Investment Rating - The report maintains a "Recommended" investment rating for Yihai International (01579.HK) with a target price of HKD 19.98, compared to the current price of HKD 15.06 [1]. Core Views - The company achieved a main revenue of HKD 6.148 billion in 2023, remaining flat year-on-year, while the net profit attributable to shareholders reached HKD 853 million, reflecting a year-on-year growth of 14.9% [1]. - The cash dividend payout ratio for 2023 was significantly increased to 89.84% [1]. - The recovery of related parties, particularly benefiting from the resurgence of Haidilao, led to a 35% year-on-year increase in related party revenue, amounting to HKD 2.01 billion [1]. - The gross profit margin improved to 31.6%, up by 1.4 percentage points, driven by a decrease in raw material procurement costs [1]. - The company plans to continue expanding its production capacity, with new factories expected to come online in 2024, which will enhance its ability to meet market demand [1]. Financial Summary - For 2023, the total revenue is projected at HKD 6,156 million, with a slight decline of 0.1% year-on-year. The net profit is expected to grow by 14.92% to HKD 853 million [7]. - Earnings per share (EPS) for 2024, 2025, and 2026 are forecasted at HKD 0.93, HKD 1.05, and HKD 1.17 respectively, with corresponding price-to-earnings (PE) ratios of 15, 13, and 12 [7]. - The company’s total assets are estimated to reach HKD 6.054 billion in 2023, with a debt-to-asset ratio of 15.94% [4][7].
2023年报点评：关联方明显复苏，分红比例提升