2025 年 8 月 27 日 公司研究 业绩基本符合预期，第三方 B 端营收表现亮眼 ——颐海国际（1579.HK）2025 年中报点评 买入（维持） 当前价：14.73 港元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 10.37 | | 总市值(亿港元)： | 152.71 | | 一年最低/最高(港元)： | 9.73/17.41 | | 近 3 月换手率： | 22.17 | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 6.59 | -3.79 | -5.55 | | 绝对 | 8.09 | 8 ...

证券研究报告 | 2025年08月27日 颐海国际（01579.HK） 优于大市 第三方销量表现稳健，海外渠道进展顺利 | 盈利预测和财务指标 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | | 6,148 | 6,540 | 6,865 | 7,409 | 7,888 | | (+/-%) | | 0.0% | 6.4% | 5.0% | 7.9% | 6.5% | | 归母净利润(百万元) | | 853 | 739 | 773 | 859 | 935 | | (+/-%) | | 14.9% | -13.3% | 4.6% | 11.1% | 8.8% | | 每股收益（元） | | 0.82 | 0.71 | 0.75 | 0.83 | 0.90 | | EBIT | Margin | 19.4% | 16.9% | 17.8% | 18.2% | 18.4% | | 净资产收益率（ROE） | | 17.7% | 16.2% | 16.6% | 17 ...

证券研究报告 | 2025年08月27日 颐海国际（01579.HK） 优于大市 第三方销量表现稳健，海外渠道进展顺利 投资建议：由于消费环境仍然较弱，我们下调此前盈利预测，2025-2027 年 公司实现营业总收入 68.7/74.1/78.9 亿元（前预测值为 71.3/77.1/82.6 亿 元），同比 5.0%/7.9%/6.5%；2025-2027 年公司实现归母净利润 7.7/8.6/9.3 亿元（前预测值为 8.2/9.1/10.0 亿元），同比 4.6%/11.1%/8.8%；实现 EPS0.75/0.83/0.90 元；当前股价对应 PE 分别为 18.5/16.6/15.3 倍。维持 "优于大市"评级。 | 盈利预测和财务指标 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | | 6,148 | 6,540 | 6,865 | 7,409 | 7,888 | | (+/-%) | | 0.0% | 6.4% | 5.0% | 7.9% | 6 ...

机构：华泰证券 研究员：樊俊豪/曾珺 公司公布1H25 业绩：收入29.27 亿元/yoy+0.02%，录得归母净利润3.09亿元/yoy+0.39%，对应归母净利 率10.6%/yoy+0.04pct，收入及利润端整体表现稳健。1H25 宣派每股股息0.3107 港元（对应人民币 0.2836 元），分红率95%，股东回馈优渥。期内公司不断捕捉需求端变化，完善产品研发机制，B 端产 品定制化能力提升。渠道端践行精细化管理，强化KA 终端管理，驱动第三方经销商渠道收入同比增长 2.1%。立足长期，公司持续推进供应链全球化布局和B 端能力建设，积极推进以增量利润为关键激励指 标的内部考核体系，盈利稳定性和经营韧性有望持续验证。维持"增持"评级。 3.7%/+8.2%/+1.2% ， 单公斤平均售价分别同比-1.9%/-8.2%/-6.5%，销量分别同 比-1.7%/+17.6%/+8.1%，火锅调味料销量受关联方采购量减少影响，B 端客户对复合调味料采购量增加 弥补其单价下滑影响。1H25 公司火锅调味料/复合调味料/方便速食毛利率分别达31.2%/33.6%/24.0%， 同比分别-0.1pct/-1.1pc ...

Market Overview - On August 5, the Hong Kong stock market rose for the second consecutive day, with the Hang Seng Index increasing by 169 points or 0.7%, closing at 24,902 points. The Hang Seng Tech Index also rose by 0.7%, closing at 5,521 points. The total market turnover exceeded 229.3 billion HKD, with net inflows from the Stock Connect reaching 23.42 billion HKD [1] - The market structure appears healthy, with most stocks rising, and leading companies in specific sectors performing exceptionally well, surpassing their highs from July 24. Notable performers include Tencent (700 HK), which rose by 1.6% to a new closing high of 559 HKD, and Kuaishou (1024 HK), which increased by 2.8% to also reach a new high for the year [1] - The gaming sector saw record revenue in July, leading to upward revisions in valuations and profit forecasts for major gaming companies like Galaxy Entertainment (27 HK) and Sands China (1928 HK), which rose by 3.5% and 2.6%, respectively [1] Industry Dynamics Consumer Sector - The consumer sector, particularly the hot pot chain Guoquan (2517 HK), reported a 21.6% year-on-year increase in revenue for the first half of the year, with net profit rising by 122.5%. This growth is attributed to an increase in store numbers, improved supply chain efficiency, and expanded online sales channels. The company plans to focus on hot pot condiments and expand its store network in the second half of the year [2] Pharmaceutical Sector - The pharmaceutical sector saw a surge in stock prices for innovative drug companies, with Junshi Biosciences (1877 HK) soaring over 30%. The sector is buoyed by government support for unprofitable tech companies and new pricing mechanisms for innovative drugs. HeYue Pharmaceutical (2256 HK) reported a significant increase in revenue and net profit, driven by licensing fees and the recognition of its drug by both the US FDA and Chinese authorities [3] New Energy and Utilities - The new energy and utilities sector experienced moderate gains, with nuclear power stocks like CGN Mining (1164 HK) and CGN Power (1816 HK) rising by 4.3% and 2.7%, respectively. Thermal power stocks also attracted support despite rising fuel costs expected in the second half of the year [4] Company-Specific Insights WuXi AppTec (2359 HK) - WuXi AppTec reported a 20.6% year-on-year increase in revenue for the first half of 2025, reaching 20.8 billion RMB, with a 44.4% increase in adjusted net profit. The growth is driven by a surge in demand for weight-loss drugs, leading to a 141.6% increase in revenue from its Tides business [10][11] - The company announced its first interim dividend, which is expected to enhance market confidence, with a projected dividend yield of over 35% in 2025 [12] - The target price for WuXi AppTec has been raised to 121.00 HKD, with an upgraded rating to "Buy," reflecting positive adjustments in revenue and profit forecasts for 2025-2027 [13]

Group 1 - The core viewpoint is that the company is accelerating its overseas expansion, particularly in Southeast Asia, with established industrial centers in Thailand and Malaysia, aiming to replicate domestic channel and supply chain efficiencies [1] - The company has launched three major product series in Southeast Asia, including hot pot base, compound seasonings, and convenient instant foods, targeting various local channels such as KA supermarkets, wholesale, and e-commerce [1] - The company is experiencing a recovery in internal growth, with projected revenue of 6.54 billion yuan in 2024, reflecting a 6.4% increase, while net profit is expected to decline by 13.3% to 740 million yuan [1] Group 2 - The company is maintaining a high dividend payout ratio of 94.5% for 2024, signaling stable cash flow and operational strength, which helps to stabilize shareholder return expectations [2] - The forecast for net profit for 2025-2027 is adjusted to 842 million, 948 million, and 1.028 billion yuan respectively, due to slower-than-expected recovery in third-party business and increased expenses [2] - The company is assigned a target price of 15.1 HKD for 2025, based on a 17x PE ratio, maintaining a "buy" rating despite short-term profit pressures [2]