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研報掘金丨申萬宏源:雙匯發展業績符合預期,維持“買入”評級
格隆匯 03-26 17:08
申萬宏源研究指出,雙匯發展(000895.SZ)24年歸母淨利潤49.89億,同比下降1.26%,其中2024Q4歸母淨利潤11.85億,同比增長63.27%。公司業績符合預期。望2025年,公司積極實施銷售體系改革,對高温、低温、速凍、零食等銷售部門實現專業化運作,並打造立體化客户結構、持續推進網點倍增,強化渠道下沉能力,此外,應對市場競爭,公司將加大市場投入,並精準激勵業務人員。我們認為在一系列強化銷售的措施推動下,2025年肉製品業務的銷量表現有望得到改善。另一方面,費用的增投預計對2025年的噸利產生一定負面影響,但得益於豬價、雞價壓力不大,預計依然有望維持在相對較高水平。養殖業務改善主因公司養殖技術指標得到改善,展望2025年,認為養殖業務在規模提升的同時有望進一步實現減虧。公司作為肉製品行業領先企業,擁有較強的競爭優勢,且估值較低,分紅率高,2024年現金分紅金額對應股息率為5%,維持“買入”評級。
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