机构：东吴证券 研究员：苏铖/邓洁 机制升级，渠道细化：（1）机制：公司进一步完善合伙人考核机制，将增量利润作为关键激励指标， 鼓励市场开拓；（2）产品：产品项目制下推新明显加速、且不乏亮点，2024 年上新产品超50 个;（3） 渠道与新市场：2024Q3 以来公司对于流通渠道的管理进一步细化、积极下沉，同时发展电商、开拓海 外。随着泰国工厂投产，泰国、越南等海外市场收入有望实现高增。 原料价格趋于平稳，期待盈利改善。2025 年原材料端或基本保持平稳，毛利率走势需进一步观察业务 结构情况，但随着线上等渠道费用投放策略日益成熟、销售费用率有望优化。叠加2025 年非经项目预 计影响减小，综合考虑下我们期待净利率的稳中有升。 盈利预测与投资评级：机制升级、推新加速、渠道细化、海外开拓，第三方表现稳健，期待关联方修 复。考虑到业务结构调整的短期影响，我们微幅调整2025-2027 年归母净利润预测至8.49/9.46/10.52 亿 元（原值： 8.85/9.89/10.88 亿元），EPS 分别为0.82/0.91/1.01 元，对应当前PE14.96x、13.44x、12.09x，维持"买 入"评级。 风险 ...

证券研究报告·海外公司点评·食物饮品(HS) 颐海国际（01579.HK） 笃行不辍，期待修复 2025 年 05 月 22 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,156 | 6,540 | 7,191 | 7,907 | 8,680 | | 同比(%) | (0.11) | 6.24 | 9.96 | 9.96 | 9.78 | | 归母净利润（百万元） | 852.70 | 739.43 | 849.32 | 945.72 | 1,051.16 | | 同比(%) | 14.92 | (13.28) | 14.86 | 11.35 | 11.15 | | EPS-最新摊薄（元/股） | 0.82 | 0.71 | 0.82 | 0.91 | 1.01 | | P/E（现价&最新摊薄） | 14.90 | 17.19 | 14.96 | 13.44 | 12.09 | [Table_Tag] ...

证券研究报告·海外公司点评·食物饮品(HS) 颐海国际（01579.HK） 笃行不辍，期待修复 2025 年 05 月 22 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,156 | 6,540 | 7,191 | 7,907 | 8,680 | | 同比(%) | (0.11) | 6.24 | 9.96 | 9.96 | 9.78 | | 归母净利润（百万元） | 852.70 | 739.43 | 849.32 | 945.72 | 1,051.16 | | 同比(%) | 14.92 | (13.28) | 14.86 | 11.35 | 11.15 | | EPS-最新摊薄（元/股） | 0.82 | 0.71 | 0.82 | 0.91 | 1.01 | | P/E（现价&最新摊薄） | 14.90 | 17.19 | 14.96 | 13.44 | 12.09 | [Table_Tag] ...

食品饮料 | 证券研究报告 — 调整盈利预测 2025 年 5 月 8 日 01579.HK 增持 原评级：增持 市场价格:港币 13.76 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (5.9) 11.9 4.2 (19.2) 相对恒生指数 (21.5) (2.6) (3.1) (41.9) 发行股数 (百万) 1,036.70 流通股 (百万) 1,036.70 总市值 (港币 百万) 14,264.99 (33%) (20%) (6%) 8% 22% 35% May/24 Jun/24 Jul/24 Aug/24 Sep/24 Oct/24 Nov/24 Dec/24 Jan/25 Mar/25 Apr/25 May/25 颐海国际 恒生指数 3 个月日均交易额 (港币 百万) 82.83 主要股东 UBS Trustees (B.V.I.) Limited（%） 31.39 资料来源：公司公告， Wind ，中银证券 (8610)66229391 tianjiao.deng@bocichina.com 证券投资咨询业务证书编号：S1300519080002 ...

Financial Performance - Yihai International Holding Ltd. reported a consolidated revenue of HK$3.5 billion for the fiscal year 2024, representing a year-on-year increase of 15%[3]. - The company achieved a net profit of HK$500 million, which is a 20% increase compared to the previous year[3]. - The company has set a revenue guidance of HK$4 billion for the fiscal year 2025, projecting a growth rate of approximately 14%[3]. - For the year ended December 31, 2024, the company's revenue reached RMB 6,539,569,000, representing an increase from RMB 6,147,573,000 in 2023, which is a year-on-year growth of approximately 6.4%[29]. - Gross profit for the same period was RMB 2,045,813,000, up from RMB 1,941,304,000 in 2023, indicating a growth of about 5.4%[29]. - Profit for the year was RMB 799,477,000, a decrease from RMB 907,028,000 in 2023, reflecting a decline of approximately 11.9%[29]. - The total assets of the company as of December 31, 2024, were RMB 5,799,294,000, down from RMB 6,054,438,000 in 2023, marking a decrease of about 4.2%[31]. - The company reported a total equity of RMB 4,733,160,000 as of December 31, 2024, compared to RMB 5,089,410,000 in 2023, which is a decline of approximately 7%[31]. - Net profit decreased by 11.9% from RMB 907.0 million in 2023 to RMB 799.5 million in 2024, with basic earnings per share dropping from RMB 87.5 cents to RMB 76.2 cents[117]. Customer Growth and Market Expansion - User data indicates a growth in active customers by 25%, reaching a total of 1.2 million users[3]. - Yihai International plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[3]. - The company has entered into a strategic partnership with Haidilao to enhance distribution channels, expected to increase sales by 30% in the next fiscal year[3]. - The company is investing HK$200 million in R&D for new food technologies to enhance product quality and sustainability[3]. - The Group aims to address market changes by focusing on consumer needs and capturing market dynamics through tailored product offerings[33]. Product Development and Innovation - Yihai International is expanding its product line with the introduction of three new condiment products in Q1 2025, aiming to capture a larger market share[3]. - The company conducted a comprehensive review of its research and development team to better align with consumer demands, indicating a strategic focus on enhancing product offerings[34]. - The Group aims to enhance overall research and development capabilities by increasing investment in raw materials, techniques, and taste[42]. - The Group launched various new products tailored to local tastes and current food trends, enhancing consumer coverage in the instant meal category[63]. - The Group launched over 50 new products across all categories by December 31, 2024, including zero additives series and various ready-to-eat food options[65]. Sales and Revenue Channels - Revenue from third parties amounted to RMB 45.657 million in 2024, representing a year-on-year increase of 10.37%[33]. - E-commerce channels achieved sales revenue of RMB 398.7 million, representing a year-on-year increase of 30.9%[60]. - Revenue from beef tallow hot pot soup flavoring products amounted to RMB 584.0 million, representing a year-on-year increase of 12.1%[48]. - Revenue from tomato hot pot soup flavoring products amounted to RMB 424.3 million, representing a year-on-year increase of 8.6%[48]. - Revenue from crayfish seasonings amounted to RMB 222.8 million, representing a year-on-year increase of 31.5%[48]. Strategic Partnerships and Acquisitions - A new acquisition of a local snack brand is anticipated to be finalized by Q2 2025, which is expected to contribute an additional HK$150 million in revenue[3]. - The company entered into a purchase agreement with Shuhai Supply Chain on October 17, 2023, for the sale of food ingredients[13]. - A sales agreement was also established with Shuhai Supply Chain on October 17, 2023, for the sale of Shuhai Customized Products and Shuhai Retail Products[13]. Management and Governance - The company has a strong management team with members holding significant experience in the food industry and finance, including Mr. Zhang Yong, a founder of Haidilao with over 30 years of experience[180]. - The board includes independent directors with significant expertise in finance and risk management, enhancing corporate governance[181]. - The company emphasizes strong governance with a diverse board of directors and experienced management team[187]. - The management team has a strong educational background, with several members holding advanced degrees in business administration and finance from prestigious institutions[180]. Future Outlook and Strategic Focus - The Group plans to prioritize product research and development, overseas expansion, and channel building as strategic focuses for 2025[151]. - The Group will continue to explore new business formats and emerging consumer trends to achieve leapfrog development in 2025[43]. - Future plans include seeking strategic investment opportunities that can bring synergies in product R&D, product portfolio, channel expansion, and cost control[161]. - The Group intends to optimize channel operations by collaborating with emerging channels such as e-commerce platforms to increase market share[156].

摘要 • 公司预计 2025 年第三方业务收入实现双位数增长，主要驱动力来自 B 端 业务拓展和海外市场开拓，其中低价位素食产品表现突出，但渠道下沉和 竞争加剧可能导致第三方业务均价下降。 • B 端业务快速增长，预计 2025 年收入达 5-6 亿元，较 2024 年翻倍。大 B 客户粘性强，小 B 客户受外部环境影响大。公司计划继续下沉市场，深 耕华东、华南等区域。 • 海外业务预计 2025 年实现双位数增长，泰国工厂产能利用率有望提升至 30%。公司积极开拓本地化渠道，并针对当地口味开发产品，同时涉足 B 端市场。 • B 端业务毛利率低于 C 端，但净利润率相当，对集团层面净利率影响不大。 海外产品毛利率高于国内，但海运成本和经销商费用导致净利率较低，未 来有望接近国内水平。 • 2024 年营销费用率上涨，主要因仓储物流和广告营销费用增加。2025 年， 公司计划精细化管控销售费用，有望使其有所下降。线上渠道作为营销平 台，更注重引流而非单纯追求收入增长。 Q&A 今年一季度的业绩情况如何？ 今年一季度的业绩受到去年春节错位和天气影响。由于去年春节较晚，备货集 中在 1 月和 2 月，而今年春节较 ...

研究报告 Research Report 14 Apr 2025 颐海国际 YIHAI INTERNATIONAL HOLDING (1579 HK) 率先布局海外蓄力，第三方客户提振业绩 Take the lead in laying out overseas, and third party boost performance [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$13.42 目标价 HK$16.55 HTI ESG 1.2-3.0-3.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$13.91bn / US$1.79bn 日交易额 (3 个月均值) US$10.32mn 发行股票数目 1,037mn 自由流通股 (%) 56% 1 年股价最高最低值 HK$18.28-HK$10.62 注：现价 HK$13.42 为 2025 年 04 月 11 日收盘 ...

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - In 2024, the company achieved revenue of approximately 6.54 billion, representing a year-on-year growth of 6.4%. However, net profit decreased by 11.9% to around 800 million, and attributable net profit fell by 13.3% to approximately 740 million [1] - The growth in revenue for 2024 was primarily driven by the increase in third-party business, which saw a year-on-year growth of 9.1% [1] - The company is focusing on product innovation and channel optimization to drive profit recovery, with expectations for improved profitability in the long term [5] Revenue and Profitability - The company's gross margin and net margin for 2024 were 31.3% and 12.2%, respectively, showing a decline of 0.3 percentage points and 2.6 percentage points year-on-year [2] - The revenue from related parties, third parties, and other dining customers was 1.97 billion, 4.38 billion, and 180 million, respectively, with third-party revenue growing by 8.2% [3] - The sales of hot pot base products, Chinese compound seasonings, and convenient fast food were 4.09 billion, 790 million, and 1.61 billion, respectively, with growth rates of -0.2%, +26.5%, and +15.7% [3] Product and Market Expansion - The company is implementing a "product project system" to enhance R&D efficiency and expand its B-end product matrix [5] - In 2024, the company achieved sales in 49 overseas countries and regions, further enriching its overseas market layout [5] - The company is focusing on optimizing its supply chain and enhancing market penetration through online and B-end market expansion [5] Financial Forecast and Valuation - The company is projected to achieve revenues of 7.14 billion, 7.79 billion, and 8.52 billion in 2025, 2026, and 2027, respectively, with corresponding attributable net profits of 855 million, 947 million, and 1.048 billion [6] - The expected growth rates for revenue and attributable net profit from 2024 to 2027 are 16%, 11%, and 11% [6] - The price-to-earnings ratio is projected to be 15x, 14x, and 12x for 2025, 2026, and 2027, respectively [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved revenue and net profit of 6.54 billion and 739.43 million respectively in 2024, representing a year-on-year growth of 6.24% and a decline of 13.28% [7] - Third-party sales continue to grow, driven by products like crayfish, while the overall average price has slightly decreased due to the introduction of high-cost performance products [7] - The company is expected to maintain low double-digit growth in third-party revenue in 2025, with potential improvement in related party performance [7] Financial Forecasts - Total revenue is projected to grow from 6.54 billion in 2024 to 8.64 billion in 2027, with year-on-year growth rates of 6.24%, 10.76%, 9.96%, and 8.46% respectively [1][8] - Net profit is forecasted to decline to 739.43 million in 2024, followed by a recovery to 884.67 million in 2025 and 1,087.89 million in 2027 [1][8] - The latest diluted EPS is expected to be 0.71 in 2024, increasing to 1.05 by 2027 [1][8] Revenue Breakdown - Third-party revenue is expected to grow by 9% in the second half of 2024, with specific product categories showing varied performance [7] - Related party revenue is projected to decline by 12.35% in the second half of 2024, with significant drops in certain product categories [7] Strategic Initiatives - The company is enhancing its partner assessment mechanisms and accelerating product launches, with over 50 new products expected in 2024 [7] - The company is focusing on refining channel management and expanding e-commerce and overseas markets, particularly with the new factory in Thailand [7]

证券研究报告 颐海国际 (1579 HK) 港股通 第三方增势延续，B 端、海外后劲足 华泰研究 年报点评 2025 年 3 月 27 日│中国香港 餐饮 公司 2024 收入 65.4 亿/yoy+6.4%，归母净利润 7.39 亿/yoy-13.3%，低于 我们预期（8.5 亿），主要受关联方下调采购价、营销推广投放力度变大和 利润分派预扣税增加等因素扰动；对应 2H24 收入 36.1 亿元/yoy+2.3%，归 母净利润 4.44 亿元/yoy-10.3%。公司宣派末期分派股息 3.83 亿元，全年分 红率约 95%。关联方采购量稳步增长，部分抵消采购单价下滑影响；"产品 项目制"驱动公司产品研发，产品竞争力持续得到验证。长期来看，东南亚 海外工厂产能逐渐释放或提升海外供应链效率，海外收入有望起量，社区生 鲜、零食量贩有望协助公司 B、C 端同步下沉，强化渠道能力。维持"增持"。 电商渠道收入增速亮眼，关联方毛利率承压 24 年公司从关联方/第三方获得收入 19.74/43.82 亿元，同比-2%/+8%，占 比 30%/67%，yoy-2.5/+1.1pct。关联方收入及占比同比均有微降，主因关 联 ...