第三方稳健增长，股东回报可观 消费品/食品饮料 24 年公司营收/归母净利润分别实现 65.4/7.4 亿，同比 +6.4%/-13.3%，公司 收入端第三方业务实现反弹带动增长，但关联方业务受需求及价格影响对业绩 有所拖累。利润端受公司促销加大、关联方价格调整等因素影响下滑。H2 公司 收入/归母净利润分别实现 36.1/4.3 亿，同比+2.3%/-12.9%。25 年看，第三方 业务随着渠道精耕及新品研发等战略落地，有望保持增长势头，关联方业务仍 有压力期待改善。此外，公司加大对于 B 端及海外市场的拓展力度，寻求增量 贡献。同时，公司短期无重大资本开支，分红率有望维持高位，股东回报可观。 当前行业格局已逐步稳定，虽然复苏期竞争仍激烈，但公司品牌优势领先，产 品及渠道不断完善，未来渗透市场提升份额仍有空间。我们给予 25-27 年 EPS 预期为 0.78、0.86、0.96 元，对应 25 年估值 17X，维持"强烈推荐"评级。 强烈推荐（维持） 目标估值：NA 当前股价：14.36 港元 基础数据 | 总股本（百万股） | 1037 | | --- | --- | | 香港股（百万股） | 1037 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved revenue and net profit of 6.54 billion and 739.43 million RMB in 2024, representing a year-on-year growth of 6.24% and a decline of 13.28% respectively [7] - Third-party sales continue to grow, driven by products like crayfish, while the overall average price has slightly decreased due to the introduction of high-cost performance products [7] - The company is expected to maintain low double-digit growth in third-party revenue in 2025, with potential improvement in related party performance [7] Financial Summary - Total revenue is projected to grow from 6.54 billion RMB in 2024 to 8.64 billion RMB in 2027, with year-on-year growth rates of 6.24%, 10.76%, 9.96%, and 8.46% respectively [1][8] - Net profit is forecasted to decline to 739.43 million RMB in 2024, followed by a recovery to 1.09 billion RMB by 2027, with growth rates of -13.28%, 19.64%, 11.74%, and 10.05% respectively [1][8] - The latest diluted EPS is expected to be 0.71 RMB in 2024, increasing to 1.05 RMB by 2027 [1][8] - The company’s P/E ratios are projected to be 18.23x in 2024, decreasing to 12.39x by 2027 [1][8]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1][11]. Core Insights - The company reported a revenue of 6.54 billion yuan for 2024, reflecting a 6% year-on-year increase, while the net profit decreased by 13% to 739 million yuan [6]. - The company maintained a high dividend payout ratio of 89%, distributing a total of 657 million yuan in dividends for 2024 [6]. - Supply chain efficiency improvements have led to a stable gross margin, which decreased slightly by 0.3 percentage points to 31.28% [7]. - The company is focusing on expanding its product categories and penetrating lower-tier markets, which is expected to drive future growth [9][11]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 65.40 billion yuan, with a net profit of 7.39 billion yuan, marking a 6% increase in revenue but a 13% decrease in net profit [6]. - The second half of 2024 saw revenue of 36.05 billion yuan, with a 2% year-on-year increase [6]. Supply Chain and Cost Management - The gross margin remained relatively stable due to supply chain efficiency improvements, despite a slight decrease [7]. - Sales expense ratio increased by 2 percentage points to 11.80%, attributed to increased marketing efforts and rising shipping costs [7]. Revenue Breakdown - Revenue from related parties decreased by 2% to 19.74 billion yuan, with specific categories showing varied performance: hot pot seasonings down 8%, compound seasonings up 127%, and convenient fast food up 88% [8]. - Third-party revenue increased by 10% to 45.66 billion yuan, driven by new product development and refined channel strategies [9]. Future Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 0.79 yuan in 2025, with corresponding price-to-earnings (PE) ratios of 17, 14, and 12 for 2025, 2026, and 2027 respectively [11]. - Revenue is expected to grow from 65.40 billion yuan in 2024 to 88.66 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 10% [14].

颐海国际 20250326 摘要 Q&A 颐海国际在 2024 年度的业绩表现如何？主要业务板块的情况如何？ 颐海国际 2024 年全年收入为 65.4 亿元人民币，同比增长 6.4%；毛利为 20.46 亿元人民币，同比增长 5.4%；集团净利润为 7.99 亿元，同比下降 11.9%；归属 母公司的净利润为 7.39 亿元，同比下降 13.3%，每股盈利 76 点 2 分。公司第 三方全年收入增长 10.4%至 45.66 亿元，关联方收入为 19.74 亿元，同比下降 1.8%。集团整体毛利率同比下降 0.3 个百分点至 31.3%，其中第三方毛利率略 有增长 0.2%至 38.6%，关联方毛利率同比下降 3 个百分点至 14%。 方便食品板 • 颐海国际 2024 年收入 65.4 亿元，同比增长 6.4%，但净利润同比下降 11.9%至 7.99 亿元，主要受销售费用增长（30%）及所得税开支增加影响。 第三方收入增长 10.4%，关联方收入下降 1.8%。 • 方便食品板块自热火锅系列销售收入与 2020 年基本持平，低价位产品销量 上升但传统大单品下滑。火锅底料中，牛油品类面临激烈竞争，复合调味 ...

Core Insights - The company reported a net profit attributable to shareholders of approximately RMB 739 million for 2024, a decrease of 13.28% year-on-year [1] - Revenue reached approximately RMB 6.54 billion, reflecting a year-on-year increase of 6.4% [1] - Gross profit was around RMB 2.046 billion, which is a 5.4% increase compared to the previous year [1] Revenue Breakdown - The group achieved revenue of RMB 4.566 billion from third-party businesses, marking a year-on-year growth of 10.4%, driven by refined channel management and improved product development mechanisms [1] - In the hot pot base category, the beef tallow hot pot base generated RMB 584 million in revenue, up 12.1%, while the tomato hot pot base reached RMB 424.3 million, increasing by 8.6% [2] - The compound seasoning category saw the crawfish seasoning perform exceptionally well, with revenue of RMB 222.8 million, a growth of 31.5% [2] - Instant food products, particularly the spicy sour noodles, were popular among consumers, generating RMB 135.6 million in revenue, a significant increase of 56.7% [2] Channel Management - The company emphasizes refined and standardized management strategies in channel construction, adapting to market changes through in-depth market research and regional layout [3] - E-commerce channels achieved revenue of RMB 398.7 million, reflecting a year-on-year growth of 30.9% [3] - The company implements differentiated management based on channel and regional characteristics, optimizing the "partner" assessment system with an incentive mechanism focused on "incremental" growth [3]

Financial Performance - Revenue for 2024 reached RMB 6,539.6 million, an increase of 6.4% compared to RMB 6,147.6 million in 2023[6] - Gross profit for 2024 was RMB 2,045.8 million, up 5.4% from RMB 1,941.3 million in 2023[6] - Net profit for 2024 decreased by 11.9% to RMB 799.5 million, down from RMB 907.0 million in 2023[6] - Total comprehensive income for 2024 was RMB 804.6 million, with the portion attributable to owners of the company at RMB 744.5 million, a decrease of 12.7% from RMB 853.0 million in 2023[6] - Basic and diluted earnings per share for 2024 were RMB 0.762[6] - Total expenses for the year ended December 31, 2024, amounted to RMB 5,541,986 thousand, up from RMB 5,071,127 thousand in 2023, reflecting an increase of 9.3%[33] - Income tax expense for 2024 was RMB 378,636 thousand, compared to RMB 357,089 thousand in 2023, marking an increase of 6.0%[36] - Basic earnings per share decreased to 76.2 cents in 2024 from 87.5 cents in 2023, a decline of 12.6%[44] - The company reported a total of RMB 110,760 thousand in other income and gains for 2024, down from RMB 118,375 thousand in 2023, a decrease of 6.8%[34] - Employee benefits expenses rose to RMB 673,481 thousand in 2024, compared to RMB 581,512 thousand in 2023, an increase of 15.8%[33] - The company recorded a government subsidy of RMB 88,103 thousand in 2024, slightly down from RMB 88,929 thousand in 2023, a decrease of 0.9%[34] Assets and Liabilities - Non-current assets totaled RMB 2,820.4 million in 2024, a slight decrease from RMB 2,867.0 million in 2023[7] - Current assets decreased to RMB 2,978.9 million in 2024 from RMB 3,187.4 million in 2023[7] - Total liabilities increased to RMB 1,066.1 million in 2024 from RMB 965.0 million in 2023[8] - The company reported a decrease in retained earnings to RMB 4,242.9 million in 2024 from RMB 4,500.1 million in 2023[7] - The company’s total assets as of December 31, 2024, were RMB 166,007,000, down from RMB 181,587,000 in 2023, reflecting a decrease of about 8.6%[27] - Cash and cash equivalents as of December 31, 2024, were approximately RMB 1,881.9 million, down from RMB 2,309.4 million in 2023[86] - The debt-to-asset ratio increased to 18.4% from 15.9% in 2023, with no bank borrowings reported[87] - As of December 31, 2024, the company's debt-to-equity ratio is 2.0%, up from 1.7% in 2023[96] Revenue Breakdown - Revenue from hot pot seasoning for related parties was RMB 1,753,229,000 in 2024, down from RMB 1,899,247,000 in 2023, a decrease of about 7.7%[25] - Revenue from compound seasoning for third parties increased to RMB 721,307,000 in 2024 from RMB 592,591,000 in 2023, reflecting a growth of approximately 21.7%[25] - Revenue from third-party business increased by 10.4% year-on-year to RMB 4,565.7 million, driven by refined channel management and improved product development mechanisms[50] - The company achieved significant growth in specific product categories, with revenue from beef hotpot base rising by 12.1% to RMB 584.0 million and spicy sour noodles increasing by 56.7% to RMB 135.6 million[50] - Revenue from hot pot seasoning products decreased slightly by 0.2% to RMB 4,085.4 million, accounting for 62.5% of total revenue in 2024[67] - Revenue from compound seasoning products increased by 26.6% to RMB 786.6 million, representing 12.0% of total revenue in 2024[69] - Revenue from convenient food products rose by 15.7% to RMB 1,604.7 million, making up 24.5% of total revenue in 2024[71] - Revenue from related party customers decreased by 1.8% to RMB 1,973.9 million, while revenue from distributors increased by 6.4% to RMB 3,983.4 million[73] Operational Insights - The company is engaged in the production and sale of hot pot condiments, compound seasonings, and instant food products in China and several overseas markets[14] - The company emphasizes supply chain optimization and aims to enhance production efficiency and product quality through technological innovation[51] - The company is expanding its market presence by exploring emerging channels while consolidating traditional ones, aiming to increase market penetration and customer satisfaction[55] - The company is committed to improving its smart manufacturing capabilities and increasing the proportion of self-produced products to enhance global supply chain stability[51] - The company is actively exploring the halal and Middle Eastern markets to enhance product acceptance and coverage[59] - The company plans to focus on product R&D, overseas expansion, and channel development as key strategies for 2025[102] - The company aims to enhance product competitiveness by tailoring offerings to meet diverse regional and channel needs[102] - The company will explore overseas markets by understanding local taste preferences and expanding its presence in mainstream supermarkets and B-end markets[103] - The company intends to improve operational efficiency through channel segmentation and standardized management[104] Dividends and Shareholder Information - For the fiscal year 2024, the company declared an interim dividend of RMB 0.2825 per share, totaling RMB 273.5 million, compared to no dividend in 2023[48] - The proposed final dividend for 2024 is RMB 0.395 per share, with a total of RMB 383.2 million, down from RMB 719.2 million in 2023, which was RMB 0.74 per share[48] - The board proposed a final dividend of HKD 0.4283 per share for the year ending December 31, 2024, subject to shareholder approval on May 22, 2025[117] - The final dividend is equivalent to RMB 0.3950 per share, based on the average exchange rate prior to the board meeting on March 25, 2025[117] - The company will suspend share transfer registration from May 19 to May 22, 2025, to determine shareholder eligibility for the annual general meeting[118] - A second suspension of share transfer registration will occur from May 28 to May 29, 2025, to determine eligibility for the final dividend[119] - The annual report for the year ending December 31, 2024, will include all information required by listing rules and will be sent to shareholders upon request[121] - The company expressed gratitude to shareholders, management, employees, business partners, and customers for their support and contributions[122]

Group 1 - The compound seasoning industry is expected to reach a revenue of 134.1 billion CNY in 2024, with a compound annual growth rate (CAGR) of 11% from 2019 to 2024 [16][21][29] - The hot pot base market is projected to maintain a growth rate of over 5% in the next five years, with a market size of approximately 600 billion CNY [33][35] - The Chinese compound seasoning sector is still in its growth phase, with significant opportunities for new product development, particularly in categories like sauerkraut fish and crayfish seasoning [41][43] Group 2 - In February, the food and beverage sector outperformed the market by 2.2 percentage points, with sub-sectors like liquor showing strong performance [12][20] - The valuation of the food and beverage sector is at historical lows, with the price-to-earnings (PE) ratio at the 12th percentile and the price-to-book (PB) ratio at the 23rd percentile since 2010 [12][24] - The net inflow of southbound funds in February reached 152.8 billion HKD, indicating strong interest in stocks like Qingdao Beer and COFCO Joycome [12][14] Group 3 - The liquor market is experiencing a recovery, with companies controlling inventory and maintaining prices, as seen with the price of Moutai at 2,210 CNY per bottle [17][32] - The sales of consumer goods improved in February, particularly in beer, dairy products, and frozen foods, while raw material prices showed mixed trends [18][19] - The overall retail sales in January and February 2025 are expected to grow by 4.0% year-on-year, indicating a positive trend in consumer spending [28][31] Group 4 - Investment recommendations include key players in the liquor sector such as Luzhou Laojiao, Jinshiyuan, and Shanxi Fenjiu, as well as consumer goods companies like Yanjing Beer and Tianwei Foods [10][12] - The report emphasizes the potential for new product launches in the compound seasoning market, driven by changing consumer preferences and the expansion of retail channels like Sam's Club [41][43] - The macroeconomic environment is improving, which is expected to boost consumer confidence and spending, further supporting the growth of the food and beverage sector [29][31]

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price range of 16.71 to 17.69 HKD, indicating a potential upside of 9% to 20% from the current price of 14.56 HKD [6]. Core Insights - Yihai International is a leading player in the compound seasoning market in China, originating from the supply chain of Haidilao and has shown rapid revenue growth with a compound annual growth rate (CAGR) of 50% from 2015 to 2019 [1][4]. - The company achieved a revenue of 6.148 billion CNY in 2023, with a slight year-on-year growth of 0.01%, and a net profit of 853 million CNY, reflecting a 14.92% increase [1][19]. - The compound seasoning market in China is still in a growth phase, with a penetration rate of approximately 26% and a per capita consumption of about 9 USD, which is lower compared to countries like the US and Japan [2][44]. Company Overview - Yihai International specializes in hot pot base, Chinese compound seasonings, and convenience foods, with a sales network covering most regions in China and expanding into Southeast Asia, North America, and Europe [14]. - The company has undergone several phases of development, starting from supplying Haidilao to establishing its own brand and expanding its product lines [14]. - The company has reduced its reliance on related parties, with third-party customer revenue increasing significantly, accounting for 67.3% of total revenue in 2023 [28][54]. Industry Analysis - The compound seasoning industry is experiencing robust growth, driven by the increasing complexity of flavor profiles and the demand for convenience in cooking [38][39]. - The market for compound seasonings is projected to grow, with the industry size reaching approximately 203.2 billion CNY in 2023, reflecting a CAGR of about 14% from 2011 to 2023 [41][42]. - The B-end market is expected to grow through chain operations, cost reduction, and scene expansion, while the C-end focuses on meeting convenience needs [48][49]. Financial Forecast and Valuation - Revenue forecasts for 2024, 2025, and 2026 are projected at 6.63 billion CNY, 7.26 billion CNY, and 7.91 billion CNY, respectively, with year-on-year growth rates of 7.8%, 9.5%, and 9.0% [5][4]. - The net profit for the same years is expected to be 779 million CNY, 889 million CNY, and 998 million CNY, with corresponding year-on-year changes of -8.6%, 14.1%, and 12.3% [5][4]. - The company's earnings per share (EPS) are projected to be 0.75 CNY, 0.86 CNY, and 0.96 CNY for 2024, 2025, and 2026, respectively [5][4].

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses a company in the food industry, specifically focusing on the hot pot and condiment segments, including products like hot pot base and sauces. Key Points and Arguments 1. **Growth Expectations**: The company anticipates double-digit growth in the third-party segment for the upcoming year, aligning with previous expectations and product performance indicators [1][2][3]. 2. **International Expansion**: The company plans to enhance its overseas operations, expecting faster growth in international markets compared to domestic ones, as regulatory processes are expected to be completed soon [2][3]. 3. **Product Development**: The company is focusing on various product categories, including hot pot bases and vegetarian options, with an emphasis on continuous innovation to meet consumer preferences [3][4]. 4. **Market Trends**: There is a noted shift in consumer preferences towards healthier options, with the company introducing new products that cater to this trend, such as low-fat and clean-label items [7][8]. 5. **Sales Performance**: The company reported a nearly 30% growth in its sauce segment, indicating strong consumer demand and brand recognition across different regions [10][11]. 6. **Competitive Landscape**: The company is adapting to competitive pressures, with competitors also shifting their product offerings. The company is focusing on maintaining its unique flavor profiles while expanding its product range [5][6]. 7. **Pricing Strategy**: The company has adjusted its pricing strategy to remain competitive, with a focus on maintaining reasonable price points for consumers while ensuring profitability [27][28]. 8. **Consumer Feedback**: The company emphasizes the importance of consumer feedback in product development, particularly for new launches, which are expected to gain traction in their second year [16][17]. 9. **Supply Chain Management**: The company has improved its supply chain capabilities, which has allowed for better pricing and product availability, contributing to overall growth [13][14]. 10. **Future Outlook**: The company is optimistic about maintaining growth momentum, with expectations for continued expansion in both domestic and international markets, driven by new product introductions and enhanced marketing strategies [24][25]. Other Important but Possibly Overlooked Content 1. **Regional Preferences**: The company acknowledges the differences in taste preferences between northern and southern regions of China, which influences product development and marketing strategies [12][14]. 2. **Consumer Education**: There is a need for consumer education regarding new products, especially when introducing innovative flavors or health-oriented options [22][23]. 3. **Market Dynamics**: The company is aware of the fluctuating market dynamics and is prepared to adjust its strategies accordingly, particularly in response to raw material cost changes [30][31]. 4. **Investment in Marketing**: The company plans to increase its marketing investments to enhance brand visibility and consumer engagement, particularly in online channels [29][32]. This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's growth prospects and market strategies in the food industry.

Investment Rating - The report assigns an "Accumulate" rating to Yihai International [5] Core Viewpoints - Yihai International has successfully reduced its reliance on related party revenue, with third-party revenue accounting for 66% in H1 2024, indicating a shift towards independent growth [1][29] - The company is expanding its product lines, leveraging the Haidilao brand for hot pot base and developing sub-brands for diversified offerings, achieving a CAGR of 20% for hot pot seasonings and 68% for convenience foods from 2017 to 2023 [2][20] - Organizational reforms and market penetration strategies are enhancing operational efficiency and driving overseas market growth, with a CAGR of 37.4% in overseas business from 2017 to 2023 [3] Summary by Sections 1. Traditional Hot Pot Seasoning Leader, Expanding into Compound and Convenience Foods - Yihai International, established in 2005, is the largest supplier of mid-to-high-end hot pot seasonings in China, originally a supplier for Haidilao [12] - The company has diversified its product offerings, with hot pot seasonings, compound seasonings, and convenience foods contributing to stable revenue growth [20] - The revenue structure is stabilizing, with hot pot seasonings, compound seasonings, and convenience foods accounting for 67%, 10%, and 23% of total revenue in 2023, respectively [20] 2. Low Barriers and Intensifying Competition in the Market - The hot pot seasoning market is experiencing a compound annual growth rate (CAGR) of 12% from 2019 to 2023, driven by the popularity of hot pot dining [35] - The market is characterized by low technical barriers and intense competition, leading to a long-tail distribution of brands and significant product homogeneity [35] 3. Yihai's Advantages: Leveraging Haidilao Brand and Operational Efficiency - The company benefits from a concentrated shareholding structure, with key stakeholders having extensive experience in the food industry, enhancing management stability [30][32] - Yihai International is utilizing the operational expertise gained from Haidilao to improve its own management and operational efficiency [32] 4. Profit Forecast and Valuation - The projected revenue for Yihai International for 2024, 2025, and 2026 is estimated at 67.79 billion, 76.63 billion, and 85.65 billion RMB, respectively, with corresponding net profits of 8.25 billion, 9.64 billion, and 10.89 billion RMB [4]