SHUANGHUI(000895) 东吴证券·2025-03-28 12:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 annual report shows that total revenue is 59.715 billion yuan, a slight decrease of 0.64% year-on-year, while net profit attributable to shareholders is 4.989 billion yuan, down 1.26% year-on-year. In Q4 2024, total revenue reached 15.603 billion yuan, an increase of 13.46% year-on-year, with net profit of 1.185 billion yuan, up 63.27% year-on-year [9] - The demand for meat products remains weak, leading to a decline in sales volume, but the profit per ton has reached a historical high of 4,469 yuan, an increase of 13.8% year-on-year. The company plans to enhance its sales structure and deepen market operations to drive sales growth in 2025 [9] - The company maintains a high dividend payout, proposing a cash dividend of 0.75 yuan per share, resulting in an annual dividend rate of approximately 98%, with a dividend yield exceeding 5% based on the current stock price [9] Financial Summary - For 2023A, total revenue was 60.097 billion yuan, with a year-on-year decrease of 4.20%. The net profit attributable to shareholders was 5.053 billion yuan, down 10.11% year-on-year. The latest diluted EPS for 2023A was 1.46 yuan, with a P/E ratio of 18.27 [1] - The company forecasts revenues of 62.043 billion yuan in 2025, 64.130 billion yuan in 2026, and 66.014 billion yuan in 2027, with year-on-year growth rates of 3.9%, 3.36%, and 2.94% respectively. The net profit attributable to shareholders is expected to be 5.210 billion yuan in 2025, 5.490 billion yuan in 2026, and 5.723 billion yuan in 2027, with corresponding growth rates of 4.44%, 5.37%, and 4.25% [9][10]