Yanghe(002304) 天风证券·2024-12-30 13:27Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [7][26]. Core Insights - The company is currently in a "three-phase overlap" stage, implementing the "12355 Development Outline" to enhance market share by focusing on consumer needs, quality, and innovation [1]. - The company is expected to face significant pressure due to weak demand, leading to a proactive adjustment in operational pace, particularly in banquet channels and inventory management [6]. - Revenue projections for 2024-2026 are estimated at 296 billion, 290 billion, and 304 billion respectively, with corresponding growth rates of -11%, -2%, and 5% [6]. Financial Summary - The company's revenue for 2022 was 30,104.90 million, with a growth rate of 18.76%. For 2023, revenue is projected at 33,126.28 million, with a growth rate of 10.04%. However, a decline is expected in 2024 with revenue estimated at 29,565.18 million, reflecting a growth rate of -10.75% [9][28]. - The net profit attributable to the parent company for 2022 was 9,377.83 million, with a growth rate of 24.91%. For 2023, it is projected at 10,015.93 million, with a growth rate of 6.80%. A significant decline is anticipated in 2024, with net profit expected to be 8,214.90 million, reflecting a growth rate of -17.98% [9][11]. - The company's earnings per share (EPS) for 2022 was 6.23, projected to increase to 6.65 in 2023, but decrease to 5.45 in 2024 [9][11]. Market Positioning - The company aims to build a "manufacturer community" to enhance collaboration with distributors and create greater value, focusing on regular meetings and feedback platforms [15]. - The company is focusing on optimizing five key capabilities: distribution strength, channel strength, brand strength, promotional strength, and organizational strength [1].