SHUANGHUI(000895) 中原证券·2025-04-02 00:23Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase in stock price relative to the CSI 300 index in the next six months [1][11][18]. Core Views - The company reported a significant year-on-year increase in net profit for Q4, continuing its high dividend policy. Total revenue for 2024 was 595.61 billion yuan, a slight decrease of 0.55% year-on-year, while net profit attributable to shareholders was 49.89 billion yuan, down 1.26% year-on-year. However, the net profit after deducting non-recurring items increased by 1.71% year-on-year [5][11]. - The company’s packaging meat products segment achieved a historical high in profit per ton, with a sales revenue of 247.88 billion yuan, down 6.16% year-on-year, but operating profit increased by 6.8% [11]. - The fresh products segment showed signs of recovery, with Q4 revenue and net profit both increasing significantly, indicating a turnaround in sales performance [11]. Summary by Relevant Sections Market Data - Closing price: 26.97 yuan - Market capitalization: 934.27 billion yuan - Price-to-book ratio: 4.42 [1]. Financial Performance - 2024 total revenue: 595.61 billion yuan, down 0.55% year-on-year - 2024 net profit: 49.89 billion yuan, down 1.26% year-on-year - Q4 revenue: 156.03 billion yuan, up 13.46% year-on-year - Q4 net profit: 11.85 billion yuan, up 63.27% year-on-year [5][11]. Profitability Metrics - Gross margin: 17.69% - Return on equity (diluted): 23.62% - Operating cash flow per share: 2.43 yuan [1][11]. Future Projections - Expected net profits for 2025, 2026, and 2027 are 57.51 billion yuan, 59.31 billion yuan, and 61.76 billion yuan respectively, with corresponding EPS of 1.66 yuan, 1.71 yuan, and 1.78 yuan [11][12].