证券研究报告 | 公司点评报告 2025 年 04 月 14 日 海天味业（603288.SH） Q4 实现优质增长，25 年有望趋势延续 消费品/食品饮料 公司 Q4 收入/归母净利润分别同比+10.0%/+17.8%，延续优质增长。24 年看公 司逆势而上，在需求承压及竞争加剧压力下，实现高质量增长，表现优于同业， 份额再提升。25 年公司继续梳理改善渠道，加快新品推广及效率提升，有望继 续稳健增长，看好公司凭借平台优势，继续提升份额。我们给予 25-26 年 EPS 预测为 1.28、1.40 元，当前股价对应 25 年 33 倍 PE，维持"强烈推荐"评级。 强烈推荐（维持） 目标估值：NA 当前股价：42.04 元 基础数据 | 总股本（百万股） | 5561 | | --- | --- | | 已上市流通股（百万股） | 5561 | | 总市值（十亿元） | 233.8 | | 流通市值（十亿元） | 233.8 | | 每股净资产（MRQ） | 5.6 | | ROE（TTM） | 20.5 | | 资产负债率 | 23.1% | | 主要股东 广东海天集团股份有限公司 | | | 主要股东持 ...

——海天味业 2024 年报点评 事件 24 全年公司实现营业收入 269.0 亿元（同比+9.5%）；归母净利润 63.4 亿元（同比 +12.8%）；扣非归母净利润 60.7 亿元（同比+12.5%）。24Q4 公司实现营业收入 65.0 亿 元（同比+10.0%）；归母净利润 15.3 亿元（同比+17.8%）；扣非归母净利润 14.5 亿元 （同比+17.1%）。 投资要点 ❑ 24 年传统品类增长均衡，新品类拉动增长 分产品：24 全年酱油/调味酱/耗油/其他产品分别实现收入 137.6/26.7/46.2/40.9 亿元，同比+8.9%/+10.0%/+8.6%/+16.8%；24Q4 酱油/调味酱/ 耗油/其他产品分别实现收入 34.2/6.3/11.9/9.2 亿元，同比 +13.6%/+13.2%/+15.4%/+7.1%。 证券研究报告 | 公司点评 | 调味发酵品Ⅱ 海天味业(603288) 报告日期：2025 年 04 月 13 日 弱景气韧性凸显，分红力度再加大 分渠道：24 全年线下/线上渠道分别实现收入 238.8/12.4 亿元，同比 +8.9%/+39.8%；24Q4 线下/ ...

丨证券研究报告丨 公司研究丨点评报告丨海天味业（603288.SH） [Table_Title] 海天味业 2024 年度业绩点评：主业增长提速、 结构优化，盈利显著改善，股东回报增强 报告要点 [Table_Summary] 在 2023 年历经渠道库存去化的基础上，2024 年已迎来主业的增长提速，叠加原辅材料成本下 行，盈利改善显著。公司在 2025 年预计延续稳健积极的增长，而成本改善趋势仍存，盈利能 力或稳健略升。随着员工持股计划的推行，人员激励增强，核心管理层的迭代，有望增进公司 长期战略的执行落地。此外，公司在 2024 年度的分红率提升至 75.2%（2023 年度为 65%）， 股东回报增强。 分析师及联系人 [Table_Author] [Table_Title 海天味业 2024 2] 年度业绩点评：主业增长提速、 结构优化，盈利显著改善，股东回报增强 [Table_Summary2] 事件描述 海天味业发布 2024 年年报，公司全年维度实现：营业总收入 269.01 亿元（+9.53%），主营业 务收入 251.28 亿元（+10.14%）；归母净利润 63.44 亿元（+12.75 ...

海天味业是全球调味品龙头企业，酱油、蚝油市占率全国第一，又有"酱茅"之称。2021年1月8日，海天 味业的市值突破6900亿元，如今市值仅剩2185亿元，不到峰值的三分之一。 股价下跌，业绩亮眼 经济观察报记者张晓晖2025年4月7日下午，佛山市海天味业（603288）食品股份有限公司(603288.SH， 下称"海天味业")2024年业绩说明会在上证路演中心举行，经济观察报记者以投资者身份参加并提问。 2024年，海天味业取得269.01亿元的营业收入，同比增长8.93%；归属于上市公司股东的净利润为63.44 亿元，同比增长12.75%；归属于上市公司股东的净资产为308.95亿元，同比增长8.29%；整体净利率为 23.63%，同比增加0.65%。 海天味业董事兼总裁管江华、财务负责人李军、董秘柯滢、独立董事丁邦清出席了2024年业绩说明会。 2024年，海天味业酱油的收入为137.58亿元，仍然是海天味业最为重要的收入构成，占据总营业收入的 51.14%；蚝油是第二大品类，2024年营业收入为46.15亿元，占该公司总营业收入的17.16%；其他品类 营业收入为40.86亿元，占总营业收入的15.19 ...

每经记者 范芊芊 每经编辑 张海妮 NO.4 因原料成本上涨，威克多4月起对羽毛球进行调价 点评：孩子王一季度净利润大幅预增，彰显了公司在门店升级、供应链优化及AI数智化发展等方面的 成效。同时，孩子王的成绩也可能促使投资者重新评估亲子家庭全渠道服务提供商的投资价值。 NO.2 海天味业总裁管江华谈出海 4月7日下午，海天味业召开2024年度业绩说明会。在回应《每日经济新闻》记者以投资者身份提出 的"出海计划"相关问题时，公司董事兼总裁管江华表示："公司一直以来立足中国，着眼全球，未来海 外业务将选择消费基础良好、调味品需求旺盛的市场适度侧重开展，在品牌推广、产品选择、经销渠道 等方面，结合各个国家/地区的实际情况有序推进。" 点评：海天味业总裁管江华透露，公司未来将聚焦消费基础坚实、需求旺盛的市场，有序推进海外布 局。此消息可能增强投资者对其国际化前景的信心，对调味品行业板块产生正面效应。同时，海天味业 的战略方向也为市场提供了新的增长点预期。 丨 2025年4月8日 星期二 丨 NO.3 胖东来拟起诉财经大V宋清辉并索赔 NO.1 孩子王预计2025年第一季度归母净利润同比增长150%~230% 4月5日 ...

每经记者 王帆 每经编辑 马子卿 时隔四年，市值两千亿元规模的"酱油茅"海天味业净利润重回两位数增长。 近期发布的年报显示，海天味业（SH603288，股价39.30元，市值2185亿元）2024年实现归母净利润63.44亿元，同比增长12.75%。这样的业绩来之不易。要 知道，海天味业上次年度净利润两位数增长，要追溯到2020年。 作为调味品龙头，海天味业的"反弹"令投资者欣慰，也让市场开始寻找新的"价值锚点"。海天味业正在筹划的赴港上市和全球化，能否接下重托？4月7日下 午，海天味业召开2024年度业绩说明会，公司董事兼总裁管江华表示："未来海外业务将选择消费基础良好、调味品需求旺盛的市场适度侧重开展。" 不过，在国内调味品市场转向"质价比"之争时，行业流行的"零添加"概念也面临争议。伴随着同行千禾味业"千禾0"商标风波，相关部门明确不允许再使 用"不添加""零添加"等用语对食品配料进行特别强调。而海天味业的"零添加"产品也不少，管江华表示支持新规，会积极按照新的政策要求推进后续工作。 谈"出海"：选择消费基础良好、调味品需求旺盛的市场适度侧重开展 年报显示，2024年海天味业实现营业收入269.01亿元 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][15] Core Views - The company's profit meets expectations, driven by new products and online channel expansion, with category expansion poised for future growth [3][13] - For 2024, the company achieved revenue of 26.9 billion yuan, a year-on-year increase of 9.5%, and a net profit of 6.34 billion yuan, up 12.8% year-on-year [13][15] - The company plans to distribute a cash dividend of 8.60 yuan per 10 shares, resulting in a dividend payout ratio of 75.2% [13] Financial Summary - Revenue and net profit projections for 2025-2027 are 29.68 billion yuan, 33.01 billion yuan, and 36.85 billion yuan respectively, with year-on-year growth rates of 10.3%, 11.2%, and 11.6% [5][15] - The company’s gross margin improved to 47% in 2024, an increase of 2.27 percentage points year-on-year, primarily due to lower raw material prices [14] - The net profit margin for 2024 increased by 0.66 percentage points to 23.63% [14] Product and Channel Performance - In 2024, revenue from soy sauce, seasoning sauce, oyster sauce, and other categories increased by 8.9%, 10%, 8.6%, and 16.8% respectively [13] - Online sales grew significantly by 39.8%, attributed to supply chain reforms and enhanced new retail strategies [13] Distributor Network - The company added 116 new distributors in 2024, bringing the total to 6,707, indicating a recovery and expansion of its distributor network [13][14] Future Outlook - The company is focusing on enhancing its overall supply chain capabilities, aiming for double-digit revenue and profit growth as part of its "Four-Five Plan" [14][15]

Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Insights - The company achieved a revenue of 26.901 billion yuan in 2024, representing a year-on-year increase of 9.53%, and a net profit attributable to shareholders of 6.344 billion yuan, up 12.75% year-on-year [3]. - The growth in revenue was slightly lower than expected, but the profit growth met the company's targets, indicating effective cost management and operational efficiency [3][5]. - The company experienced stable growth in core products, with significant contributions from new products, particularly in the soy sauce, seasoning sauce, and oyster sauce categories [4][5]. Revenue and Profit Analysis - In 2024, the revenue breakdown by product was as follows: soy sauce 13.76 billion yuan (+8.87%), seasoning sauce 2.67 billion yuan (+9.97%), oyster sauce 4.62 billion yuan (+8.56%), and other products 4.09 billion yuan (+16.75%) [4]. - The sales growth was primarily driven by volume increases, despite a slight decline in unit prices for soy sauce and seasoning sauce [4]. - Online sales grew significantly, with a 39.78% increase, while offline sales rose by 8.93% [4]. Cost and Margin Improvement - The company's gross margin improved to 37% in 2024, an increase of 2.26 percentage points, attributed to lower raw material costs, particularly for soybeans [5]. - The average soybean cost is projected to decrease by approximately 12.6% year-on-year in 2024, further enhancing profit margins [5]. Future Earnings Forecast - The company forecasts earnings per share (EPS) of 1.29 yuan, 1.42 yuan, and 1.53 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 32, 29, and 27 times [5][7].

Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Insights - In 2024, the company achieved a revenue of 26.901 billion yuan, a year-on-year increase of 9.53%, and a net profit attributable to shareholders of 6.344 billion yuan, up 12.75% year-on-year [3]. - The growth in revenue was slightly lower than expected, but the profit growth met the company's targets [3]. - The company experienced stable growth in its core products, with significant contributions from new products, particularly in the soy sauce, seasoning sauce, and oyster sauce categories [4]. - The gross profit margin improved to 37% in 2024, an increase of 2.26 percentage points year-on-year, primarily due to a decrease in raw material costs [5]. Revenue and Profit Forecast - The company forecasts earnings per share (EPS) of 1.29 yuan, 1.42 yuan, and 1.53 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 32, 29, and 27 times [5]. - The projected revenue for 2025 is approximately 29.084 billion yuan, reflecting an 8.12% growth rate [7]. Product Performance - Revenue from soy sauce, seasoning sauce, oyster sauce, and other products in 2024 was 13.76 billion yuan, 2.67 billion yuan, 4.62 billion yuan, and 4.09 billion yuan respectively, with year-on-year growth rates of 8.87%, 9.97%, 8.56%, and 16.75% [4]. - The sales growth was primarily driven by volume increases, despite a slight decline in unit prices for soy sauce and seasoning sauce [4]. Cost Structure - The company benefited from a reduction in raw material costs, particularly soybeans, which are expected to decrease by approximately 12.6% year-on-year in 2024 [5]. - Selling and administrative expense ratios were 6.05% and 2.09% respectively, reflecting a slight increase due to enhanced market share efforts [5]. Market Position - The company continues to optimize its internal operations, focusing on offline sales while leveraging technology to boost online transactions [4]. - The number of distributors increased by 116 to a total of 6,707 by the end of 2024, indicating a robust distribution network [4].

Investment Rating - The investment rating for the company is maintained at "Outperform" [1] Core Views - The company achieved a revenue of 26.901 billion yuan in 2024, representing a year-on-year growth of 9.53%, and a net profit of 6.344 billion yuan, up 12.75% year-on-year. The Q4 revenue was 6.502 billion yuan, with a year-on-year increase of 10.03% and a net profit of 1.529 billion yuan, growing 17.82% year-on-year [6] - The company plans to distribute a cash dividend of 4.773 billion yuan, with a dividend payout ratio of 75.24% [6] - The company is expected to continue its diversified development strategy, enhancing its capabilities in product categories, channels, and international markets to support its long-term goals [6] Financial Data and Profit Forecast - The projected total revenue for the company from 2023 to 2027 is as follows: - 2023: 24.559 billion yuan - 2024: 26.901 billion yuan - 2025E: 29.367 billion yuan - 2026E: 31.803 billion yuan - 2027E: 34.132 billion yuan - The year-on-year growth rates for revenue are projected to be -4.1% in 2023, 9.5% in 2024, 9.2% in 2025, 8.3% in 2026, and 7.3% in 2027 [5] - The net profit forecast for the same period is: - 2023: 5.627 billion yuan - 2024: 6.344 billion yuan - 2025E: 6.952 billion yuan - 2026E: 7.620 billion yuan - 2027E: 8.387 billion yuan - The projected year-on-year growth rates for net profit are -9.2% in 2023, 12.8% in 2024, 9.6% in 2025, 9.6% in 2026, and 10.1% in 2027 [5][6] - The company’s gross margin is expected to improve from 34.7% in 2023 to 38.0% in 2027, driven by cost reductions [5][6] Revenue Breakdown - In 2024, the revenue from different product categories was as follows: - Soy sauce: 13.758 billion yuan (up 8.87%) - Seasoning sauce: 2.669 billion yuan (up 9.97%) - Oyster sauce: 4.615 billion yuan (up 8.56%) - Other products: 4.086 billion yuan (up 16.75%) [6] - The company’s sales volume for soy sauce, seasoning sauce, and oyster sauce increased by 11.63%, 13.47%, and 8.1% respectively in 2024 [6] - Revenue growth was primarily driven by volume increases, with the company increasing market investments to gain market share [6] Cost and Profitability - The company’s gross margin improved to 37% in 2024, up 2.3 percentage points year-on-year, mainly due to cost reductions across major product categories [6] - The sales and management expense ratios were 6.05% and 2.19% respectively in 2024, indicating an increase in sales expenses by 25% year-on-year [6]