SHUNXIN AGRICULTURE(000860) 德邦证券·2024-08-31 11:00Investment Rating - The report maintains a "Buy" rating for Shunxin Agriculture (000860.SZ) [2] Core Views - The company reported a revenue of 5.687 billion yuan for H1 2024, a year-on-year decrease of 8.45%, but achieved a net profit of 423 million yuan, compared to a loss of 81 million yuan in the same period last year [4] - The white liquor segment showed positive growth, with H1 revenue of 4.7 billion yuan, a year-on-year increase of 3.17%, while the slaughtering segment saw a revenue decline of 36.64% [4] - The report forecasts revenue for 2024-2026 to be 10.86 billion yuan, 11.92 billion yuan, and 13.01 billion yuan respectively, with year-on-year growth rates of 2.5%, 9.8%, and 9.1% [5] Financial Performance Summary - H1 2024 net profit was 423 million yuan, significantly better than the forecasted median of 405 million yuan [4] - The company’s high-end liquor, mid-range liquor, and low-end liquor revenues changed by +5.94%, -7.29%, and +4.87% respectively in H1 2024 [4] - The gross profit margins for high-end, mid-range, and low-end liquors decreased by 2.84, 5.26, and 3.36 percentage points respectively compared to the previous year [5] Future Projections - The report projects net profits for 2024, 2025, and 2026 to be 630 million yuan, 800 million yuan, and 968 million yuan, with year-on-year growth rates of 311.8%, 27.8%, and 20.9% respectively [5] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.84 yuan, 1.08 yuan, and 1.30 yuan respectively [6]