研报掘金丨海通国际：双汇发展高分红凸显投资价值，维持“优于大市”评级

Core Viewpoint - Haitong International's report indicates that Shuanghui Development's meat product profit per ton remains at a high level, and its high dividend highlights its investment value [1] Financial Performance - In Q2 2025, the company's meat product revenue reached 5.62 billion yuan, a year-on-year increase of 0.8% [1] - Sales volume was approximately 328,000 tons, up 0.7% year-on-year, with an average selling price of 17,200 yuan per ton, reflecting a 0.1% increase year-on-year [1] - Operating profit for meat products was 1.5 billion yuan, a year-on-year increase of 4.4%, resulting in a profit per ton of 4,581 yuan, which is a 3.7% year-on-year increase [1] Cost Management and Market Strategy - The company's raw material costs for meat products remained low during Q2 2025, contributing to the maintenance of high profit per ton [1] - The company is enhancing its market development efforts in the slaughtering business, with an expectation of an increased proportion of frozen products in the future [1] Future Outlook - For 2025, raw material costs for meat products are expected to continue operating at low levels, which is anticipated to positively impact the company's overall operations [1] - The report maintains a target price of 29.91 yuan, reflecting a 6% decrease, and assigns a "better than market" rating with a 20x PE for 2025 [1]