YANGYUAN(SH:603156) Huaxin Securities·2024-04-24 08:00Investment Rating - The report maintains a "Buy" investment rating for the company [4][7]. Core Views - The company's revenue performance is in line with expectations, supported by a high dividend yield [4]. - The walnut milk segment shows steady growth, while functional beverages have exceeded expectations [5]. - The company is expanding its product offerings and enhancing brand visibility through collaborations [6]. Revenue Performance - In 2023, revenue from walnut milk, functional beverages, and other plant-based drinks was 5.708 billion, 0.448 billion, and 0.0001 billion respectively, with year-on-year growth rates of +1.11%, +68.24%, and -82.57% [5]. - The gross margin for walnut milk improved to 47.04%, an increase of 1.25 percentage points year-on-year [5]. Channel Performance - Direct sales have shown significant growth, with revenue from distribution and direct sales channels reaching 5.905 billion and 0.252 billion respectively, reflecting year-on-year growth of +3.84% and +8.62% [6]. - The company plans to enhance its presence in the snack and e-commerce channels, leveraging brand recognition [6]. Profitability Forecast - The company is expected to achieve EPS of 1.29, 1.43, and 1.60 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 20, 18, and 16 times [7]. - The forecasted revenue for 2024 is 6.568 billion, with a growth rate of 6.6% [9]. Market Performance - The company has seen stable growth in its base markets, with notable increases in emerging markets such as Northeast and Northwest China, where revenue growth rates were 69.59% and 20.47% respectively in Q1 2024 [6].