YANGYUAN(SH:603156) Soochow Securities·2024-04-24 07:30Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's revenue and net profit for 2023 were 6.162 billion and 1.467 billion yuan, respectively, showing a year-on-year growth of 4.03% and a slight decline of 0.46% [3] - The fourth quarter of 2023 saw a revenue decline of 9.4% and a net profit decline of 61.9%, primarily due to investment impairment losses [3] - In the first quarter of 2024, revenue and net profit reached 2.32 billion and 880 million yuan, respectively, with year-on-year growth of 3.9% and 20% [3] - The company maintained a high cash dividend of 2.023 billion yuan in 2023, with a dividend payout ratio of 137.85% and a current dividend yield of 6.17% [4] Summary by Sections Financial Performance - Total revenue for 2023 was 6.162 billion yuan, with a year-on-year increase of 4.03% [2] - The net profit attributable to shareholders was 1.467 billion yuan, reflecting a slight decrease of 0.46% year-on-year [2] - The company expects net profits for 2024-2026 to be 1.679 billion, 1.934 billion, and 2.248 billion yuan, respectively, with growth rates of 14%, 15%, and 16% [4] Product Performance - The walnut milk segment generated 5.71 billion yuan in revenue, growing by 1.1% year-on-year, while functional beverages saw a significant increase of 68.24% to 448 million yuan [3] - The company is focusing on product segmentation and channel deepening for walnut milk and increasing market penetration for functional beverages [4] Cost and Profitability - The gross profit margin improved by 0.6 percentage points to 45.7% in 2023, with the sales expense ratio decreasing by 2.23 percentage points to 11.95% [3] - The net profit margin decreased by 1.1 percentage points to 23.8%, primarily due to investment losses [3] Market Data - The closing price of the stock is 25.89 yuan, with a market capitalization of approximately 32.76 billion yuan [6] - The price-to-earnings ratio (P/E) is currently 22.33, expected to decrease to 19.51 in 2024 and further to 14.58 by 2026 [2][4]