公司信息更新报告：屠宰业务承压，肉制品吨利高位

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2][4] Core Views - The company's Q1 2024 revenue was 14.31 billion yuan, a year-on-year decrease of 8.9%, with a net profit attributable to shareholders of 1.27 billion yuan, down 14.5% year-on-year. The profit forecast for 2024-2026 is maintained, with expected net profits of 5.44 billion, 5.80 billion, and 6.17 billion yuan, representing growth rates of 7.7%, 6.6%, and 6.4% respectively. The corresponding EPS for these years is projected to be 1.57, 1.67, and 1.78 yuan, with current PE ratios of 16.5, 15.5, and 14.5 times [4][5][6] Summary by Sections Financial Performance - In Q1 2024, the slaughtering business faced pressure with revenue of 6.6 billion yuan, a year-on-year decline of 16.5%, and operating profit of 95.67 million yuan, down 68.5% year-on-year. The fresh product segment's profitability remained stable, while frozen product profitability declined, leading to a decrease in overall profitability for the fresh product division [5][6] - The meat product segment reported a revenue decline of 4.5% to 6.79 billion yuan, attributed to a high base from the previous year due to pandemic control measures. However, operating profit increased by 15.7% to 1.89 billion yuan, driven by cost control and product mix improvements [6][7] Market Outlook - The company plans to implement several strategies in 2024 to enhance sales and profitability, including expanding the number and quality of distribution points, adjusting product structures, developing new products, and increasing market investments to boost competitiveness [6][7] - The forecast for 2024 indicates that despite short-term pressures on the slaughtering business, the meat product segment is expected to maintain high profitability levels, with volume and profit growth anticipated [5][6]