SHUANGHUI(SZ:000895) Guohai Securities·2024-04-23 14:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2024 report shows a decline in revenue and net profit, with operating income at 14.269 billion yuan, down 8.92% year-on-year, and net profit attributable to shareholders at 1.272 billion yuan, down 14.54% year-on-year [3] - Despite the decline in sales volume, the profit per ton of meat products reached a historical high of 5,000 yuan/ton, benefiting from low pork prices and ongoing product structure upgrades [4][5] - The company is expected to achieve revenue growth of 3% in 2024, with net profit growth of 6%, and maintain a strong profit margin due to cost control and product mix optimization [6][7] Summary by Sections Financial Performance - In Q1 2024, the company achieved operating income of 14.269 billion yuan, a decrease of 8.92% year-on-year, and a net profit of 1.272 billion yuan, down 14.54% year-on-year [3] - The meat products segment generated revenue of 6.793 billion yuan, a decline of 4.5% year-on-year, but operating profit increased by 15.7% to 1.887 billion yuan [4] - The profit margin for meat products reached 27.78%, an increase of 4.85 percentage points year-on-year [4] Market Position - The company's stock is currently priced at 27.53 yuan, with a market capitalization of approximately 95.38 billion yuan [4] - The stock has shown a performance of -3.3% over the past month, 3.0% over the past three months, and 12.7% over the past year, compared to the CSI 300 index [5] Future Outlook - The company is projected to achieve operating revenues of 62.111 billion yuan in 2024, with a growth rate of 3%, and net profit of 5.332 billion yuan, reflecting a growth rate of 6% [6][7] - The expected earnings per share (EPS) for 2024 is 1.54 yuan, with a price-to-earnings (P/E) ratio of 17.67 [7][8]