公司研究 | 动态跟踪 颐海国际 01579.HK 买入（维持） 关联方改善明显，盈利能力提升 股价（2024年04月03日） 15.22港元 目标价格 23.09港元 52周最高价/最低价 24.93/9.24港元 ————颐海国际 2023 年年度业绩公告点评 总股本/流通H股（万股） 103,670/103,670 H股市值（百万港币） 15,779 核心观点 国家/地区 中国 行业 食品饮料 ⚫ 事件：1）公司发布2023 年年度业绩公告，2023年实现营业收入61.5 亿元 报告发布日期 2024年04月04日 /yoy+0.01%，归母净利润8.5亿元/yoy+14.9%；2）公司拟派发截至2023年12月 31日的末期股息每股0.8154港元，登记日为2024年5月30日，派息日为2024 1周 1月 3月 12月 年6月18日，分红率90%。 绝对表现% 4.97 39.63 29.86 -34.55 ⚫ 关联方收入改善明显，第三方业务有所承压。1）分渠道看，公司23年关联方/经销 相对表现% 2.94 38.81 29.39 -16.5 恒生指数% 2.03 0.82 0.47 -18.05 ...

[Table_MainInfo] 公司研究/食品 证券研究报告 颐海国际（1579.HK）公司研究报告 2024年03月30日 [Table_InvestInfo] 投资评级 优于大市 维持 关联方业务表现良好，分红比例显著提升 股票数据 [Table_Summary] [0T3a月ble28_S日t收oc盘k价In（foH] KD） 14.82 投资要点： 52周股价波动（HKD） 9.48-24.45 总股本（百万股） 1037 ⚫ 事件。公司发布 2023 年年报：23 年实现主营业务收入 61.48 亿元，同比 总市值（百万HKD） 15364 +0.01%，归母净利润 8.53 亿元，同比+14.92%，其中 23H2 实现主营业务 市场表现 收入35.31亿元，同比+2.11%，归母净利润4.95亿元，同比+3.35%。同时 [Table_QuoteInfo] 发布2023年派息方案，每股派发股息0.74元人民币，分红率为89.97%。 ⚫ 第三方业务表现承压，关联方收入持续恢复。分产品：23 年火锅调味料/中 式复调/方便速食收入分别同比+11.65%/+9.23%/-25.83%。23H2火锅 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of HKD 19.49, maintaining the rating [4]. Core Views - The company reported a revenue of HKD 6.147 billion in 2023, which remained flat year-on-year, while net profit increased by 11.2% to HKD 907 million [1][8]. - The company aims to enhance channel management and expand into B-end and overseas markets, with new product development contributing to revenue growth [9][10]. - The gross margin improved to 31.6% in 2023, driven by lower raw material costs and significant improvement in the gross margin of convenient foods [3][9]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of HKD 61.47 billion, net profit of HKD 9.07 billion, and a return on equity of 14.8% [1][12]. - The company declared a dividend of HKD 7.67 billion, with a payout ratio of approximately 90% [1]. Revenue Breakdown - Revenue from related parties and third parties was HKD 20.1 billion and HKD 41.4 billion respectively, with year-on-year changes of +35.0% and -11.2% [2]. - The hot pot seasoning category saw a total revenue of HKD 40.9 billion, with a year-on-year increase of 11.7% [2]. - The convenient food segment experienced a decline in revenue, with a total of HKD 13.8 billion, down 25.8% year-on-year [2]. Profitability and Margins - The gross margin for 2023 was 31.6%, an increase of 1.4 percentage points year-on-year, with significant improvements in the convenient food segment [3]. - The net profit margin for 2023 was 14.8%, reflecting a year-on-year increase of 1.8 percentage points [3][12]. Future Outlook - The company expects revenue growth to reach HKD 69.0 billion in 2024, with net profit projected at HKD 9.7 billion [9][10]. - The expansion of production capacity and optimization of the supply chain are anticipated to enhance operational efficiency and support revenue growth [9].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's 2023 annual revenue was CNY 6.15 billion, flat year-on-year, with a net profit of CNY 0.85 billion, representing a year-on-year increase of 14.9% [2][3] - The company significantly increased its dividend payout ratio to 85%, with a total dividend amount of CNY 0.77 billion, exceeding market expectations [2] - The company is focusing on product matrix diversification and channel diversification, with a successful start to 2024 [3][4] Financial Performance - Total revenue for 2023 was CNY 6,148 million, with a slight year-on-year increase of 0.01% [2] - The net profit attributable to shareholders for 2023 was CNY 853 million, up 14.9% year-on-year [2] - The company achieved a gross margin of 31.6% for the year, an increase of 1.4 percentage points year-on-year [3] Business Segments - The hot pot seasoning segment generated CNY 2.444 billion in revenue in H2 2023, up 8.7% year-on-year, accounting for 69% of total revenue [3] - The company launched 24 new hot pot seasoning products, 37 new Chinese-style seasonings, and 40 new convenience food products in 2023, exceeding 200 SKUs in total [3] Future Outlook - The company expects double-digit growth in third-party business in the first two months of 2024, outpacing competitors [3] - The company plans to enhance its product matrix by incorporating clean labels and zero additives into its R&D [3] - The company aims to expand its channels, including new B-end clients, online sales, and overseas markets, with a focus on Thailand [3][4] Valuation - The report forecasts net profits for 2024-2026 at CNY 1.0 billion, CNY 1.127 billion, and CNY 1.256 billion, respectively, with year-on-year growth rates of 17.5%, 12.5%, and 11.4% [4] - The current valuation is at historical lows, with P/E ratios of 14x, 12x, and 11x for 2024-2026 [4]

智通财经APP获悉，大摩发布研究报告称，维持颐海国际(01579)"与大市同步"评级，将2024年至25年销 售预测上调3%至5%，料今明年销售分别增长11%及8%，净利润率则大致上保持稳定在13%至14%，目 标价由11.7港元上调至15.9港元。 该行表示，即使面临低基数及非旺季，料公司今年首季第三方销售增长达约20%。另预期集团今年看似 能实践销售达逾10%，并指出公司推出产品成功及扩张渠道，但需要等待实质执行结果出现。 ...

智通财经APP获悉，麦格理发布研究报告称，予颐海国际(01579)"跑赢大市"评级，并料公司将受惠于海 底捞(06862)启动加盟模式。计及去年业绩及在营销活动及管缐投资下利润率扩张略为放缓的假设，降 今明两年盈测分别1.2%及4.2%，目标价由18.4港元降2.2%至18港元。 报告中称，在投入成本放缓及供应链改善下，公司去年下半年取得强劲利润率扩张。公司宣派末期息每 股74分人民币，意味大幅提升派息比率，由对上一年的22%大升至85%，股息率5.5%。报告引述颐海管 理层称，如果有充足现金流，则会倾向提供吸引股东回报。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][8]. Core Insights - The company achieved a revenue of 6.148 billion yuan in 2023, a slight increase of 0.01% year-on-year, and a net profit attributable to shareholders of 853 million yuan, reflecting a growth of 14.92% year-on-year [2]. - The second half of 2023 showed improved performance with revenue of 3.531 billion yuan, up 2.11% year-on-year, and a net profit of 495 million yuan, up 3.34% year-on-year, aligning with expectations [2]. - The company is focusing on expanding its product matrix and diversifying its channels to drive revenue growth, particularly by enhancing its small B business and exploring overseas and e-commerce sales [2]. Financial Performance Summary - Revenue and Profitability: - 2023 revenue: 6.148 billion yuan, 2024E: 6.879 billion yuan, 2025E: 7.590 billion yuan, 2026E: 8.375 billion yuan [6]. - Net profit for 2023: 853 million yuan, with projections of 959 million yuan in 2024E, 1.073 billion yuan in 2025E, and 1.190 billion yuan in 2026E [6]. - Profit Margins: - Gross margin for 2023 was 31.6%, an increase of 1.4 percentage points year-on-year, while net margin was 13.9%, up 1.8 percentage points year-on-year [2]. - Earnings Per Share (EPS): - Diluted EPS for 2023 was 0.875 yuan, with forecasts of 0.974 yuan in 2024E, 1.089 yuan in 2025E, and 1.208 yuan in 2026E [6]. Market and Operational Analysis - The company has seen a shift in revenue sources, with related party sales increasing significantly while third-party sales have shown marginal improvement [2]. - The product categories of hot pot base and Chinese compound products have been adjusted successfully, while instant food sales have faced challenges due to changing consumer preferences [2]. - The company is expected to continue optimizing its cost structure and improving profitability through reduced advertising expenses and increased employee compensation [2].

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of HKD 19.49, based on the stock price of HKD 14.50 as of March 27, 2024 [4]. Core Insights - The company reported a revenue of HKD 6.147 billion in 2023, which remained flat year-on-year, while net profit increased by 11.2% to HKD 907 million, and attributable net profit rose by 14.9% to HKD 853 million [1][8]. - The company declared a dividend of HKD 767 million at the end of 2023, resulting in a dividend payout ratio of approximately 90% and a dividend yield of about 6.0% based on the stock price [1]. - The company is focusing on channel management and expanding into B-end and overseas markets, with new product development to drive revenue growth [9]. Revenue Breakdown - In 2023, revenue from related parties and third parties was HKD 20.1 billion and HKD 41.4 billion, respectively, showing a year-on-year increase of 35.0% for related parties and a decline of 11.2% for third parties [2]. - The hot pot seasoning category achieved a total revenue of HKD 40.9 billion, with a year-on-year increase of 11.7%, while the convenience food segment saw a decline of 25.8% [2]. - The company experienced a significant recovery in related party demand due to the improvement in offline dining, while third-party hot pot seasoning faced slight declines due to market competition [2]. Profitability and Cost Management - The company achieved a gross margin of 31.6% in 2023, an increase of 1.4 percentage points year-on-year, primarily due to lower raw material costs [3]. - The selling expense ratio was 9.6%, down 0.9 percentage points year-on-year, while the management expense ratio increased to 4.5% [3]. - The attributable net profit margin improved to 13.9%, reflecting a year-on-year increase of 1.8 percentage points [3]. Future Outlook - The company expects to continue expanding its B-end market and enhance its product matrix to capture more market share [9]. - Revenue projections for 2024-2026 are estimated at HKD 69.0 billion, HKD 76.6 billion, and HKD 83.7 billion, with attributable net profits of HKD 9.7 billion, HKD 10.9 billion, and HKD 11.8 billion, respectively [9].

Investment Rating - The report maintains a "Buy" rating for Yihai International (1579 HK) [3] Core Views - Yihai International's 2023 revenue was flat YoY at RMB 6 15 billion while net profit attributable to shareholders increased 14 9% YoY to RMB 853 million [3] - The company significantly increased its dividend payout ratio from 25% in 2022 to 90% in 2023 [5] - Online channels and overseas markets are expected to drive growth in 2024 with Southeast Asia as a key focus [4][6] Business Performance Revenue Breakdown - Hotpot seasoning revenue increased 11 7% YoY to RMB 4 092 billion accounting for 66 6% of total revenue [5] - Chinese compound seasoning revenue grew 9 2% YoY to RMB 621 million representing 10 1% of total revenue [5] - Instant food revenue declined 25 8% YoY to RMB 1 387 billion contributing 22 6% of total revenue [5] Profitability - Gross margin improved by 1 4 percentage points to 31 6% in 2023 driven by lower raw material costs [5] - Net profit margin attributable to shareholders increased by 1 8 percentage points to 13 9% [5] Growth Drivers Online Channel - The company appointed a new online channel head in November 2023 and plans to launch online-exclusive products [4] - Online channel is expected to expand rapidly in 2024 with both sales and brand promotion functions [4] Overseas Market - Southeast Asia is a key focus with Thailand factory starting production in 2023 [4] - The company obtained halal certification and plans to develop Muslim markets such as Indonesia [4] Small B-end Business - The company established a small B-end sales team in 2023 and expects this segment to double in 2024 [4] Financial Forecasts - Revenue is expected to grow 13 9% YoY to RMB 7 001 billion in 2024 [7] - Net profit attributable to shareholders is forecasted to increase 13 4% YoY to RMB 967 million in 2024 [7] - EPS is projected to grow from RMB 0 82 in 2023 to RMB 0 93 in 2024 [7] Valuation - The current stock price implies a 13x P E ratio for 2024 [4]

Core Viewpoint - UBS maintains a "Neutral" rating on Yihai International (01579) and expects a positive market reaction to the group's increased dividend, raising profit forecasts for 2024 and 2025 by 5% and 6% respectively [1] Group 1: Financial Performance - Yihai International's sales remained flat year-on-year, while net profit increased by 15% to 853 million RMB, indicating a 2% and 3% year-on-year growth in sales and net profit respectively in the second half of last year, surpassing UBS's expectations [1] - The company announced a final dividend of 0.74 RMB per share, resulting in a payout ratio of 90%, significantly higher than the historical payout ratio of 20% to 30% over the past few years [1] Group 2: Future Projections - The compound annual growth rate (CAGR) for sales and net profit from 2023 to 2025 is projected to be 8% and 9% respectively [1] - The target price for Yihai International has been raised from 13 HKD to 14 HKD [1]