SHUANGHUI(000895) 国元证券·2025-04-01 09:27Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025, 2026, and 2027 projected at 51.88 billion, 54.58 billion, and 56.88 billion respectively, reflecting year-on-year growth of +3.98%, +5.21%, and +4.21% [4] Core Insights - In 2024, the company achieved total revenue of 597.15 billion (down 0.64%) and a net profit attributable to shareholders of 49.89 billion (down 1.26%), with a cash dividend of 0.75 per share [1] - The company reported a recovery in sales volume in Q4 2024, with total external sales of meat products reaching 83.12 million tons, an increase of 9.47% year-on-year [2] - The gross profit margin for the company was 17.69%, an increase of 0.64 percentage points year-on-year, driven by improvements in the gross profit margins of packaged meat and poultry products [3] Summary by Sections Financial Performance - In Q4 2024, the company achieved total revenue of 156.03 billion (up 13.46%) and a net profit of 11.85 billion (up 63.27%) [1] - The total external sales volume of meat products for 2024 was 318 million tons, a decrease of 1.67% year-on-year, primarily due to declines in packaged meat and fresh pork products [2] - The company’s revenue from packaged meat products, fresh pork, and other products for 2024 was 247.88 billion, 269.30 billion, and 79.97 billion respectively, with year-on-year changes of -6.16%, +1.12%, and +13.42% [2] Profitability - The profit margin for the packaged meat segment increased by 14% to 4699 yuan per ton, while the profit margin for fresh pork decreased by 32.61% to 324 yuan per ton [3] - The company’s net profit for 2024 was 49.89 billion, with a year-on-year decrease of 1.26% [1] Growth Prospects - The company plans to expand its direct sales and distribution network, with direct sales revenue increasing by 6.11% to 143.81 billion and the number of distributors growing by 19.83% to 21,282 [2] - Future net profit projections for 2025, 2026, and 2027 indicate a steady growth trajectory, with corresponding P/E ratios of 18, 17, and 16 [4]