Core Viewpoint - Western Securities initiates coverage on Yihai International with a "Buy" rating, noting a shift in the company's valuation from high growth to low valuation and high dividend due to industry challenges and related revenue fluctuations [1] Group 1: Company Performance - Yihai International previously enjoyed a valuation premium due to growth but has seen a decline as industry growth has not met expectations [1] - The company has entered a down cycle in capital expenditure and has increased its dividend payout ratio [1] Group 2: Financial Projections - Revenue forecasts for Yihai International are projected at 6.57 billion, 6.96 billion, and 7.38 billion yuan for 2025, 2026, and 2027, reflecting year-on-year growth of 0.5%, 5.9%, and 6% respectively [1] - Net profit attributable to the parent company is expected to be 800 million, 890 million, and 980 million yuan for the same years, with year-on-year growth rates of 8.8%, 10.3%, and 10.2% respectively [1]