西部证券发表研报指，首次覆盖颐海国际并给予"买入"评级，公司早期曾享受成长性的估值溢价，但随 后海底捞出现关店，颐海关联方收入波动，同时行业成长性不及预期，估值开始从高点回落。在此期 间，颐海国际资本开支进入下行周期，提升分红比例，市场对公司定价逻辑从高成长标的到低估值、高 股息公司。该行预测2025至2027年公司营收分别为65.7亿元、69.6亿元、73.8亿元，分别按年增0.5%、 5.9%及6%；同期归母净利润分别为8亿元、8.9亿元及9.8亿元，分别年增8.8%、10.3%及10.2%。 ...

招商证券发布研报称，维持颐海国际(01579)"强烈推荐"评级，业绩提速股息可观，重视关联方积极变 化。公司核心看点在于业绩改善+高股息，此前公司关联方业务价格不断下调制约业绩的同时影响公司 估值，目前看这一阻力有望得到改善，同时第三方业务在海外及B端业务快速发展下有望延续双位数的 增长。公司23年开始持续开启高分红，未来看预计分红率保持较高水平。 招商证券主要观点如下： 公司核心看点在于业绩改善+高股息 第三方C端业务平稳，B端+海外市场增速亮眼 第三方业务中，1)C端：推进两直渠道改革，减少经销环节收回渠道利润，目前已完成部分KA渠道直管 直配转换，26年继续提升比例，盒马、叮咚买菜、胖东来等渠道合作顺畅，与山姆合作积极推进中。2) 海外：海外业务以东南亚为核心布局区域(生产与渠道较完善)，同时拓展南美、非洲、中东等区域，25 年整体年营收实现较快增长，采用海底捞与自有品牌"Magic cook"双品牌策略，当前以C端为主;3)B 端：25年B端收入预计翻倍增长，其中大B端贡献为主，依赖与西贝、米村等核心客户深化合作，从基 础调料向高利润复杂酱料延伸;小B端团队于25年成立，25H1开拓千余家客户，以供应 ...

智通财经APP获悉，招商证券发布研报称，维持颐海国际(01579)"强烈推荐"评级，业绩提速股息可观， 重视关联方积极变化。公司核心看点在于业绩改善+高股息，此前公司关联方业务价格不断下调制约业 绩的同时影响公司估值，目前看这一阻力有望得到改善，同时第三方业务在海外及B端业务快速发展下 有望延续双位数的增长。公司23年开始持续开启高分红，未来看预计分红率保持较高水平。 招商证券主要观点如下： 公司核心看点在于业绩改善+高股息 此前公司关联方业务价格不断下调制约业绩的同时影响公司估值，目前看这一阻力有望得到改善，同时 第三方业务在海外及B端业务快速发展下有望延续双位数的增长。公司23年开始持续开启高分红，未来 看预计分红率保持较高水平。该行预计25-26年EPS分别为0.81、0.88元，对应26年估值15X，25-26年股 息率均有望超过6%，该行看好餐饮复苏+关联方改善下，公司业绩上修带动估值中枢上移，26年目标估 值22X，对应股价21.5港元，空间44%，维持"强烈推荐"评级。 海底捞创始人回归，关联方业务有望改善 海底捞创始人张勇回归，对海底捞人员士气、内部管理都有提振，同时强调红石榴计划更加积极，创 ...

证券研究报告 | 公司点评报告 2026 年 01 月 21 日 颐海国际（01579.HK） 业绩提速股息可观，重视关联方积极变化 消费品/食品饮料 公司核心看点在于业绩改善+高股息，此前公司关联方业务价格不断下调制约业 绩的同时影响公司估值，目前看这一阻力有望得到改善，同时第三方业务在海 外及 B 端业务快速发展下有望延续双位数的增长。公司 23 年开始持续开启高 分红，未来看预计分红率保持较高水平。我们预计 25-26 年 EPS 分别为 0.81、 0.88 元，对应 26 年估值 15X，25-26 年股息率均有望超过 6%，我们看好餐饮 复苏+关联方改善下，公司业绩上修带动估值中枢上移，26 年目标估值 22X， 对应股价 21.5 港元，空间 44%，维持"强烈推荐"评级。 强烈推荐（维持） 目标估值：21.5 港元 当前股价：14.9 港元 基础数据 | 总股本（百万股） | 1037 | | --- | --- | | 香港股（百万股） | 1037 | | 总市值（十亿港元） | 15.4 | | 香港股市值（十亿港元） | 15.4 | | 每股净资产（港元） | 4.3 | | ROE ...

Investment Rating - The report assigns a "Buy" rating to the company, Yihai International (1579.HK) [4][15] Core Insights - Yihai International has transitioned from a high-growth valuation to a low-valuation, high-dividend company, with a focus on cash dividends and a stable return [22][24] - The compound seasoning industry in China is expected to continue growing, with a market size of approximately 126.5 billion yuan, indicating potential for further penetration and expansion [22][30] - The company is poised for growth through its B-end and overseas markets, with significant improvements expected in its affiliate income as it stabilizes alongside Haidilao [2][15] Summary by Sections Company Overview - Since its listing in 2016, Yihai International has experienced a cycle of expansion, valuation bubble, adjustment, and stabilization [22] - The company has shifted its market perception from a high-growth entity to one focused on dividends, with a high payout ratio of 89.97% in 2023 and 95.06% in 2024 [24] Industry Space - The compound seasoning market is entering a phase of steady growth after rapid expansion, with a compound annual growth rate (CAGR) of 6.1% expected from 2020 to 2024 [30] - The market for compound seasonings is driven by trends such as increased restaurant chain rates and urbanization, which support the growth of this segment [30] Growth Outlook - The company anticipates revenue growth from 6.57 billion yuan in 2025 to 7.38 billion yuan in 2027, with corresponding net profits expected to rise from 800 million yuan to 980 million yuan during the same period [15][8] - The B-end market is a key growth area, with the company planning to establish a small B team to enhance its product offerings and directly engage with restaurant clients [2][66] - Overseas markets are also expected to grow rapidly, with projected revenue of 270 million yuan in 2025, reflecting a year-on-year increase of 34.4% [70] Financial Projections - Revenue and profit forecasts for 2025-2027 indicate modest growth, with revenues expected to increase by 0.5%, 5.9%, and 6.0% respectively, while net profits are projected to grow by 8.8%, 10.3%, and 10.2% [15][8]

Core Viewpoint - The stock of Yihai International (01579) has seen a nearly 5% increase, reflecting positive market sentiment despite overall industry challenges in the restaurant supply sector [1] Industry Summary - The restaurant supply industry has faced pressure due to weak recovery in recent years, leading to intensified competition driven by market share demands [1] - Price competition has resulted in diminishing marginal benefits, prompting leading companies to advocate for rational competition [1] - The profit margins in the sector showed signs of recovery in Q3 2025, indicating a potential easing of competitive pressures as the industry approaches the peak season in Q4 2025 and January 2026 [1] - The outlook for 2026 hinges on demand-side changes; a lack of significant improvement in demand may prolong the bottoming period, while notable demand recovery could lead to substantial optimization [1] Company Summary - CICC forecasts Yihai International's revenue and net profit for 2025 to increase by 0.7% and 13.9% year-on-year, reaching 6.58 billion and 840 million respectively, with a stronger performance expected in the second half of 2025 [1] - The company is expected to achieve a revenue and net profit growth of 1.2% and 23.5% year-on-year in the second half of 2025, with profits likely exceeding market expectations due to improved efficiency [1] - Since July, the company has been enhancing supply chain efficiency, yielding significant results; adjustments in distributor settlement methods have also contributed to improved gross margins [1] - The expected gross margin increase of approximately 3 percentage points in the second half of 2025 is attributed to a combination of higher factory prices and lower promotional discount intensity [1]

中金发布研报称，预计颐海国际2025年收入/净利润同比+0.7%/13.9%至65.8亿元/8.4亿元，对应2H25收 入/净利润同比+1.2%/23.5%，利润或好于市场预期，主要由于2H25毛利率受益于效率提升好于预期。 该行指出，公司7月起持续推进供应链端效率精进，效果显著，另经销商结算方式亦有调整，调高出厂 价同时给予同等促销折扣，但实际执行过程中折扣力度低于出厂价调升幅度，利好毛利率，预计2H25 毛利率提升3ppt左右，关联方及第三方毛利率均有提升。 智通财经APP获悉，颐海国际(01579)午前涨近5%，截至发稿，涨4.19%，报14.91港元，成交额7504.13 万港元。 消息面上，国泰海通研报指出，近几年餐饮弱复苏下，餐供行业整体需求相对承压，份额诉求下的竞争 有所加剧。但当下价格竞争带来的边际效益已经显著递减，龙头公司也纷纷传递理性竞争观点，板块 25Q3的利润率触底反弹也证明此观点。进入25Q4及26年1月份的旺季，竞争延续趋缓。展望26年，板块 格局能否显著好转的核心仍在于需求侧，需求端变化不大则磨底期延长，显著好转则有望明显优化。 ...

中金发布研报称，上调颐海国际(01579)2025及26年盈利预测3%及5%，至8.4亿及9.3亿元人民币，引入 27年盈利预测10.1亿元人民币。因行业竞争充分，维持目标价18港元及"跑赢行业"评级。 该行预计颐海国际2025年收入及净利润分别同比升0.7%及13.9%，至65.8亿及8.4亿元人民币，而2025年 下半年收入及净利润则分别同比升1.2%及23.5%；利润或胜市场预期，主要由于2025年下半年毛利率受 惠于效率提升而好过预期。 ...

Group 1 - The core viewpoint of the article is that CICC has raised the profit forecasts for Yihai International (01579) for 2025 and 2026 by 3% and 5% respectively, to RMB 840 million and RMB 930 million, and has introduced a profit forecast of RMB 1.01 billion for 2027 [1] - CICC expects Yihai International's revenue and net profit for 2025 to increase by 0.7% and 13.9% year-on-year, reaching RMB 6.58 billion and RMB 840 million respectively, with the second half of 2025 projected to see revenue and net profit growth of 1.2% and 23.5% [1] - The profit may exceed market expectations due to improved gross margins in the second half of 2025, attributed to efficiency enhancements [1] Group 2 - CICC maintains a target price of HKD 18 for Yihai International and a "outperform" rating, citing sufficient industry competition [1]

中金发表研报，预计颐海国际2025年收入及净利润分别按年升0.7%及13.9%至65.8亿及8.4亿元，而2025 年下半年收入及净利润则分别按年升1.2%及23.5%；利润或胜市场预期，主要由于2025年下半年毛利率 受惠于效率提升而好过预期。该行上调2025及26年盈利预测3%及5%至8.4亿及9.3亿元，引入27年盈利 预测10.1亿元。因行业竞争充分，该行维持对其目标价18港元及"跑赢行业"评级。 ...