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]

业绩简评 3 月 26 日公司发布业绩，23 年实现营收 61.48 亿元，同比增长 0.01%；实现归母净利润8.53 亿元，同比增长14.92%；其中，23H2 实现营收35.31 亿元，同比增长2.11%；实现归母净利润4.95亿 元，同比增长3.34%，业绩符合预期。 经营分析 H2关联方延续高增，第三方边际改善。外食场景修复驱动关联方 占比提升，23H2 关联方/第三方收入分别为11.2/24.08 亿元，同 比+35.3%/-8.39%（23H1分别同比+34.5%/-14.8%）。分产品来看， 火锅底料、中式复调产品逐步调整到位，新品如“牛油四小块” 港币(元) 成交金额(百万元) 等起量；而方便速食拖累较为明显，系外食场景修复致需求疲软， 27.00 700 且消费者对单价更为敏感。23H2 火锅底料/中式复调/方便速食销 24.00 600 500 售额分别为 24.3/2.5/8.1 亿元，分别同比+8.7%/+13.3%/-16.3% 21.00 400 18.00 （23H1 分别同比+16.3%/+6.6%/-36.1%）。 300 15.00 成本下行叠加渠道结构变化，利润率逐步优 ...

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， ...

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]

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。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in dividend payout ratio, reaching nearly 90% [1] - The revenue for H2 2023 was HKD 35.31 billion, a 2.1% increase, with net profit at HKD 5.3 billion, up 1.9% [1] - The overall revenue for 2023 was HKD 61.48 billion, showing a marginal increase of 0.01%, while net profit rose by 11.2% to HKD 9.07 billion [1] - The company is expected to achieve total revenue of HKD 69 billion, HKD 76 billion, and HKD 84 billion for 2024-2026, representing year-on-year growth of 12%, 11%, and 10% respectively [1][3] Financial Performance Summary - The company’s gross profit margin and net profit margin improved by 1.4% and 1.5% year-on-year, respectively, due to a higher proportion of high-margin hot pot condiments and a decrease in costs [1] - The company’s earnings per share (EPS) for 2024E, 2025E, and 2026E are projected to be HKD 0.94, HKD 1.06, and HKD 1.17, respectively [3][4] - The return on equity (ROE) is expected to be 17.50% in 2024E, gradually decreasing to 16.76% by 2026E [3][4] Business Segment Performance - The recovery of the hot pot business has led to accelerated growth in related party transactions, with revenue from third-party and related party sources reaching HKD 41 billion and HKD 20 billion, respectively, in 2023 [1] - The convenience food segment showed a year-on-year decline of 16.3%, but the rate of decline has narrowed, indicating a shift towards cost-effective products that align with consumer trends [1] Future Outlook - The company is expanding its B-end and overseas markets, with new production capacities coming online in 2024, which is expected to enhance supply chain synergy [1] - The company is well-positioned for growth with a favorable outlook for the hot pot and convenience food segments, supported by the ongoing recovery in the restaurant industry [1]

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 ...