公司积极推进扩大公司产能，不断研发新产品、新工艺。1）“年产300 吨乙酸异戊脂”项目2023 年产能利用率为63%。2）“年产500 吨WS-23”项目2023 年在建产能150 吨，产能利用率100%，正在投产建设中。3）亚香泰国生产基地一期将建设香兰素1000 吨、橡苔200 吨、苯甲醛100 吨、苯甲醇50 吨、桂酸甲酯100 吨、凉味剂150 吨、叶醇150 吨香精香料生产装置生产线，争取在2024 年12 月31 日前投产，后续根据情况适时推进二期香精香料产品建设。Yaxiang Co., Ltd. released its 2023 annual report. In 2023, the company achieved operating income of 630 million yuan, a year-on-year decrease of 10.66%, net profit to mother of 80 million yuan, a year-on-year decrease of 39.18%, and deducted non-net profit of 73 million yuan, a year-on-year decrease of 40.13%.
The year-on-year decline in net profit due to changes in overall downstream market demand and adjustments in the company's product structure in 2023. 1) In terms of revenue by product, the company's revenue for synthetic fragrances, cooling agents, and natural flavors changed -18.18%, 19.29%, and -29.53% to 99 million yuan, 292 million yuan, and 231 million yuan in 2023.
2) Looking at gross margin by product, the gross margin of synthetic fragrances, cooling agents, and natural flavors in 2023 changed -9.37, 1.50, and -5.05 percentage points year-on-year to 16.92%, 33.94%, and 37.20%. 3) Sales, management, finance, and R&D expenses for the full year of 2023 changed by 80.15%, 3.29%, 54.05%, and 21.73% to 0.10, 0.70, -0.04, and 45 billion yuan, respectively. The total cost ratio increased 4.78 percentage points to 19.18%.
The company actively promotes the expansion of the company's production capacity and continuously develops new products and processes. 1) The capacity utilization rate of the “annual production of 300 tons of isoamyl acetate” project was 63% in 2023. 2) The “WS-23 with an annual output of 500 tons” project has a production capacity of 150 tons in 2023, a capacity utilization rate of 100%, and is being put into operation. 3) The first phase of the Yaxiang Thailand production base will build production lines of 1000 tons of vanillin, 200 tons of oak moss, 100 tons of benzaldehyde, 50 tons of benzyl alcohol, 100 tons of methyl laurate, 150 tons of cooling agent, and 150 tons of xylitol. It aims to be put into operation by December 31, 2024, and the construction of phase II fragrance products will be promoted in due course according to the situation.
The company has brand and customer resource advantages, product quality advantages, technical advantages and market segment leading advantages. 1) The company has maintained a good growth trend in sales revenue through optimization of product structure and improvement of product quality, and has established stable business relationships with many well-known domestic and foreign companies. 2) As the earliest domestic manufacturer involved in the R&D and production of natural fragrances, the company has strong advantages in the R&D and production of natural fragrances after years of accumulation. 3) The company can currently mass-produce nearly 300 kinds of fragrances, including more than 160 types of natural fragrances, which can meet the needs of fragrance manufacturers in terms of consistent fragrance quality, timeliness and stability of batch delivery, and multi-variety collective procurement. It can also improve bargaining power in raw material procurement and fully reduce production costs, thereby enhancing profitability and ability to withstand risks.
Profit forecasting and investment ratings. We expect the company's EPS in 2024-2026 to be 1.54, 2.55, and 3.25 yuan respectively. Referring to the valuation of comparable companies in the same industry, we believe that a reasonable valuation range is 21-23 times PE in 2024, and the corresponding reasonable value range is 32.34-35.42 yuan, maintaining a “superior to the market” investment rating.
Risk warning: Production capacity investment under construction falls short of expectations; macroeconomic decline; raw material market prices fall.
