Yanghe(002304) 开源证券·2024-08-31 16:00Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's revenue performance is in line with market expectations, with a further increase in dividend rate, indicating a gradual accumulation value [4] - The company achieved a revenue of 22.88 billion yuan in H1 2024, representing a year-on-year increase of 4.6%, while the net profit attributable to shareholders was 7.95 billion yuan, up 1.1% year-on-year [4] - In Q2 2024, the company reported a revenue of 6.62 billion yuan, a decrease of 3.0% year-on-year, and a net profit of 1.89 billion yuan, down 9.8% year-on-year [4] - The company plans to maintain a cash dividend of no less than 70% of the net profit attributable to shareholders, with a minimum of 7 billion yuan annually, resulting in a current dividend yield of around 6% [7] Revenue Performance - The company's mid-to-high-end liquor and regular liquor revenues increased by 4.8% and 5.2% respectively in H1 2024, with provincial and out-of-province revenues at 9.6 billion yuan and 12.9 billion yuan, reflecting year-on-year increases of 1.42% and 7.50% respectively [5] - The internal structure shows that the M6+ product line is significantly affected by business demand, while competition in the province has intensified, impacting the market share of mass-market products [5] Financial Metrics - The company's gross margin decreased by 1.4 percentage points to 73.7% in Q2 2024, primarily due to a decline in the product structure of mid-to-high-end products [6] - The net profit margin in Q2 2024 decreased by 2.1 percentage points to 28.6% [6] - The company's earnings per share (EPS) for 2024-2026 are projected to be 6.79 yuan, 6.99 yuan, and 7.36 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 12.1, 11.7, and 11.1 times [4][8] Dividend Policy - The company emphasizes a dividend payout ratio while ensuring an absolute value, effectively guaranteeing shareholder returns [7]