SHUANGHUI(000895) 中原证券·2024-10-30 09:31Investment Rating - The report maintains an "Accumulate" investment rating for the company [5] Core Views - The company's performance meets expectations, with Q3 net profit showing both year-on-year and quarter-on-quarter growth. For the first three quarters of 2024, the company achieved revenue of 43.999 billion yuan, a year-on-year decrease of 4.75%, and a net profit of 3.804 billion yuan, down 12.08% year-on-year. However, operating cash flow increased significantly by 182.03% [2] - The packaging meat products segment saw a revenue of 19.201 billion yuan in the first three quarters, a decrease of 7.71% year-on-year, but operating profit increased by 6.65% year-on-year, with a historical high profit per ton of approximately 4,900 yuan, up 13% year-on-year [3] - The fresh products segment experienced a revenue of 21.826 billion yuan in the first three quarters, down 8.99% year-on-year, with operating profit declining by 46.73% year-on-year. However, Q3 revenue improved by 5.03% year-on-year and 26% quarter-on-quarter [4] - The company is expected to achieve net profits of 5.441 billion yuan, 6.045 billion yuan, and 5.926 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.57 yuan, 1.74 yuan, and 1.71 yuan [5][7] Summary by Sections Market Data - Closing price: 24.30 yuan - Market capitalization: 84.178 billion yuan - Price-to-book ratio: 4.22 [1] Financial Performance - Q3 2024 revenue: 16.406 billion yuan, up 4.06% year-on-year - Q3 2024 net profit: 1.508 billion yuan, up 1.18% year-on-year, and up 47.18% quarter-on-quarter [2] - Q3 2024 operating cash flow: 6.913 billion yuan, up 182.03% year-on-year [2] Segment Performance - Packaging meat products: Q3 revenue of 6.828 billion yuan, down 4.01% year-on-year, but operating profit increased by 7.92% year-on-year [3] - Fresh products: Q3 revenue of 8.5 billion yuan, up 5.03% year-on-year, but operating profit decreased [4] Future Projections - Expected net profits for 2024, 2025, and 2026 are 5.441 billion yuan, 6.045 billion yuan, and 5.926 billion yuan respectively [5][7]