Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 2.927 billion yuan in H1 2024, representing a year-on-year growth of 11.9%, while the net profit attributable to shareholders was 308 million yuan, down 13.8% year-on-year [3] - The company is actively responding to the trend of high cost-performance consumption, with strong growth in third-party business and an accelerated expansion into e-commerce, third-party B-end, and overseas channels [3] - Due to operational pressures from affiliated parties, the profitability of the company is under pressure, leading to a downward adjustment in profit forecasts for 2024-2026 [3] Financial Forecast and Valuation - Revenue projections for 2024-2026 are 68.30 billion yuan, 76.59 billion yuan, and 83.65 billion yuan, respectively, with net profits of 8.24 billion yuan, 9.82 billion yuan, and 11.00 billion yuan [3] - Earnings per share (EPS) are expected to be 0.79 yuan, 0.95 yuan, and 1.06 yuan for the years 2024, 2025, and 2026, respectively [1][3] - The price-to-earnings (P/E) ratios are projected to be 13.0, 10.9, and 9.7 for the same years [1][3] Market Performance - The company's stock price is currently at 11.30 HKD, with a market capitalization of 11.715 million HKD [1] - The company has a total share capital of 1,037 million shares, all of which are tradable [1] Key Financial Metrics - The company reported a gross margin of 30.0% in H1 2024, a decrease of 0.5 percentage points year-on-year [3] - The return on equity (ROE) is projected to be 16% for 2024, with a net profit margin of 12.1% [1][3] - The company's sales expense ratio increased significantly due to higher advertising and freight costs [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a stable revenue performance with a 11.9% year-on-year increase in revenue to 2.927 billion yuan for the first half of 2024, while the net profit attributable to shareholders decreased by 13.8% to 308 million yuan [2][6] - The company is expected to improve profitability through mechanisms optimization, new product launches, and channel expansion [7] Financial Performance Summary - Revenue for 2024H1 reached 2.927 billion yuan, up 11.9% year-on-year, with net profit at 308 million yuan, down 13.8% [6] - The gross profit margin for 2024H1 was 29.98%, a slight increase of 0.54 percentage points year-on-year [7] - Sales expenses and management expenses for 2024H1 were 12.04% and 4.79% respectively, with year-on-year changes of +2.88 and -0.59 percentage points [7] Revenue and Profit Forecast - The company’s projected revenues for 2024, 2025, and 2026 are 6.881 billion, 7.709 billion, and 8.632 billion yuan respectively, with year-on-year growth rates of 11.93%, 12.04%, and 11.96% [7][8] - The net profit attributable to shareholders is forecasted to be 854 million, 979 million, and 1.168 billion yuan for 2024, 2025, and 2026, with growth rates of 0.13%, 14.65%, and 19.28% respectively [7][8] Market Position and Strategy - The company is focusing on enhancing its incentive mechanisms, accelerating new product development, and expanding its distribution channels, including exploring small B and e-commerce opportunities [7] - The company has seen stable growth in sales volume, with notable performance in various product categories, including hot pot condiments and Chinese compound seasonings [6][7]

业绩简评 8 月 27 日公司发布半年报业绩，24H1 实现营收 29.27 亿元，同比 增长 11.9%；实现归母净利润 3.08 亿元，同比减少 13.8%。 经营分析 第三方企稳回升，关联方海底捞α延续，餐饮小 B 拓展初见成效。 24H1 关联方/第三方/其他餐饮客户收入分别为 9.89/18.67/0.67 亿元，同比+11.5%/+10.3%/+100.7%。分产品来看方便速食及中式 复调产品口味、价格带同步优化，低基数下收入恢复双位数增长。 火锅调料下游餐饮客户竞争加剧导致压价，收入仅个位数增长。 24H1 火锅底料 / 中式复调 / 方 便 速 食 销 售 额 分 别 为 17.48/4.54/7.00 亿元，分别同比+5.6%/+24.4%/+22.2%。从量价 角度看，全品类单价均有承压，火锅底料/中式复调/方便速食 24H1 单价分别同比-12.9%/-4.7%/-12.6%。 量价策略调整致利润承压，同时政府补助及汇率造成扰动。24H1 年公司毛利率/净利率分别为 29.98%/10.53%，同比-0.54pct/- 3.14pct，净利率差异体现在汇兑损益和政府补助。毛利率下滑主 要 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 YIHAI INTERNATIONAL HOLDING LTD. 頤海國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1579） 截至2024年6月30日止六個月 中期業績 頤海國際控股有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附屬 公司（「本集團」或「我們」）截至2024年6月30日止六個月（「報告期」）的未經審計 綜合中期業績，連同2023年同期的比較數字。 本集團財務摘要 | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------| | | | | • | 截至 2024 年 6 月 3 ...

证券研究报告 港股公司|公司深度|颐海国际（01579） 激励优化，期待改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月12日 证券研究报告 |报告要点 餐饮连锁化率提升、门店降本诉求增强，家庭结构变化以及懒人经济发展，我们看好复合调味 品行业远期成长空间，虽短期增速换挡，深蹲蓄势、而后有望乘势而上。颐海国际作为国内复 合调味品龙头企业，2024 年以来激励机制进一步优化，由存量激励转为增量激励，或进一步 激发合伙人的积极性，同时新品研发加速、渠道布局完善，有望驱动经营端上行。站在颐海新 一轮激励优化的起点，本文详细回溯了历年变革的背景、具体举措及最终成效。良性的激励机 制有望驱动公司经营端上行，剖析本轮变革的亮点，展望新一轮成长周期。 |分析师及联系人 刘景瑜 邓洁 SAC：S0590524030005 SAC：S0590524040002 请务必阅读报告末页的重要声明 1 / 25 港股公司|公司深度 glzqdatemark2 2024年08月12日 颐海国际(01579) 激励优化，期待改善 | --- | --- | |------------|----------- ...

公司研报 证券研究报告 2024.07.11 颐海国际 股票代码 股票评级 目标价 01579.HK → 跑赢行业 港币 15.00 股票代码 01579.HK 最新收盘价 港币 12.00 52 周最高价/最低价 港币 17.85~8.76 总市值(亿) 港币 124.4 纵轴:相对股价(%) 01579.HK HSCEI 44 58 72 86 100 114 2023-07 2023-10 2024-01 2024-04 2024-07 | | | | | | |------------------|--------|-------|-------|-------| | (人民币 百万) | 2022A | 2023A | 2024E | 2025E | | 营业收入 | 6,147 | 6,148 | 6,759 | 7,384 | | 增速 | 3.4% | 0.0% | 10.0% | 9.2% | | 归属母公司净利润 | 742 | 853 | 870 | 950 | | 增速 | -3.2% | 14.9% | 2.0% | 9.3% | | 扣非后净利润 | 706 | 834 | 870 ...

Company and Industry Overview * **Company**: Yihai International * **Industry**: Food and Beverage, particularly in the field of instant noodles, seasoning, and vegetarian products. Key Points and Arguments 1. **Second Quarter Performance**: * **Growth Rate Slowdown**: The company experienced a slowdown in growth rate in the second quarter compared to the first quarter, attributed to changes in product structure and seasonal factors. * **Product Structure**: The main products in the second quarter were small lobsters and hotpot bases, which accounted for a relatively small proportion of the product structure. * **Seasonal Factors**: The hot weather in the second quarter negatively impacted the sales of hotpot bases. * **Overall Performance**: Despite the slowdown, the company's overall performance remained stable. 2. **Product Categories**: * **High Growth**: Seasoned sauce and hotpot bases experienced the highest growth rates, followed by vegetarian products and instant noodles. * **Low Price Range Products**: The company introduced low-price range products in the vegetarian category, which are gradually gaining consumer acceptance. 3. **Sales and Marketing**: * **Salesperson Incentives**: The company adjusted the incentives for sales personnel, leading to increased motivation and active interaction with channels and terminals. * **Online Channel**: The company's online channel experienced significant growth, driven by targeted marketing strategies and product promotions. 4. **Raw Material Prices**: * **Stable Prices**: Raw material prices remained relatively stable, with slight upward trends expected in the second half of the year. 5. **Gross Margin**: * **Flat**: The gross margin is expected to remain flat compared to last year, due to stable raw material prices and slight declines in the gross margin of affiliated parties. 6. **Capital Expenditure and Dividends**: * **Reduced Capital Expenditure**: The company plans to reduce capital expenditure this year, with a focus on maintaining a high dividend payout ratio. 7. **New Product Development**: * **Focus on Young Consumers**: The company's new product development is driven by the preferences of young consumers, with a focus on innovative flavors and packaging. 8. **Brand Positioning**: * **Kuaishou Xiaochu**: The company's brand positioning for Kuaishou Xiaochu is still evolving, with a focus on promoting the brand through collaboration with other brands. 9. **Profit Outlook**: * **Profit Growth**: The company expects double-digit growth in third-party revenue for the full year, driven by strong performance in the second half of the year. Additional Important Points * The company's overseas factory in Thailand has entered full production, with production capacity expected to increase gradually. * The company plans to continue expanding its online channel and exploring new growth opportunities in the vegetarian category.

Financial Data and Key Metrics Changes - The company experienced a significant decline in revenue and profit from 2020 to 2022, attributed to multiple factors including macroeconomic conditions and increased competition in the seasoning market [5][6] - The net profit for 2024 is projected to correspond to a PE valuation of 15 times, with a dividend yield close to 6% [1] - The estimated reasonable value for the stock in 2024 is set at HKD 18, based on a PE valuation of 18 times [1][32] Business Line Data and Key Metrics Changes - The product structure consists of 67% hot pot base, 23% convenient fast food, and 10% seasoning, with hot pot base showing a compound growth rate of around 10% [8][9] - The fast food segment saw a year-on-year decline of 26% in growth during 2022-2023 [8] - Third-party revenue surpassed related party revenue for the first time in 2018, but the proportion has since decreased due to slowing growth in the fast food category [10][11] Market Data and Key Metrics Changes - The hot pot base market was valued at approximately RMB 400 billion in 2022, with an industry growth rate exceeding 10% [13] - The seasoning market is estimated to be around RMB 600 billion, with a fragmented competitive landscape [12][13] - The overseas market currently accounts for about 6% of total revenue, with growth rates surpassing the overall company growth [11] Company Strategy and Development Direction - The company is focusing on multi-category and multi-brand strategies, with an emphasis on enhancing product quality and price competitiveness [4][15] - The management is implementing a dual-channel strategy (B2B and B2C) to drive growth, particularly in the small B market [15][24] - The company aims to leverage its strong brand presence to penetrate the C-end market effectively [14][15] Management Comments on Operating Environment and Future Outlook - Management believes the worst phase of the supply-demand imbalance has passed, with expectations for a recovery in growth across various product categories [5][19] - The company anticipates a compound annual growth rate of around 19% for related party business over the next three years [20] - Management acknowledges the need for organizational adjustments to enhance market responsiveness and sales team motivation [25][26] Other Important Information - The company has a concentrated ownership structure, with significant stakes held by the founding couples, which aligns their interests with the company's performance [7] - The dividend payout ratio has increased significantly, reaching approximately 93% for both the company and its related parties [7][8] - The company is undergoing a transformation to improve its operational efficiency and market competitiveness [19][25] Q&A Session Summary Question: What is the outlook for the company's growth in the next few years? - The company expects a compound annual growth rate of around 19% for related party business over the next three years, with a focus on enhancing product quality and market penetration [20] Question: How is the company addressing the challenges in the fast food segment? - The company is adjusting its product pricing strategy to enhance competitiveness and is exploring new product lines to stimulate growth [18][19] Question: What are the key areas of focus for the company's future strategy? - The company is focusing on expanding its B2B channels, improving sales team motivation, and enhancing product responsiveness to market demands [24][25]

好的各位投资者大家早上好欢迎参加广发视频组织的早八点系列活动那本期是我们今年以来的第28期主要给各位投资者汇报一下我们近期的一个深度报告以海国际走出低谷改革蓄力 那从这个投资的逻辑来看呢我们看好在整个关联方增长产品之价比以及激励改革赋能和多个渠道补齐下这个火锅料龙头的一个底部改善机遇24年整个经济论对应的批估 估值为15倍 估息率的话接近6%参考科比公司的估值和公司的改革势能节奏给予24年18倍的一个PE估值对应合理的价值为每股18港元那我们首先就是主要分为这个四个方面进行一个介绍吧首先看一个公司的主要基本情况 那复盘一下公司的发展历程和主要财务表现我们可以将其划分为四个阶段首先05年到16年主要是背靠海底捞到开疆拓土到独立上市05年海底捞成立这个成都分公司07年开始向独立的第三方经销商供应火锅底料13年以海成立当年的收入和利润仅为三个亿和两千万 2015年开始向这个海外出口并开始打通电商和定制化的这个渠道16年以海上市的时候收入和利润都已经达到了11亿和2亿元相较于13年的收入是翻了三番这个利润增长是超过了8倍到16年到19年整个行业景气度比较高的情况下公司创下了3.15倍的一个历史的料眼收益 那以海上市之 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 18.00, compared to the current price of HKD 14.10 [1] Core Views - The company is poised for a turnaround after a period of underperformance, with industry competition becoming more rational and its leading position solidified [1] - The company and its affiliate, Haidilao, significantly increased their dividend payout ratio to 90% in 2023, supported by ample capacity, low capital expenditure, and strong cash flow [1] - The compound seasoning market remains a high-growth sector, with both hotpot seasoning and Chinese-style compound seasoning in the growth and penetration phase [2] - The ready-to-eat food market, particularly self-heating products, has slowed down after rapid growth, but opportunities exist in new product categories and channels [2] - The company is expected to benefit from affiliate growth, product quality-to-price ratio improvements, incentive model reforms, and multi-channel expansion in 2024 [2] Company Overview - The company has experienced significant growth phases, including a 15x stock price increase from 2016 to 2019, followed by a period of underperformance from 2020 to 2022 [1][11][12] - In 2023, the company's hotpot seasoning and Chinese-style compound seasoning categories resumed growth, while ready-to-eat food remained a drag due to high base effects [12] - The company's product structure is dominated by hotpot seasoning (67% of total revenue), followed by ready-to-eat food (23%) and compound seasoning (10%) [20] - The company's channel structure is shifting towards third-party sales, which accounted for 67% of total revenue in 2023, up from 44% in 2013 [22] - The company has a balanced regional presence, with 50% of revenue from South China, 44% from North China, and 6% from overseas markets [24] Industry Analysis - The compound seasoning market in China is expected to reach RMB 203.2 billion in 2023, accounting for 34% of the total seasoning market [27] - The compound seasoning market is still in the growth phase, with hotpot seasoning and Chinese-style compound seasoning being the key growth drivers [27] - The ready-to-eat food market in China exceeded RMB 200 billion in 2022, with instant noodles being the dominant category, while self-heating products have entered a slowdown phase [43] - The food processing and catering industries are the main consumption scenarios for compound seasoning, with catering being the core driver of short-term growth [29][32] Future Outlook - The company is expected to benefit from Haidilao's store expansion and overseas growth, with a projected 10% CAGR in affiliate hotpot seasoning revenue over the next three years [53] - The company plans to focus on B2B and online channels for third-party sales, with Chinese-style compound seasoning and hotpot seasoning being the key growth drivers [58] - The company is undergoing organizational reforms, including changes to its product project system and channel incentive policies, to improve responsiveness and stimulate growth [60][62] - The company's profitability is expected to remain stable, with a focus on revenue growth and capacity utilization [63]