SHUANGHUI(SZ:000895)2024-08-14 01:09Investment Rating - The investment rating for the company is "Buy (Maintain)" [5] Core Views - The company reported a total revenue of 27.67 billion yuan for the first half of 2024, a year-on-year decrease of 9.34%, with a net profit attributable to the parent company of 2.30 billion yuan, down 19% year-on-year. The second quarter of 2024 saw a revenue of 13.36 billion yuan, a decline of 9.78%, and a net profit of 1.02 billion yuan, down 24% year-on-year [5] - The company plans to distribute a mid-term dividend of 0.66 yuan per share (before tax), with a dividend payout ratio of 99.6% [5] - Due to pressure on meat product demand, the profit forecast for 2024-2026 has been lowered, with net profits projected at 4.82 billion, 5.08 billion, and 5.26 billion yuan respectively, reflecting year-on-year changes of -4.5%, +5.2%, and +3.6% [5] - The company maintains a strong competitive advantage in the meat product industry, with a low valuation and high dividend yield, corresponding to a dividend yield of 6.2% for 2023 [5] Financial Data Summary - Total revenue for 2024 is estimated at 57.22 billion yuan, with a year-on-year decrease of 4.4%. The net profit for 2024 is projected at 4.82 billion yuan, down 4.5% year-on-year [7] - The earnings per share for 2024 is expected to be 1.39 yuan, with a gross margin of 17.0% and a return on equity (ROE) of 23.6% [7] - The company’s total assets and liabilities ratio stands at 42.18% as of June 30, 2024 [3]