SHUANGHUI(000895) 国海证券·2024-10-31 00:35Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][5]. Core Views - The company's Q3 performance shows a sequential improvement in meat product profitability, maintaining a high profit per ton [3]. - The company achieved a revenue of 43.999 billion yuan in the first three quarters of 2024, a year-on-year decrease of 4.8%, with a net profit attributable to shareholders of 3.804 billion yuan, down 12.1% year-on-year [2][3]. - The outlook for Q4 suggests continued improvement in meat product performance due to adjustments in product structure and expansion of sales channels [3]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 16.406 billion yuan, a year-on-year increase of 4.1%, and a net profit of 1.508 billion yuan, up 1.2% year-on-year [2][3]. - The meat product segment generated a revenue of 6.828 billion yuan in Q3 2024, with a year-on-year decline of 4%, but operating profit increased by 7.9% [3]. - The company’s total market capitalization is approximately 84.191 billion yuan [1]. Future Projections - The company is expected to achieve revenues of 58.672 billion yuan, 61.514 billion yuan, and 64.457 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 4.802 billion yuan, 5.047 billion yuan, and 5.316 billion yuan [5][6]. - The earnings per share (EPS) are projected to be 1.39 yuan for 2024, 1.46 yuan for 2025, and 1.53 yuan for 2026, with price-to-earnings (P/E) ratios of 18, 17, and 16 respectively [5][6]. Market Position - The company’s performance relative to the CSI 300 index shows a decline of 5.3% over the past year, but a 10.3% increase over the last three months [3]. - The current stock price is 24.30 yuan, with a 52-week price range of 22.29 to 30.10 yuan [3].