Core Viewpoint - The report from Western Securities indicates that Yihai International (01579) initially enjoyed a growth valuation premium, but this has declined due to fluctuations in related party revenues and lower-than-expected industry growth, leading to a shift in market perception from a high-growth company to a low-valuation, high-dividend company, with a "Buy" rating assigned for the first time [1] Company Summary - Yihai International's capital expenditure has entered a downward cycle, and the company has increased its dividend payout ratio [1] - The company is expected to stabilize its related party revenues, with a forecast for revenue growth in the hot pot seasoning segment of 0.1%, 5.7%, and 5% from 2025 to 2027 [1] - The revenue from convenient fast food is projected to decline by 2.9%, recover by 2.4%, and then grow by 5.4% over the same period [1] - Compound seasoning revenue is anticipated to grow by 6.9%, 11.3%, and 8.7% respectively from 2025 to 2027 [1] - The company is noted for its active cash dividends, making its dividend returns attractive [1] Industry Summary - The base material and compound seasoning industry still have growth potential and are not limited to a saturated market [1] - The number of Haidilao stores has stabilized, and there is an expectation for improved table turnover next year due to a low base [1] - Third-party business pricing is under pressure but is expected to improve next year, with steady growth in sales anticipated [1] Financial Projections - Revenue forecasts for Yihai International are projected at 6.57 billion yuan, 6.96 billion yuan, and 7.38 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 0.5%, 5.9%, and 6% [1] - The net profit attributable to the parent company is expected to be 800 million yuan, 890 million yuan, and 980 million yuan for the same years, with annual growth rates of 8.8%, 10.3%, and 10.2% [1]

长期来看，西部证券认为底料、复调行业依然还有成长空间，并非存量市场。目前海底捞门店数量已经 基本稳定，低基数下明年翻台有望改善，预计关联方收入企稳改善。第三方业务价格承压，预计明年有 所改善，销量稳步增长，预计2025至2027年火锅调味料收入年增0.1%、5.7%及5%。方便快餐收入分别 同比跌2.9%、回升2.4%及续增5.4%。复合调味料收入料同比增6.9%、11.3%及8.7%。 西部证券又指，公司现金分红积极，股息回报具备吸引力。预测2025至2027年公司营收分别为65.7亿 元、69.6亿元、73.8亿元人民币(下同)，分别同比增0.5%、5.9%及6%，同期归母净利润分别为8亿元、 8.9亿元及9.8亿元，分别年增8.8%、10.3%及10.2%。 西部证券（002673）发布研报称，颐海国际(01579)早期曾享受成长性的估值溢价，但随后颐海关联方 收入波动，同时行业成长性不及预期，估值开始从高点回落，在此期间，颐海国际资本开支进入下行周 期，提升分红比例，市场对公司定价逻辑从高成长标的到低估值、高股息公司，首次覆盖并给予"买 入"评级。 ...