高股息率系列：稳居细分龙头，持续尝试突破

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company maintains a leading position in the almond beverage market with a market share of approximately 90% [17][100] - The management has stabilized after a period of changes, and the company is focusing on product innovation and market expansion [3][141] - The financial health of the company is strong, with a consistent dividend payout and attractive dividend yield [18][186] Financial Forecast and Valuation - The projected revenue for 2023 is 2,786 million yuan, with a year-on-year growth of 3.49% [2] - The expected net profit for 2023 is 602.78 million yuan, reflecting a minimal growth of 0.15% [2] - The earnings per share (EPS) for 2023 is estimated at 0.57 yuan, with a price-to-earnings (P/E) ratio of 13.92x [2][4] Company Development Stages - The company has undergone several development phases, including the establishment of the almond beverage category, a successful reform period, and a recent focus on management stability and product innovation [89][106] - The current phase emphasizes market penetration and product diversification, with significant investments in research and development [112][179] Market Strategy - The company is actively expanding its market presence in southern regions, particularly in the Southwest and East China, while continuing to strengthen its established northern market [112][151] - New product launches, including almond milk and other plant-based beverages, are part of the strategy to meet diverse consumer demands [112][179] Cash Flow and Dividend Policy - The company has a strong cash flow, with a historical average dividend payout ratio of 52% over the last three years [18][186] - The dividend yield is projected to be around 3.76% based on the latest stock price, indicating a solid return for investors [186]