SHUANGHUI(000895) 申万宏源·2024-10-30 04:12Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong investment opportunity due to its competitive advantages and low valuation [6]. Core Insights - The company reported a total revenue of 441.12 billion yuan for the first three quarters of 2024, a year-on-year decrease of 4.82%, with a net profit attributable to shareholders of 38.04 billion yuan, down 12% year-on-year. However, Q3 2024 showed a revenue of 164.4 billion yuan, up 3.9% year-on-year, and a net profit of 15.08 billion yuan, an increase of 1.18% year-on-year, aligning with expectations [5][6]. - The company is projected to have net profits of 48.24 billion, 50.75 billion, and 52.59 billion yuan for 2024 to 2026, with respective year-on-year changes of -4.5%, +5.2%, and +3.6% [6]. - The report highlights a significant improvement in meat product demand, with a notable year-on-year increase in profit per ton, reaching nearly 4,900 yuan, up 13% [6]. Summary by Sections Market Data - Closing price: 24.30 yuan - Market capitalization: 84,178 million yuan - Price-to-book ratio: 4.1 - Dividend yield: 5.60% [2]. Financial Performance - For Q3 2024, the company achieved a revenue of 164.4 billion yuan, with a net profit of 15.08 billion yuan. The total revenue for the first three quarters was 441.12 billion yuan, with a net profit of 38.04 billion yuan [5][6]. - The company’s revenue for 2024 is projected to be 57,425 million yuan, with a net profit of 4,824 million yuan [8]. Profitability Metrics - The gross profit margin for Q3 2024 was reported at 18.2%, with a return on equity (ROE) of 19.1% [8]. - The earnings per share (EPS) for 2024 is projected to be 1.39 yuan [8]. Business Segments - The meat product segment reported a revenue of 68.28 billion yuan in Q3 2024, with a profit margin improvement due to effective cost management and a favorable pricing environment [6]. - The slaughtering business generated 85 billion yuan in revenue, with a year-on-year growth of 5% [7]. Future Outlook - The company is expected to maintain a high dividend payout ratio, with a projected dividend yield of 6% based on 2023 net profits [6]. - The report anticipates a recovery in sales volume due to improved inventory management and expansion into high-end retail channels [6].