Investment Rating - The report maintains an "OUTPERFORM" rating for Weilong Delicious Global Holdings [3][6][9] Core Insights - The company's 2023 performance met market expectations, with revenue of 4.87 billion yuan, a year-on-year increase of 5.2%, and an adjusted net profit of 970 million yuan, a year-on-year increase of 6.3% [8][9] - The company significantly increased its dividend payout ratio from 30% in 2022 to 60% in 2023, with a total dividend distribution of 776 million yuan, representing nearly 90% of the net profit attributable to shareholders for the year [4][5] - The company is expected to launch new cross-category products in 2024, which may boost revenue growth [4] Financial Performance Summary - For 2023, the company achieved revenue of 48.72 billion yuan, with a net profit of 8.80 billion yuan, reflecting a substantial increase of 481.9% year-on-year [5][8] - The company forecasts revenue growth of 14.3% in 2024, reaching 55.7 billion yuan, and a net profit of 10.0 billion yuan, also reflecting a 14.3% increase [5][9] - The expected EPS for 2024-2026 is projected to be 0.43, 0.49, and 0.55 yuan respectively [5][9] Market Position and Valuation - The target price for Weilong is set at HKD 9.29, based on a 20x PE ratio for 2024, indicating a potential upside from the current price of HKD 5.59 [3][5][9] - The company has a market capitalization of HKD 13.14 billion (approximately USD 1.68 billion) [3][4]
2023年业绩点评：分红大幅提高，股息具有吸引力