 500 强"，并荣获"中国肉制品 行业标志性品牌""中国肉类食品行业先进企业""中国国际肉类产 业周特别贡献奖""河南省肉类食品行业突出贡献奖"等多项荣誉。 公司"双汇"品牌价值已达 806.69 亿元，连续多年领跑中国肉类行 业，是中国肉类行业最具影响力的品牌之一。 二、2023 年董事会履职情况 河南双汇投资发展股份有限公司 2023 年度董事会工作报告 2023 年，公 ...

汇丰前海证券有限责任公司 关于 河南双汇投资发展股份有限公司 2023 年度募集资金存放与使用情况的核查意见 保荐机构 签署日期：二〇二四年三月 汇丰前海证券有限责任公司 关于河南双汇投资发展股份有限公司 2023 年度募集资金存放与使用情况的核查意见 汇丰前海证券有限责任公司（以下简称"保荐机构"）作为河南双汇投资发 展股份有限公司（以下简称"公司"、"双汇发展"）非公开发行股票的保荐机构， 根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公司自律监管指 引第13号——保荐业务》《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》《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》等有关规定，对双汇发展2023年 度募集资金存放与使用情况进行了审慎核查，具体核查情况如下： 一、募集资金基本情况 （一）实际募集资金金额及资金到位时间 （二）募集资金的实际使用及结余情况 截至2023年12月31日，公司募集资金使用情况和节余金额为： | 项目 | 金额（万元） | | --- | --- | | 募集资金净额 | 696,768.16 | ...