Yanghe(002304) 首创证券·2024-09-05 03:00Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company demonstrates strong operational resilience and is enhancing shareholder returns through a robust dividend policy [1][2] - The company reported a revenue of 22.876 billion yuan for the first half of 2024, reflecting a year-on-year growth of 4.58%, while the net profit attributable to shareholders was 7.947 billion yuan, up 1.08% year-on-year [2] - The company is focusing on a multi-brand strategy and aims to strengthen its market presence both domestically and nationally [2] Summary by Sections Financial Performance - For the first half of 2024, the company's revenue from high-end and regular liquor was 19.961 billion yuan and 2.530 billion yuan, respectively, with growth rates of 4.78% and 5.16% year-on-year [2] - The second quarter of 2024 saw a revenue of 6.621 billion yuan, a decrease of 3.02% year-on-year, and a net profit of 1.892 billion yuan, down 9.75% year-on-year [2] - The gross margin for Q2 2024 was 73.67%, a decline of 1.40 percentage points year-on-year, attributed to a slight downturn in product structure [2] Market Strategy - The company is implementing a strategy of "deepening the home market and nationwide expansion," focusing on enhancing its market position and optimizing sales strategies [2] - The number of distributors increased to 8,833 by the end of H1 2024, with a net addition of 44 distributors compared to the end of 2023 [2] Dividend Policy - The company has announced a cash dividend plan, committing to distribute no less than 70% of the net profit attributable to shareholders annually from 2024 to 2026, with a minimum of 7 billion yuan (before tax) [2] - The estimated dividend yield for 2024 is over 6%, indicating a high allocation value at the current stock price [2] Profit Forecast - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is 10.26 billion yuan, 10.95 billion yuan, and 11.71 billion yuan, respectively, with year-on-year growth rates of 2.4%, 6.8%, and 7.0% [3] - The corresponding price-to-earnings ratios for these years are projected to be 12, 11, and 10 times [3]