SHUANGHUI(000895) 开源证券·2025-03-27 08:45Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company's performance in Q4 2024 showed significant improvement, with a quarterly revenue of 15.6 billion yuan, up 13.5% year-on-year, and a net profit of 1.18 billion yuan, up 63.3% year-on-year. The overall revenue for 2024 was 59.715 billion yuan, down 0.6% year-on-year, and the net profit was 4.989 billion yuan, down 1.3% year-on-year [3][4] - The company maintains a high dividend payout ratio, with a total dividend of 4.885 billion yuan for 2024, representing 98% of the net profit, indicating a stable value investment [3][4] Financial Performance Summary - In 2024, the company achieved total revenue of 597.15 billion yuan, a decrease of 0.6% year-on-year, and a net profit of 49.89 billion yuan, a decrease of 1.3% year-on-year [3][6] - For Q4 2024, the company reported a revenue of 156.03 billion yuan, an increase of 13.5% year-on-year, and a net profit of 11.85 billion yuan, an increase of 63.3% year-on-year [3][4] - The company forecasts net profits of 52.4 billion yuan, 55.1 billion yuan, and 58.2 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.51, 1.59, and 1.68 yuan [3][6] Business Segment Performance - The meat product segment generated revenue of 55.9 billion yuan in Q4 2024, a decrease of 0.4% year-on-year, but the operating profit increased by 7.4% due to effective cost control [4] - The slaughtering segment saw revenue of 85.1 billion yuan in Q4 2024, an increase of 21.7% year-on-year, with operating profit rising by 153.0% [5] - The breeding segment turned profitable in Q4 2024, with a revenue increase of 15.1% year-on-year, indicating potential for growth in 2025 [5] Valuation Metrics - The current stock price is 26.64 yuan, with a market capitalization of 92.299 billion yuan [1] - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 17.6, 16.8, and 15.9 respectively [3][6] - The company maintains a high return on equity (ROE) of 23.7% for 2024, projected to decline to 15.5% by 2027 [6][9]