Investment Rating - The report assigns an "Outperform" rating to the company with a target price of HKD 15.00, indicating expected performance above the industry average [2][7][19]. Core Insights - The company is projected to achieve a revenue growth of approximately 10% in 1H24, despite a forecasted decline in profit due to non-operational factors such as government subsidies and foreign exchange losses [5][6]. - The company is a leading producer of compound seasonings in China, holding a market share of about 30% in the mid-to-high-end hot pot base market as of 2023 [10]. - The company is expected to maintain double-digit revenue growth in the second half of the year, driven by new product launches and expansion into overseas markets [6][7]. Financial Summary - Revenue is forecasted to grow from CNY 6,148 million in 2023 to CNY 6,759 million in 2024, representing a growth rate of 10% [4][10]. - Net profit attributable to the parent company is expected to increase from CNY 853 million in 2023 to CNY 870 million in 2024, with a growth rate of 2% [4][10]. - The company’s earnings per share (EPS) is projected to rise from CNY 0.82 in 2023 to CNY 0.84 in 2024 [4][10]. - The price-to-earnings (P/E) ratio is expected to decrease from 13.3 in 2023 to 12.9 in 2024, indicating a more attractive valuation [4][10]. - The dividend yield is projected to increase from 6.8% in 2023 to 7.0% in 2024, enhancing the attractiveness of the stock [4][10].
颐海国际：收入增长表现稳健，汇兑及政府补助略有扰动