Investment Rating - The report maintains a "Buy" rating for Yihai International, expecting a price increase of over 15% in the next 6-12 months [2][7]. Core Insights - In H1 2024, Yihai International achieved revenue of 2.927 billion CNY, a year-on-year increase of 11.9%, while net profit attributable to shareholders was 308 million CNY, a decrease of 13.8% [2]. - Revenue from related parties, third parties, and other restaurant clients was 989 million CNY, 1.867 billion CNY, and 67 million CNY, respectively, with year-on-year growth of 11.5%, 10.3%, and 100.7% [2]. - The company is focusing on optimizing product pricing and enhancing flavors to recover revenue growth, particularly in the instant food and Chinese seasoning product categories [2]. Financial Performance Summary - For H1 2024, the sales figures for hot pot base, Chinese seasoning, and instant food were 1.748 billion CNY, 454 million CNY, and 700 million CNY, with year-on-year growth rates of 5.6%, 24.4%, and 22.2% respectively [2]. - The overall gross margin and net margin for H1 2024 were 29.98% and 10.53%, reflecting a decline of 0.54 percentage points and 3.14 percentage points year-on-year [2]. - The report projects net profits for 2024, 2025, and 2026 to be 800 million CNY, 910 million CNY, and 1 billion CNY, respectively, with corresponding P/E ratios of 13x, 11x, and 10x [2].
颐海国际：调整初具成效，收入重回双位数增长