Investment Rating - The investment rating for the company is "Outperform the Market" [5][29]. Core Views - In 2024, the company's net profit attributable to shareholders decreased by 1.26% year-on-year, with total revenue of 59.7 billion yuan, a decline of 0.64%. The fresh products segment saw a revenue drop of 2.1%, while the meat products segment experienced a revenue decline of 6.2% but an increase in operating profit by 6.8% due to effective cost control measures [1][8]. - The company maintains a high cash dividend policy, distributing 4.885 billion yuan in cash dividends for 2024, resulting in a dividend yield of 5.43% [1][8]. - The company plans to continue expanding its network and enhancing marketing innovation in the meat products market, while also focusing on the growth of its fresh products and improving profitability in the breeding sector [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 59.7 billion yuan, with a net profit of 4.989 billion yuan. The fresh products segment generated 30.33 billion yuan in revenue, while the meat products segment generated 24.79 billion yuan [1][8]. - The operating profit for the fresh products segment fell by 35.6% to 440 million yuan, while the meat products segment's operating profit rose to 6.65 billion yuan [1][8]. - The company’s overall operating cash flow increased significantly by 148.4% to 8.416 billion yuan, representing 14.13% of total revenue [22]. Business Segments - The total external sales volume of meat products in 2024 was 3.18 million tons, a decrease of 1.67%. The slaughtering volume declined due to increased industry capacity and competition [2]. - The average operating profit per ton of meat products reached 4,699 yuan, marking a historical high [2]. - The company has accelerated its entry into the prepared food sector, launching various products that have received positive market feedback, indicating potential for revenue growth [3]. Future Outlook - The company has revised its profit forecasts for 2025-2027, now expecting net profits of 5.305 billion yuan, 5.606 billion yuan, and 5.878 billion yuan respectively [3][25]. - The projected price-to-earnings ratios for 2025-2027 are 17.2, 16.2, and 15.5 times, respectively [3][25].

Core Viewpoint - The company, Delisi (002330), reported a stable operating performance in 2024 with a revenue of 2.965 billion yuan, focusing on enhancing product quality and cost control while expanding its national production capacity and marketing network [1] Group 1: Business Performance - In 2024, Delisi achieved an annual revenue of 2.965 billion yuan, maintaining operational stability despite changes in terminal consumption and intensified industry competition [1] - The company has completed several key projects, including a 100,000 tons/year meat processing project in Shandong and a cold chain logistics project in Jilin, which support its national capacity layout [1] Group 2: Marketing Strategy - Delisi is building a comprehensive marketing network, focusing on strategic partnerships with major clients in the B-end, including Sam's Club and Haidilao, to enhance brand recognition among C-end consumers [2] - The company is expanding its presence in high-demand regions for pre-prepared dishes, establishing collaborations with local clients to accumulate industry resources and experience [2] Group 3: Product Development and Innovation - The company emphasizes product quality and innovation, with R&D investment increasing by 26.27% year-on-year, focusing on digital upgrades and new product development [3] - Delisi has introduced advanced production lines and smart technologies in its processing projects, significantly improving production efficiency and product quality [3] Group 4: Operational Efficiency - The company implements lean management practices to control costs, including optimizing the supply chain and encouraging innovation among employees to reduce waste in production processes [3] - Delisi maintains strict supervision over product safety from raw material sourcing to sales, continuously optimizing standardized production processes [4] Group 5: Future Outlook - The company aims to achieve continuous breakthroughs in operational performance, core business, and management efficiency while accelerating brand upgrades and expanding into international markets [4]

来源：螺旋实验室 餐厅用了预制菜，菜单上却绝口不提 。超市里的预制菜包装，往往只突出便利性，对加工工艺、添加剂作用含糊其词。消费者付了钱，却连 自己吃进嘴里的是什么都搞不清楚，基本的知情权何在？ 作者丨安晓 编辑丨坚果 部分预制菜头部企业的日子更是不太好过，顶着"中国预制菜之王"光环的安井食品，在预制菜概念大火 的2021年，其A股市值一度达到约680亿元，但如今已跌去了450亿，净利润也在逐年走低。 封面来源丨Unsplash " " 已是春光明媚的四月，但对于整个预制菜行业来说，似乎还没有感受到融融的暖意。 2025年前三个月，关于预制菜相关的投融资事件数量寥寥无及，几乎已经再难看到头部企业和知名VC 再向这一领域押下重注。 上个月的315，预制菜果然没让人"失望"，又又"光荣"上榜。某头部连锁餐饮品牌因预制菜相关的"菌落 超标"问题，被市场监管部门重罚，一记响亮的耳光狠狠扇在行业脸上，也再次精准砸中了消费者那颗 对预制菜本就脆弱的小心脏。 曾经，预制菜被捧上神坛，顶着"解放双手"、"厨房革命"的光环，被资本吹上万亿风口，号称是打工人 的"续命神器"。可如今，当"科技与狠活"的标签被牢牢贴上，预制菜这盘" ...

Core Viewpoint - The financial report of Shuanghui Development for the year 2024 shows concerning trends, with a decline in revenue and net profit for the fourth consecutive year, indicating ongoing challenges in the traditional meat product market [2][4][6]. Financial Performance - In 2024, Shuanghui reported total revenue of 59.56 billion yuan, a decrease of 0.55% year-on-year, and a net profit of 4.99 billion yuan, down 1.26% [4][10]. - The revenue from packaged meat products fell sharply by 6.16%, while the fresh pork product segment also experienced a decline, with revenue down 2.06% to 30.34 billion yuan [6][7]. - The total external sales volume of meat products was 3.18 million tons, reflecting a decrease of 1.67% [6]. Market Competition - The traditional packaged meat products, such as ham and luncheon meat, are losing appeal among younger consumers, who prefer fresh and minimally processed meat options [4][6]. - New brands, like Fengwei Pai founded by celebrity Xie Tingfeng, are capturing market share, with reported sales of 1.5 billion yuan and being the top seller for three consecutive years [2][4]. Dividend Policy - Shuanghui continues its high dividend policy, distributing 48.85 billion yuan in cash dividends, which accounts for nearly 98% of its net profit, raising concerns about corporate governance and the interests of minority shareholders [10][11]. - The company's dividend payout has exceeded its net profit for several years, indicating a reliance on cash flow rather than reinvestment for growth [11]. Governance Issues - The financial report marks the first year under the leadership of Wan Hongwei, the second-generation successor, amidst ongoing concerns about family control and governance issues within the company [13]. - The transition of leadership has not alleviated worries regarding the protection of minority shareholders' interests and the long-term strategic direction of the company [13]. Food Safety Concerns - Shuanghui faces ongoing food safety complaints, with a total of 4,640 complaints reported, primarily related to product quality issues such as spoilage and contamination [15][17]. - Previous incidents of food safety violations have damaged consumer trust, necessitating a comprehensive overhaul of production processes and quality management to restore brand reputation [15][17].