Yanghe(002304) 国联证券·2024-11-04 03:00Investment Rating - The investment rating for the company is "Buy" [5][7]. Core Views - The company reported a total revenue of 4.641 billion yuan in Q3 2024, a year-on-year decrease of 44.82%, and a net profit attributable to shareholders of 631 million yuan, down 73.03% year-on-year, which was below previous expectations [2][7]. - The company is currently facing high internal and external pressures, and Q4 is expected to continue adjustments, with hopes for improvement after inventory digestion [2][7]. - The company announced a cash dividend rate of no less than 70% and a total amount of no less than 7 billion yuan (including tax), which supports an estimated dividend yield of approximately 4.4% for 2024 [2][7]. - Given the guaranteed dividend, the investment value is maintained [2][7]. Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 27.516 billion yuan, a year-on-year increase of 9.14%, and a net profit of 8.579 billion yuan, down 15.92% year-on-year [7]. - The Q3 gross margin was 66.24%, a decrease of 8.63 percentage points year-on-year, primarily due to promotional discounts [7]. - The company expects revenues for 2024-2026 to be 29.029 billion yuan, 29.015 billion yuan, and 29.101 billion yuan respectively, with corresponding net profits of 8.048 billion yuan, 8.061 billion yuan, and 8.097 billion yuan [7][8]. Valuation Metrics - The estimated P/E ratios for 2024-2026 are 15, 15, and 15 respectively [7][8]. - The company’s market capitalization is approximately 127.174 billion yuan [5]. - The current price per share is 84.63 yuan [5]. Dividend Policy - The company has committed to a cash dividend policy with a minimum payout ratio of 70%, which is expected to support investor confidence [2][7].