西部证券晨会纪要-20260121

Group 1: Company Overview - The report on Yihai International (1579.HK) highlights its attractive dividend returns and positive cash distribution, indicating a strong financial position [5][6] - The company has transitioned from a phase of rapid growth to a more stable valuation, with a focus on increasing dividend payouts as it navigates market fluctuations [5][6] - Yihai International's revenue is expected to grow steadily, with projections of CNY 65.7 billion, CNY 69.6 billion, and CNY 73.8 billion for the years 2025 to 2027, reflecting year-on-year growth rates of 0.5%, 5.9%, and 6.0% respectively [6] Group 2: Industry Insights - The compound seasoning market in China is projected to reach CNY 126.5 billion, with significant segments including chicken essence, hot pot seasoning, and recipe-based seasonings [5] - The report notes that the restaurant industry's recovery, particularly in the B-end market, is a key growth driver for Yihai International, with a focus on both large and small business clients [6] - The overseas market is also expanding rapidly, with notable growth in Southeast Asia, the United States, and South Korea, indicating a successful localization strategy [6] Group 3: Market Trends - The real estate sector is experiencing a rebound due to expectations of interest rate cuts and mortgage subsidies, with a recommendation for moderate participation in policy-driven market movements [8][10] - In the pig farming industry, December 2025 saw a year-on-year increase in the number of pigs slaughtered by listed companies, with a total of 19.5 million heads, reflecting a 9.57% increase [12] - However, the revenue for these companies decreased by 24.24% year-on-year in December 2025, primarily due to low pork prices, indicating a challenging market environment despite increased output [13]