2023年报点评：2023年经营业绩承压，现金高分红保持稳定

Investment Rating - The investment rating for the company is "Buy" [1][4][6] Core Views - The company's operating performance in 2023 was under pressure, primarily due to the decline in pork prices leading to significant inventory impairment losses. The total revenue for 2023 was CNY 60.097 billion, a decrease of 4.20% year-on-year, while the net profit attributable to shareholders was CNY 5.102 billion, down 10.77% year-on-year. The total external sales volume of meat products reached 3.23 million tons, an increase of 2.41% year-on-year [1][6] - The company maintained a high cash dividend policy, proposing a cash dividend of CNY 7.00 per 10 shares (including tax) for the year, resulting in a total cash dividend of CNY 5.02 billion, with a dividend payout ratio of 99.4% [1][6] - The slaughtering business showed steady growth, with a pig slaughter volume of 12.69 million heads, up 12.3% year-on-year. The gross margin for fresh frozen products was 5.7%, an increase of 0.58 percentage points year-on-year. The company plans to focus on cost reduction, stable profits, and volume expansion in 2024 [1][6] Financial Performance Summary - In 2023, the company reported total revenue of CNY 60.097 billion, a decrease of 4.20% from 2022. The net profit was CNY 5.053 billion, down 10.1% year-on-year. The earnings per share (EPS) for 2023 was CNY 1.46 [5][17] - The company expects a recovery in profitability, with projected net profits for 2024, 2025, and 2026 at CNY 6.002 billion, CNY 6.312 billion, and CNY 6.602 billion, respectively [5][17] - The company’s gross margin improved to 17.05% in 2023, an increase of 0.66 percentage points year-on-year, while the net profit margin was 8.52%, a decrease of 0.62 percentage points year-on-year [14][17] New Business Opportunities - The company has accelerated its layout in the prepared food sector, establishing a dedicated team for product development and launching various fresh and ready-to-eat products. This new business is expected to contribute positively to the company's performance [2][6]