证券代码：603288 证券简称：海天味业 公告编号：2024-051 佛山市海天调味食品股份有限公司 委托理财进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、投资情况概述 1 投资种类：中低风险类理财产品 投资金额：27.53 亿元人民币 履行的审议程序：佛山市海天调味食品股份有限公司（以下简称"本公 司"、"公司"）2024 年 4 月 26 召开第五届董事会第七次会议审议了《关 于公司 2024 年度以自有闲置资金进行委托理财的议案》，同意公司为 提高资金使用效率，将部分自有资金用于购买安全性高、流动性好、风 险较低的中低风险类理财产品。委托理财金额不超过等值 75 亿元人民 币，有效期限为公司董事会决议通过之日起一年以内，上述额度内的资 金可以滚动使用。 特别风险提示：公司本次购买的理财产品属于中低风险类理财产品，产 品风险评级为 PR2 及以下，但不排除该项投资会受到市场风险、政策 风险、流动性风险、不可抗力风险等风险因素的影响，从而影响投资收 益。 （一）投资目的 在不影响公司正常经营 ...

证券代码：603288 证券简称：海天味业 公告编号：2024-050 佛山市海天调味食品股份有限公司 关于公司董事会秘书取得任职培训证明 并正式履职的公告 特此公告。 佛山市海天调味食品股份有限公司董事会 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 二〇二四年十一月十二日 佛山市海天调味食品股份有限公司（以下称"公司"）第六届董事会第一次 会议审议通过了《关于聘任公司董事会秘书的议案》，聘任柯莹女士为公司董事 会秘书。 1 近日，柯莹女士参加了最近一期上海证券交易所主板上市公司董事会秘书任 职培训，已取得上海证券交易所颁发的《董事会秘书任职培训证明》，并取得上 海证券交易所资格备案无异议通过，符合《上海证券交易所股票上市规则》规定 的董事会秘书任职资格。柯莹女士自即日起正式履行公司董事会秘书职责，程雪 董事长不再代行董事会秘书职责。 董事会秘书联系方式如下： 联系电话：0757-82836083 电子邮箱：OBD@haday.cn ...

证券代码：603288 证券简称：海天味业 公告编号：2024-049 佛山市海天调味食品股份有限公司 关于公司监事收到广东证监局 行政监管措施决定书的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 佛山市海天调味食品股份有限公司（以下简称"公司"）监事何涛先生于近 日收到中国证券监督管理委员会广东监管局（以下简称"广东证监局"）出具的 《行政监管措施决定书》（〔2024〕180号《关于对何涛采取出具警示函措施的决 定》），现将相关情况公告如下： 二、相关说明 何涛先生收到上述《行政监管措施决定书》后高度重视，表示接受行政监管 措施。何涛先生已深刻认识到本次短线交易的严重性，对因本次短线交易行为给 公司和市场带来的不良影响深表歉意。何涛先生后续将加强自身及近亲属对相关 法律法规、规范性文件的学习，严格规范股票买卖行为，保证此类情况不再发生。 公司高度重视全体董事、监事及高级管理人员的勤勉履职与行为合规，后续 将进一步加强和优化对法律法规的宣贯及组织学习的形式，杜绝此类事件再次发 生。 "何涛： 经查，你作为佛山市海天调味 ...

经查明，2024 年 10 月 31 日，佛山市海天调味食品股份有限公 司（以下简称海天味业或公司）披露公告称，公司职工代表监事何 涛于 2024 年 9 月 24 日至 2024 年 10 月 18 日期间，通过集中竞价交 易方式买卖公司股票，累计买入公司股票 14,700 股，成交金额 633,593 元；累计卖出 11,600 股，成交金额 468,984 元。根据公告， 上述交易未构成获利。 公司时任监事何涛在 6 个月内买入又卖出其所持公司股票的行 为，构成《证券法》第四十四条规定的短线交易。上述行为违反了 《上海证券交易所股票上市规则》（以下简称《股票上市规则》）第 1.4 条、第 3.4.1 条和《上海证券交易所上市公司自律监管指引第 15 号——股东及董事、监事、高级管理人员减持股份》第十条等有 关规定及其在《董事（监事、高级管理人员）声明及承诺书》中作 出的承诺。 上 海 证 券 交 易 所 上证公监函〔2024〕0240 号 关于对佛山市海天调味食品股份有限公司时任 监事何涛予以监管警示的决定 当事人： 何涛，佛山市海天调味食品股份有限公司时任监事。 关规定，我部作出如下监管措施决定： 对 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set above the current price of 44.23 CNY [4]. Core Views - The company has demonstrated steady revenue growth, achieving a revenue of 20.3999 billion CNY and a net profit of 4.815 billion CNY in the first three quarters of 2024, representing year-on-year increases of 9.38% and 11.23% respectively [1]. - In Q3 2024, the company reported revenues of 6.243 billion CNY and a net profit of 1.362 billion CNY, with year-on-year growth rates of 9.83% and 10.50% [1]. - All major product categories have shown growth, with significant increases in soy sauce, seasoning sauce, oyster sauce, and other revenues [1]. - Online sales have surged, with a 45.42% year-on-year increase in online revenue, while offline sales grew by 8.12% [1]. - The company has improved the quality of its distributors, with an average distributor income increase of 10.63% to 860,100 CNY per distributor [1]. Financial Summary - The company’s gross margin and net margin have increased by 2.07 and 0.11 percentage points to 36.61% and 21.84% respectively in Q3 2024 [2]. - The report projects revenue growth of 12% for 2024, with adjusted revenue forecasts of 27.505 billion CNY, 30.385 billion CNY, and 33.425 billion CNY for 2024, 2025, and 2026 respectively [2][3]. - The net profit forecast for the same period is 6.304 billion CNY, 6.995 billion CNY, and 7.741 billion CNY, with corresponding growth rates of 12%, 11%, and 11% [2][3]. - The company’s price-to-earnings (P/E) ratios are projected to be 39, 35, and 31 for 2024, 2025, and 2026 respectively [2][3]. Financial Ratios - The company’s asset-liability ratio is reported at 17.02% [4]. - The return on equity (ROE) is projected to be around 19.75% for 2024 [7]. - The company’s earnings per share (EPS) is expected to be 1.13 CNY in 2024, increasing to 1.39 CNY by 2026 [3][7].

Group 1: Product Development and Market Strategy - The company has launched a zero-additive product line across various categories, including soy sauce and oyster sauce, which has received positive consumer feedback [1] - Future market growth will focus on food safety, product quality, cost-effectiveness, and brand influence, with an emphasis on both restaurant and consumer segments [2] - The company aims to enhance product quality and diversify its product line to meet evolving consumer demands for multifunctional, nutritious, and upgraded experiences [3] Group 2: Quality Control and Safety Measures - Food safety and quality control are prioritized, with strict management standards from raw material selection to product delivery [3] - The company has established a "Sunshine Factory" to allow consumers to understand its quality assurance processes [3] Group 3: Financial Performance and Growth Drivers - The company has experienced a recovery in growth during the first three quarters, driven by product quality improvements and innovation [4] - Efforts include enhancing operational efficiency through lean management and green initiatives to support sustainable growth [4] Group 4: Future Plans and Innovations - The company plans to continue focusing on its core condiment business while enhancing user-centered approaches and social responsibility [4] - There are plans for new product development across various categories, including vinegar and cooking wine, to strengthen market competitiveness [5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a steady revenue growth of 9.4% year-on-year for the first three quarters of 2024, achieving a total revenue of 20.4 billion yuan and a net profit attributable to shareholders of 4.81 billion yuan, which is an increase of 11.2% year-on-year [1] - In Q3 2024, the company generated revenue of 6.24 billion yuan, reflecting a year-on-year growth of 9.8%, with a net profit of 1.36 billion yuan, up 10.5% year-on-year, aligning with market expectations [1] Revenue Growth Analysis - The main business showed a recovery in growth, with revenue from soy sauce, seasoning sauce, oyster sauce, and other products reaching 3.08 billion, 0.58 billion, 1.11 billion, and 1.08 billion yuan respectively, with year-on-year growth rates of +8.7%, +10.2%, +7.8%, and +15.1% [2] - Offline and online revenue growth rates in Q3 2024 were +8.1% and +45.4% respectively, indicating a strong performance in online sales due to improved channel layout [2] - Revenue growth varied by region in Q3 2024, with East, South, Central, North, and West regions showing growth rates of +19.9%, +7.8%, +11.5%, -0.8%, and +8.1% respectively, with all regions except the West maintaining rapid growth [2] Profitability Improvement - The overall gross margin for the first three quarters was 36.8%, an increase of 1.3 percentage points year-on-year, with Q3 gross margin rising by 2.1 percentage points to 36.6% [3] - The improvement in gross margin is attributed to cost reductions and enhanced economies of scale [3] - The net profit margin in Q3 2024 increased by 0.1 percentage points to 21.8% due to lower costs and improved scale effects [3] Long-term Performance Outlook - The company is focusing on maintaining its core businesses while expanding into new categories such as food and cooking wine, leveraging its platform and channel advantages to increase market share [4] - The recovery in the restaurant channel is expected to support continued performance improvement, and the company has successfully completed a board and management team restructuring, which is anticipated to boost team morale and confidence [4] - Earnings per share (EPS) forecasts for 2024-2026 are projected at 1.12 yuan, 1.24 yuan, and 1.37 yuan, with corresponding dynamic price-to-earnings (PE) ratios of 39x, 35x, and 32x, maintaining a "Buy" rating [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a steady revenue growth of 9.4% year-on-year, reaching 20.4 billion yuan in the first three quarters of 2024, with a net profit attributable to shareholders of 4.81 billion yuan, up 11.2% year-on-year [1] - In Q3 2024, the company achieved a revenue of 6.24 billion yuan, reflecting a year-on-year increase of 9.8%, and a net profit of 1.36 billion yuan, up 10.5% year-on-year, aligning with market expectations [1] Summary by Sections Revenue and Profitability - The company's main products, including soy sauce, seasoning sauce, oyster sauce, and others, generated revenues of 3.08 billion, 0.58 billion, 1.11 billion, and 1.08 billion yuan in Q3, with year-on-year growth rates of 8.7%, 10.2%, 7.8%, and 15.1% respectively [2] - The overall gross margin for the first three quarters was 36.8%, an increase of 1.3 percentage points year-on-year, with Q3 gross margin rising by 2.1 percentage points to 36.6% [3] - The net profit margin for Q3 was 21.8%, reflecting a year-on-year increase of 0.1 percentage points [3] Market Dynamics and Growth Drivers - The company is focusing on expanding its product categories, including vinegar and cooking wine, while leveraging its platform and channel advantages to increase market share [4] - The recovery in the restaurant channel is expected to support continued performance improvement, and the company has optimized its channel inventory, restoring distributor confidence [4] Financial Forecasts - The company forecasts earnings per share (EPS) of 1.12 yuan, 1.24 yuan, and 1.37 yuan for 2024, 2025, and 2026 respectively, with corresponding dynamic price-to-earnings (PE) ratios of 39, 35, and 32 [4][5] - Revenue projections for 2024 to 2026 are 245.59 billion, 270.03 billion, and 295.07 billion yuan, with growth rates of 9.95%, 9.27%, and 8.51% respectively [5]

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a revenue of 20.4 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.4%. The net profit attributable to shareholders was 4.81 billion yuan, up 11.2% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 6.24 billion yuan, a year-on-year growth of 9.8%, with a net profit of 1.36 billion yuan, reflecting a 10.5% increase year-on-year [1][2]. - The company is experiencing continuous operational improvement, driven by internal reforms and the successful launch of new products and channels [2]. Summary by Sections Financial Performance - For Q3 2024, the revenue breakdown by product categories showed soy sauce, seasoning sauce, oyster sauce, and others growing by 8.7%, 10.2%, 7.8%, and 15.1% respectively. The eastern region performed particularly well with a revenue increase of 19.9% [2]. - The gross margin for Q3 2024 was 36.6%, an increase of 2.1 percentage points year-on-year, attributed to lower costs of soybeans and packaging materials [2]. - The net profit margin for Q3 2024 was 21.8%, showing stability with a slight increase of 0.1 percentage points year-on-year [2]. Future Outlook - Short-term expectations for Q4 2024 indicate continued revenue growth due to the ongoing effects of internal reforms and early preparations for the Spring Festival [3]. - Long-term strategies include optimizing customer structure, channel recovery, and exploring health-oriented products such as low-sugar and low-salt seasonings [3]. - The profit forecasts for 2024 to 2026 are adjusted to 6.26 billion, 7.05 billion, and 8.07 billion yuan respectively, with corresponding PE ratios of 39, 35, and 30 times [3][8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 50.4, compared to the last closing price of 45.00 [1]. Core Views - The company has shown a recovery in operations, with adjustments starting to take effect. The Q3 2024 results indicate a revenue of 62.43 billion yuan, a year-on-year increase of 9.83%, and a net profit attributable to shareholders of 13.62 billion yuan, up 10.50% year-on-year [1]. - The overall performance aligns with previous expectations, with sales collection increasing by 12.5% year-on-year and contract liabilities decreasing by 16.2% [1]. - The company has successfully optimized its distribution channels, leading to a notable increase in the number of distributors from 624 to 6722 [1]. Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 204.0 billion yuan, representing a year-on-year growth of 9.38%, and a net profit of 48.15 billion yuan, up 11.23% year-on-year [1]. - The company expects to achieve revenues of 275.1 billion yuan, 301.8 billion yuan, and 333.4 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 12.0%, 9.7%, and 10.5% [1]. - The projected net profits for the same years are 63.0 billion yuan, 69.3 billion yuan, and 77.3 billion yuan, with corresponding growth rates of 11.9%, 10.1%, and 11.5% [1]. Product Performance - In Q3, the company’s revenue from various products was as follows: soy sauce (30.8 billion yuan), seasoning sauce (5.8 billion yuan), oyster sauce (11.1 billion yuan), and others (10.2 billion yuan), with respective year-on-year growth rates of +8.7%, +10.2%, +7.8%, and +15.1% [1]. - The company has seen a recovery across all product categories, with significant improvements in the household segment and a gradual recovery in restaurant demand [1]. Regional Performance - Revenue growth varied by region, with the eastern region seeing a 19.9% increase, southern region 7.8%, central region 11.6%, northern region 8.1%, and western region experiencing a slight decline of 0.8% [1].