SHUANGHUI(000895) 新浪证券·2025-04-03 09:58Core Viewpoint - Shuanghui Development reported a revenue decline of 0.55% in 2024, marking the fourth consecutive year of revenue decrease, attributed to intense market competition and declining demand for its products [1][2] Financial Performance - In 2024, Shuanghui achieved a total revenue of 59.561 billion yuan and a net profit attributable to shareholders of 4.989 billion yuan, both showing a year-on-year decline of 0.55% and 1.26% respectively [2][3] - The company's revenue from fresh pork products dropped from 48.267 billion yuan in 2020 to 30.334 billion yuan in 2024, while revenue from packaged meat products fell from 28.098 billion yuan to 24.788 billion yuan during the same period [3] Sales and Market Dynamics - Sales volume of meat products decreased by 1.67% year-on-year, with packaged meat products down by 6.11% and fresh pork products down by 4.4% [3][4] - The market for meat products is facing challenges due to changing consumer preferences towards fresh, minimally processed meat, impacting traditional products like ham [4] Inventory and Supply Chain - As of the end of 2024, Shuanghui's inventory was close to 7 billion yuan, which is higher than in previous years despite declining revenues, leading to a decreasing inventory turnover rate [3][6] - The company has been adjusting its sales strategy by reducing low-margin channel sales to protect fresh product profits, resulting in a decrease in slaughter volume [2][3] Debt and Dividend Policy - Shuanghui has maintained a high dividend payout ratio, distributing 4.885 billion yuan in total dividends for 2024, with a payout ratio of 97.92% [5][6] - The company's interest-bearing debt has significantly increased from 2.364 billion yuan in 2021 to 7.924 billion yuan in 2024, raising concerns about its financial sustainability [6][7]