YKA(SZ:300999) Huaxin Securities·2024-02-21 16:00Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Views - The company is experiencing short-term pressure on performance, with a slight decline in revenue and profit due to falling product prices, despite an increase in sales volume [3][4] - The company is focusing on high-end product development and optimizing its product structure, which is expected to improve profitability in the kitchen food segment [4] - The company is actively pursuing diversification and is optimistic about the performance elasticity from product upgrades and the development of its central kitchen business [5] Summary by Sections Performance Overview - The company expects to achieve a revenue of 251.52 billion yuan in 2023, a decrease of 2% year-on-year, primarily due to a drop in product prices outweighing sales growth [3] - The net profit attributable to shareholders is projected to be 2.848 billion yuan, down 5% year-on-year, with a significant decline in non-recurring net profit [3] Kitchen Food Segment - The kitchen food segment is under pressure, with retail channel products benefiting from cost reductions, leading to profit growth, while prices for major products have declined due to lower raw material costs [4] - The company plans to enhance its central kitchen business through a "self-operated + franchise" model to integrate the supply chain and improve competitiveness [4] Profit Forecast - The earnings per share (EPS) estimates for 2023-2025 have been adjusted to 0.53, 0.77, and 1.04 yuan respectively, with corresponding price-to-earnings (PE) ratios of 62, 42, and 31 times [5]