金吾财讯 | 国信证券发研报指，颐海国际(01579)是一家专注于火锅底料、中式复合调味品、方便食品生产的食品加工企业，是国内复合调味品领先企业。该行指，疫后复调景气度减弱，中长期成长逻辑仍强，B端渗透率提高的三条路径主要为连锁化、降本增效和场景拓展，C端路径则为满足便捷性需求。另外，公司多次迭代渠道管理体系，在海底捞基因的影响下引入合伙人制度，提升了销售体系效率，2024年将考核方式转向增量利润激励，渠道管理逐渐企稳。随着海底捞门店经营回暖，调价影响减弱，关联方预计贡献稳步修复。该行指，颐海国际的组织经历多轮变革迭代，研发机制具有创新基因，核心竞争力突出。根据该行的预测，24-26年收入分别为66.3/72.6/79.1亿元，同比增加7.8%/9.5%/9.0%，24-26年公司实现归母净利润7.8/8.9/10.0亿元，同比-8.6%/14.1%/12.3%；实现EPS0.75/0.86/0.96元;当前股价对应PE分别为18.1/15.9/14.1倍，若给予公司2025年17-18XPE，则对应股价16.71-17.69HKD,对应市值173-183亿元，较现价有9%-20%溢价空间。首次覆盖，给予优于大市评级。
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