本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 28 日 颐 海国际(01579.HK) 证券研究报告 方便速食短暂承压，关联方修复迅速 食品 投资评级 买入-A 事件： 维持评级 公司公布2023年年报。2023年实现营收61.47 亿元，同比持平；净 6 个月目标价 19.49港元 利润 9.07 亿元，同比+11.2%；归母净利润8.53 亿元，同比+14.9%。 股价 (2024-03-27) 14.50港元 其中 23H2 实现营收 35.3 亿元，同比+2.1%；净利润5.30 亿元，同比 +1.9%；归母净利润 4.95 亿元，同比+3.3%。公司 2023 年末宣派股息 交易数据 7.67 亿元，分红率约90%，按当日股价计算股息率约6.0%。 总市值(百万港元) 15,032.15 方便速食短暂承压，关联方修复迅速 流通市值(百万港元) 15,032.15 2023 年关联方/第三方分别营收 20.1/41.4 亿元，同比+35.0%/- 总股本(百万股) 1,036.70 11.2%，其中 23H2 关联方/第三方分别营收 11.2/24.3 亿元， ...

智通财经APP获悉，瑞银发布研究报告称，维持颐海国际(01579)"中性"评级，料市场对集团增加派息有 正面反应，将2024及25年的纯利预测分别上调5%和6%，料2023至25年的销售额及纯利复合年增长率分 别为8%及9%，目标价由13港元调升至14港元。 报告中称，颐海国际去年销售额同比持平，而纯利增长15%至8.53亿元人民币，意味去年下半年销售及 纯利同比各升2%及3%，胜该行预期。最为惊喜的是集团派末期息每股74分人民币，意味着派息率达 90%，而过去几年的比率仅为20%至30%。 ...

智通财经APP获悉，颐海国际(01579)绩后涨超9%，截至发稿，涨6.17%，报14.12港元，成交额3501.08 万港元。 消息面上，颐海国际发布年度业绩，该集团期内取得收益61.48亿元人民币，同比增加0.01%；股东应占 溢利8.53亿元，同比增加14.92%；每股基本盈利87.5分；拟派发末期股息每股0.74元。 公告称，火锅调味料产品所得收入由2022年的36.65亿元增加11.7%至2023年的40.92亿元，占2023年度 收入的66.5%。其中，向关联方销售火锅调味料产品收入同比增加35.6%。东吴证券此前指出，海底捞 开放加盟，将以稳健扩张为主，对颐海国际有一定边际贡献。 ...

[Ta颐ble海_St国ock际Nam（eR 0p 1tT 5yp 7e 9] ） 公司研究/港股点评 势能向上，分红率大幅提升 ——颐海国际 23 年报点评 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-03-27 ⚫[ T公ab司le发_S布um2m02a3ry年] 业绩： ➢ H2：收入35.31亿（+2.1%），净利润5.3亿（+1.9%），归母4.95 [收Ta盘bl价e_（Ba港se元D）at a] 13.30 亿（+3.3%）。 近12个月最高/最低（港元） 24.19/9.48 ➢ 全年：收入61.48亿（+0.01%），净利润9.07亿（+11.2%），归母 总股本（百万股） 1,037 8.53亿（+14.9%）。 流通股本（百万股） 1,037 流通股比例（%） 100.00 ➢ 收入利润基本符合一致预期。 总市值（亿港元） 138 ➢ 派息每股0.74元，对应分红率近90%，大幅提升。 流通市值（亿港元） 138 ⚫ 三大业务持续改善 [公Ta司ble价_C格ha与rt]恒 生指数走势比较 ➢ 海底捞复苏关联方业务加速增长：23H2火锅调料第三方/ ...

Revenue and Profit Performance - Revenue for 2023 remained stable at RMB 6,147.6 million, compared to RMB 6,147.0 million in 2022[2] - Gross profit increased by 4.7% to RMB 1,941.3 million in 2023 from RMB 1,853.9 million in 2022[2] - Net profit rose by 11.2% to RMB 907.0 million in 2023 from RMB 816.0 million in 2022[2] - Profit attributable to owners of the company increased by 14.9% to RMB 852.7 million in 2023 from RMB 742.0 million in 2022[2] - Operating profit grew to RMB 1,194.8 million in 2023 from RMB 1,117.7 million in 2022[5] - Total comprehensive income for the year was RMB 907.3 million in 2023, up from RMB 812.8 million in 2022[7] - The company's revenue for 2023 was RMB 6,147.6 million, maintaining the same level as 2022, with a net profit of RMB 907.0 million, a year-on-year increase of 11.2%[40] - Net profit increased by 11.2% from RMB 816.0 million in 2022 to RMB 907.0 million in 2023, with net profit margin rising from 13.3% to 14.8%[61] Product Revenue Breakdown - Revenue from hot pot seasonings increased to RMB 4,091,666 thousand in 2023, up from RMB 3,664,696 thousand in 2022[16] - Revenue from Chinese compound seasonings grew to RMB 621,397 thousand in 2023, compared to RMB 568,863 thousand in 2022[16] - Revenue from convenience food products decreased to RMB 1,387,122 thousand in 2023, down from RMB 1,870,069 thousand in 2022[16] - Hot pot seasoning revenue increased by 11.7% to RMB 4,091.7 million in 2023, accounting for 66.5% of total revenue[47] - Revenue from sales to related parties for hot pot seasoning increased by 35.6% year-over-year, driven by increased offline consumption demand[47] - Revenue from third-party sales of hot pot seasoning decreased by 3.2% due to competition from new small-block butter hot pot base products[47] - Chinese compound seasoning revenue grew by 9.2% to RMB 621.4 million, with third-party sales increasing by 6.1% and related party sales surging by 176.6%[48] - Convenient food revenue declined by 25.8% to RMB 1,387.1 million, with third-party sales dropping by 27.2% due to diversified consumer demand and slow new product launches[49] Sales Channels and Related Parties - Sales to related parties accounted for 32.7% of total revenue in 2023, up from 24.2% in 2022[16] - Sales to related parties (including Haidilao Group, Super Hi International Group, and Shuhai Supply Chain Group) reached RMB 2,010.8 million in 2023, a 35.0% increase year-on-year[42] - Sales to related parties (e.g., Haidilao Group, Super Hi International, and Shuhai Supply Chain) increased by 35.0% to RMB 2,010.8 million[51] - Revenue from distributors decreased by 11.5% to RMB 3,805.0 million, primarily due to declining demand for self-heating hot pot products[51] - E-commerce channel revenue fell by 8.3% to RMB 304.6 million, mainly due to the decline in convenient food product sales[51] - Revenue from North China region was RMB 2,723.585 million, accounting for 44.3% of total revenue, while South China region contributed RMB 3,047.321 million, representing 49.6% of total revenue[52] Financial Position and Assets - Total assets increased to RMB 6,054.4 million in 2023 from RMB 5,551.3 million in 2022[3] - Total equity attributable to owners of the company rose to RMB 4,817.9 million in 2023 from RMB 4,319.9 million in 2022[3] - Cash and cash equivalents increased to RMB 2,309.4 million in 2023 from RMB 1,880.5 million in 2022[3] - Cash and cash equivalents increased to RMB 2,309.4 million as of December 31, 2023, compared to RMB 1,880.5 million in the previous year[63] - Inventory decreased to RMB 370.5 million as of December 31, 2023, from RMB 387.5 million in 2022, with inventory turnover days decreasing from 33.3 days to 32.9 days[65] - Trade receivables increased to RMB 258.1 million as of December 31, 2023, from RMB 155.6 million in 2022, mainly due to increased revenue from affiliated stores[66] - The company has no bank borrowings and a capital-to-debt ratio of 1.7% as of December 31, 2023, down from 2.5% in 2022[69] Expenses and Costs - Total expenses decreased to RMB 5,071,127 thousand in 2023 from RMB 5,167,513 thousand in 2022, reflecting a reduction in various cost categories[24] - Employee benefits expenses increased to RMB 581,512 thousand in 2023, up from RMB 545,352 thousand in 2022, indicating higher labor costs[24] - Sales cost decreased by 2.0% from RMB 4,293.1 million in 2022 to RMB 4,206.3 million in 2023, primarily due to lower procurement prices of raw materials such as oils, peppercorns, and beef packages[53] - Distribution expenses decreased by 8.8% from RMB 646.6 million in 2022 to RMB 589.4 million in 2023, mainly due to reduced advertising and transportation costs[55] - Administrative expenses increased by 20.9% from RMB 227.8 million in 2022 to RMB 275.5 million in 2023, driven by higher travel and office expenses as well as discretionary bonuses for senior management[56] Earnings and Dividends - Basic and diluted earnings per share were RMB 0.875 in 2023[2] - Basic earnings per share increased to 87.5 RMB cents in 2023, up from 75.7 RMB cents in 2022, reflecting improved profitability[34] - Diluted earnings per share remained consistent with basic EPS at 87.5 RMB cents in 2023, indicating minimal dilution impact from potential shares[36] - Total dividends paid in 2023 amounted to RMB 179,312,000 or RMB 0.1772 per share, compared to RMB 224,563,000 or RMB 0.219563 per share in 2022[37] - The company proposed a final dividend of RMB 0.74 per ordinary share for the year ended December 31, 2023, totaling RMB 767,158,000, to be approved at the annual general meeting on May 23, 2024[38] - The board proposed a final dividend of RMB 0.74 per share for the year ended December 31, 2023, totaling approximately RMB 767,158,000, to be paid on or around June 18, 2024[81] - The final dividend will be converted to HKD at the average benchmark exchange rate published by the People's Bank of China, resulting in a dividend of HKD 0.8154 per share[81] - Shareholders registered by May 30, 2024, will be eligible to receive the final dividend[82] - The company will suspend share transfer registration from May 29 to May 30, 2024, to determine eligibility for the final dividend[82] Strategic Initiatives and Future Plans - The company focused on optimizing supply chain efficiency, improving self-production ratios, and enhancing overseas supply capabilities[39] - The company implemented a multi-brand strategy, emphasizing the integration of brands and products, and enhancing consumer brand awareness through various promotional methods[39] - The company plans to focus on product R&D, overseas expansion, brand promotion, channel construction, and supply chain optimization in 2024[72] - The company will continue to implement a multi-brand strategy, enhancing consumer recognition of brands like "Haidilao" and "Kuaishou Xiaochu" through online and offline marketing[72] - The company aims to optimize overseas supply chains, reduce logistics costs, and improve efficiency, particularly with the establishment of the Southeast Asia supply center[72] - The company will strengthen its e-commerce channel management, focusing on product differentiation and enhancing online shopping experiences[73] Operational Highlights - The company launched 24 new hot pot seasoning products, 37 new Chinese compound seasoning products, and 40 new instant food products in 2023[43] - As of December 31, 2023, the company had 62 hot pot seasoning products, 68 Chinese compound seasoning products, and 72 instant food products available for sale[43] - The company's third-party distributor sales business covered 34 provincial-level administrative regions in China and 49 overseas countries and regions[41] - The company operated 9 flagship stores on e-commerce platforms such as Tmall, JD.com, and Pinduoduo as of December 31, 2023[41] - The Hebei Bazhou Phase II project, with an annual capacity of 28,000 tons of instant food products, commenced operations in Q1 2024[74] - The Anhui Yihai Technology beef tallow production base, with a planned annual capacity of 57,000 tons, is expected to start operations in Q2 2024[74] - The Thailand factory, with an annual capacity of 15,000 tons of hotpot base and compound seasoning products, began operations in Q2 2023 and primarily serves the Southeast Asian market[74] Share Repurchase and Employee Information - The company repurchased and canceled 10,200,000 ordinary shares in 2023, with a total consideration of approximately RMB 175,757 thousand[22] - The company repurchased 10,200,000 shares on the Hong Kong Stock Exchange for a total consideration of approximately HKD 199,740,172 (RMB 175,757,000) during the reporting period[77] - Total number of employees as of December 31, 2023, is 2,816, including 2,097 in production, 562 in marketing, and 157 in administrative and management roles[70] - Total employee costs for the year ending December 31, 2023, amounted to RMB 581.5 million, covering salaries, wages, allowances, and benefits[70] - The company approved and granted 125,000 restricted share units under the Restricted Share Unit Plan on November 23, 2023[80] Accounting and Reporting - The company adopted new and revised accounting standards effective from January 1, 2023, which are not expected to have a significant impact on current or future periods[12] - The annual report for the year ended December 31, 2023, includes all information required by the listing rules and will be published on the company and HKEX websites[83] Government Grants and Financing - Government grants increased to RMB 88,929 thousand in 2023 from RMB 83,704 thousand in 2022, primarily from tax refunds and deferred income amortization[25] - Net financing income rose significantly to RMB 69,296 thousand in 2023, compared to RMB 24,435 thousand in 2022, driven by higher interest income[26] - Income tax expense for 2023 was RMB 357,089 thousand, slightly higher than the RMB 326,161 thousand recorded in 2022[27]

证券研究报告·海外公司点评·食物饮品(HS) 颐海国际（01579.HK） 开局顺畅，多渠道并进 2024 年 03月 06日 买入（维持） 证券分析师 孙瑜 [Table_EPS] 执业证书：S0600523120002 盈利预测与估值 2021A 2022A 2023E 2024E 2025E suny@dwzq.com.cn 营业总收入（百万元） 5,943 6,147 6,231 7,056 7,877 证券分析师 李昱哲 同比 10.9% 3.4% 1.4% 13.2% 11.6% 执业证书：S0600522090007 归母净利润（百万元） 766 742 831 995 1125 liyzh@dwzq.com.cn 同比 -13.4% -3.2% 12.0% 19.7% 13.1% EPS-最新摊薄（元/股） 0.73 0.71 0.79 0.95 1.07 股价走势 P/E（现价&最新摊薄） 16 16 15 12 11 颐海国际 恒生指数 [关Ta键bl词e_：Ta#g比] 同类公司便宜 #产品结构变动带来利润率上升 -2% -8% -14% [ 投Ta 资ble 要_S 点um mary] ...

Interim Report 2023 中期報告 頤海國際控股有限公司 YIHAI INTERNATIONAL HOLDING LTD. （於開曼群島註冊成立的有限公司） 股份代號 Stock Code: 1579 (Incorporated in the Cayman Islands with limited liability) Interim Report 2023 中期報告 红拟 ® Definitions 釋義 2 Corporate Information 公司資料 7 Financial Summary 財務摘要 10 Management Discussion and Analysis 管理層討論與分析 11 Corporate Governance and Other Information 企業管治及其他資料 30 Interim Condensed Consolidated Balance Sheet 中期簡明綜合資產負債表 41 Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehens ...

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2023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2023年6月30日止六個月（「報告期」）的未經審核 綜合中期業績，連同2022年同期的比較數字。 本集團財務摘要 | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------| | | | | • | 截至 2023 年 6 月 3 ...

顾海 颐海國際控股有限公司 YIHAI INTERNATIONAL HOLDING LTD. ( 於開曼群島註冊成立的有限公司 ) (Incorporated in the Cayman Islands with limited liability) 股份代號 Stock Code: 1579 2022 Annual Report 年度報告 8 出店班 (AD) 调味料 两原版 @ (2) 海 ® le 42 元 製 行 G 8 CONTENTS 目錄 | --- | --- | |---------------------------------------------------------------------------|---------------------------| | | | | Definitions | 釋義 | | Corporate Information | 公司資料 | | Five-Year Performance Review | 五年業績回顧 | | Chairman's Statement | 董事長報告書 | | Management Discussion and ...

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2022年12月31日止年度 年度業績公告 頤海國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司 及其附屬公司（統稱「本集團」）截至2022年12月31日止年度（「報告期」）的經審核 綜合業績，連同2021年同期的比較數字。 本集團財務摘要 | --- | --- | |-------|------------------------------------------------------------------------------------------------------| | | | | | • 2022 年的收入為人民幣 6,147.0 百萬元，較 2021 年的人民幣 5,942.6 百萬元增 加 3.4% ...