MEIHUA BIO、MeiHua Group(SH:600873)2024-09-24 10:08Investment Rating - The report maintains an "Outperform" rating for the company [7] Core Views - The company has announced a cash dividend of 0.175 CNY per share for H1 2024, totaling approximately 500 million CNY, which represents about 53.16% of the net profit attributable to shareholders [7] - The company plans to repurchase shares with a total amount between 300 million to 500 million CNY, with a maximum repurchase price of 12 CNY per share, aimed at reducing registered capital [7] - The company has a strong history of returning value to shareholders, with cumulative dividends of 9.809 billion CNY from 2012 to 2023 and an average dividend payout ratio of 57.32% [7] - Despite short-term price pressures on products like monosodium glutamate, there is an expected price increase for products such as threonine, which could enhance performance [7] - The company is actively working on new projects, including expansions and upgrades, which are expected to contribute positively in the second half of the year [7] Financial Summary - For 2024, the company forecasts total revenue of 27.707 billion CNY, with a slight decrease of 0.2% year-on-year [8] - The net profit attributable to the parent company is projected to be 3.031 billion CNY for 2024, reflecting a decrease of 4.7% year-on-year [8] - The earnings per share (EPS) is expected to be 1.06 CNY for 2024, with a gradual increase to 1.34 CNY by 2026 [8] - The company's return on equity (ROE) is projected to be 17.6% in 2024, decreasing slightly in the following years [8] Market Data - As of September 23, 2024, the company's closing price is 8.95 CNY, with a price-to-book ratio of 1.8 and a dividend yield of 4.69% [2] - The company has a total market capitalization of approximately 25.532 billion CNY [2]