32.00 36.00 40.00 44.00 48.00 52.00 56.00 成交金额 海天味业 沪深300 海天味业 (603288.SH) 买入（维持评级） 业绩简评 10 月 28 日公司发布三季报，24Q1-Q3 实现营收 203.99 亿元，同 比+9.38%；实现归母净利润 48.15 亿元，同比+11.23%；扣非归母 净利润 46.15 亿元，同比+11.14%。其中，24Q3 实现营收 62.43 亿 元，同比+9.83%；实现归母净利润 13.62 亿元，同比+10.50%；扣 非归母净利润 12.89 亿元，同比+9.11%。业绩符合预期。 经营分析 复苏势能延续，Q3 核心品类提速。1）分产品来看，24Q3 酱油/调 味酱/蚝油/其他产品分别实现收 30.75/11.05/10.19/5.83 亿元， 同比+8.8%/+10.2%/+7.9%/+15.1%。其中酱油、蚝油相较 Q2 明显 提速，我们推测系定制化需求增长所致、餐饮端取得增量，此外料 酒等其他产品低基数下维持高增。2）分渠道来看，24Q3 线上/线 下收入增速分别为 45.3%/8.1%，公司顺应渠道碎片化趋势，持续 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company reported a revenue of 20.399 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.38%. The net profit attributable to shareholders reached 4.815 billion yuan, up 11.23% year-on-year [1]. - The third quarter of 2024 saw a revenue of 6.243 billion yuan, with a year-on-year growth of 9.83%, and a net profit of 1.362 billion yuan, reflecting a 10.50% increase year-on-year [1]. - The company has shown steady revenue growth, with effective channel adjustments leading to an increase in sales across all product categories [1]. - The company has a strong brand moat and is expected to continue benefiting from ongoing reforms and a clear growth plan [1]. Financial Performance Summary - For Q3 2024, the company achieved a gross margin of 36.61%, an increase of 2.07 percentage points year-on-year, attributed to the decline in raw material prices and efficiency improvements [1]. - The company’s net profit margin for Q3 2024 was 21.81%, up 0.13 percentage points year-on-year [1]. - The projected revenues for 2024-2026 are 27.53 billion, 30.63 billion, and 33.90 billion yuan, with year-on-year growth rates of 12.1%, 11.3%, and 10.7% respectively [2][4]. - The net profit for the same period is expected to be 6.25 billion, 6.98 billion, and 7.76 billion yuan, with growth rates of 11.0%, 11.7%, and 11.2% respectively [2][4]. Market Position and Strategy - The company has successfully optimized its distribution channels, resulting in a net increase of 48 distributors in Q3 2024, totaling 6,722 distributors [1]. - The company is focusing on comprehensive reforms in products, channels, and terminal construction, which are expected to yield further growth [1]. - The management transition has been smooth, with the new leadership expected to continue the company's growth trajectory [1].

阿 .................................................... 接续下页 ............................................................... 2024 年 10 月 29 日 顾向君 H70420@capitalcom.tw 目标价(元) 48 | --- | --- | --- | --- | |-----------------------|----------|----------------|------------------------------------| | 公司基本资讯 | | | | | 产业别 | | | 食品饮料 | | A 股价(2024/10/28) | | | 45.37 | | 上证指数 (2024/10/28) | | | 3322.20 | | 股价 12 个月高/低 | | | 52.99/32.41 | | 总发行股数(百万 | ) | | 5560.60 | | A 股数(百万 ) | | | 5560.60 | | A 市值(亿元) | | | 2522.8 ...

证 券 研 究 报 告 海天味业（603288）2024 年三季报点评 推荐（维持） 势能延续，经营向上 目标价：50 元 事项： ❖ 公司发布 2024 年三季报，前三季度实现营收 204.0 亿，同比增长 9.4%；归母 净利润 48.2 亿，同比增长 11.2%。单 2024Q3 实现营收 62.4 亿，同比增长 9.8%； 归母净利润 13.62 亿，同比增长 10.5%。 评论： ❖ 经营状态向好，加上国庆备货拉动，Q3 营收同比+9.8％、环比提速。单 Q3 公 司营收同比+9.8％，一是公司增长势能延续，新品、线上贡献增量，二是国庆 假期经销商提前备货拉动，单 Q3 公司收到现金同比+12.5％，合同负债环比 +2.3 亿。分产品来看，单 Q3 公司酱油/调味酱/蚝油/其他调味品分别同比+8.7％ /+10.2％/+7.8％/+15.1％，新品在料酒、醋、凉拌汁等带动下延续较快增长。分 渠道来看，公司顺应消费趋势推出调料组合套装，线上增长进一步加快，单 Q3 营收同比+45.4％，而线下同比+8.1％，同样维持较好经营秩序。分区域来看， 除西部稍有回落同比-0.8％外，东部/南部/中部/北部分别 ...

食品饮料 证 券 研 究 报 告 2024 年 10 月 28 日 海天味业 (603288) ——24Q3 符合预期 维持稳健增长 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 28 日 | | 收盘价（元） | 45.37 | | 一年内最高/最低（元） | 52.99/33.02 | | 市净率 | 9.0 | | 息率（分红/股价） | 1.45 | | 流通 A 股市值（百万元） | 252,284 | | 上证指数/深证成指 | 3,322.20/10,685.89 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 5.28 | | | | | 资产负债率 % | 17.02 ...

公 司 季 报 点 评 证 券 研 究 报 告 公 司 报 告 海天味业(603288.SH) 经营稳健，强者恒强 推荐 ( 维持) 事项： 股价:45.37元 | --- | --- | |------------------------|-----------------------------------------------| | 行业 | 食品饮料 | | 公司网址 | www.haitian-food.com | | 大股东 / 持股 | 广东海天集团股份有限公司 /58.26% | | 实际控制人 | 庞康 , 程雪 , 管江华 , 陈军阳 , 文志州 , 廖长 | | | 辉 | | 总股本 ( 百万股 ) | 5,561 | | 流通 A 股 ( 百万股 ) | 5,561 | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 2,523 | | 流通 A 股市值 ( 亿元 ) | 2,523 | | 每股净资产 ( 元 ) | 5.28 | | 资产负债率 (%) | 17.0 | | 行情走势图 | | | | | 证券分析师 投资咨询资格编号 S106052 ...

证券研究报告 | 2024年10月29日 海天味业（603288.SH） 优于大市 第三季度收入同比增长 9.83%，渠道调整效果逐渐体现 2024 年第三季度收入同比增长 9.83%。海天味业 2024 前三季度实现营业总 收入 203.99 亿元，同比增长 9.38%；实现归母净利润 48.15 亿元，同比增长 11.23%；实现扣非归母净利润 46.15 亿元，同比增长 11.14%；2024 第三季 度实现营业总收入 62.43 亿元，同比增长 9.83%；实现归母净利润 13.62 亿 元，同比增长 10.50%；实现扣非归母净利润 12.89 亿元，同比增长 9.11%。 酱油品类与线下渠道边际改善，渠道调整效果体现。2024 第三季度酱油/蚝 油 / 调 味 酱 / 其 他 分 别 实 现 营 收 30.7/11.1/5.8/10.2 亿 元 ， 同 比 +9%/+8%/+10%/+15%，线下/线上渠道分别实现营收 54.4/3.4 亿元，同比 +8%/+45%，酱油品类和线下渠道在线下餐饮疲软的背景下增速环比 2024 第 二季度改善明显，体现前期渠道调整效果，其他品类（料酒、醋等）也保持 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's Q3 2024 performance met expectations, with total revenue of 20.399 billion yuan, a year-on-year increase of 9.4%, and a net profit attributable to shareholders of 4.815 billion yuan, up 11.2% year-on-year [1][2] - The growth in major product categories remains stable, with soy sauce, seasoning sauce, oyster sauce, and other condiments showing year-on-year revenue growth of +8.7%, +10.2%, +7.8%, and +15.1% respectively in Q3 2024 [2] - Online sales have seen significant growth, with a year-on-year increase of 45% in Q3 2024, while offline sales grew by 8.1% [2] - The company's gross profit margin improved to 36.6% in Q3 2024, an increase of 2.1 percentage points year-on-year, attributed to declining raw material prices [3] - The leadership transition was successfully completed, and the company aims for balanced growth in revenue and profit during the 14th Five-Year Plan period [3] Financial Performance Summary - For Q3 2024, the company achieved a gross revenue of 6.243 billion yuan, a year-on-year increase of 9.8%, and a net profit of 1.362 billion yuan, up 10.5% year-on-year [1][2] - The company forecasts revenue for 2024-2026 to be 27.585 billion yuan, 30.570 billion yuan, and 33.683 billion yuan respectively, with year-on-year growth rates of +12%, +11%, and +10% [4] - The net profit attributable to shareholders is projected to be 6.194 billion yuan, 6.969 billion yuan, and 7.708 billion yuan for 2024-2026, with corresponding growth rates of +10%, +13%, and +11% [4]

Core Viewpoint - Haitan Weiye reported a revenue of 20.399 billion yuan for the first three quarters of 2024, marking a year-on-year increase of 9.38%, and a net profit of 4.815 billion yuan, up 11.23% year-on-year [1] Financial Performance - In Q3 2024, the company achieved a revenue of 6.243 billion yuan, reflecting a year-on-year growth of 9.83%, and a net profit of 1.362 billion yuan, which is a 10.50% increase year-on-year [1] - The net profit growth has been in double digits this year, contrasting with the previous three years where the growth rates were 4.18%, -7.09%, and -9.21% respectively [1] - The company's market capitalization has decreased from nearly 700 billion yuan at its peak in 2021 to approximately 250 billion yuan currently [1] Management Changes - On September 19, 2023, Haitan Weiye announced a management change, electing Cheng Xue as the new chairman, while founder and former chairman Pang Kang exited the board [2] - Cheng Xue has been with the company since 1992 and has held various positions, including vice chairman and executive vice president [2] - Cheng Xue is the fourth largest shareholder, holding approximately 3.17% of the company’s shares, and through the controlling shareholder, she indirectly holds about 10% [2] Strategic Direction - The new management team includes three vice presidents, indicating a trend towards a younger leadership [3] - The company is actively pursuing diversification, entering markets such as hot pot base sauces, edible oils, and prepared dishes, with other businesses contributing 14.25% to revenue in 2023 [3] - Dongwu Securities commented that the leadership transition is expected to be smooth, with a clear medium to long-term plan aimed at maintaining double-digit growth and increasing market share [3]

Financial Performance - The company's revenue for Q3 2024 reached ¥6,243,397,818.04, representing a year-on-year increase of 9.83%[2] - Net profit attributable to shareholders for the same period was ¥1,361,854,306.73, reflecting a growth of 10.50% compared to the previous year[2] - The basic earnings per share (EPS) for Q3 2024 was ¥0.25, an increase of 13.64% year-on-year[2] - Total operating revenue for the first three quarters of 2024 reached CNY 20.40 billion, an increase of 9.87% compared to CNY 18.65 billion in the same period of 2023[15] - Operating profit for the first three quarters of 2024 was CNY 5.67 billion, up from CNY 5.19 billion in 2023, reflecting a growth of 9.27%[17] - Net profit attributable to shareholders of the parent company for the first three quarters of 2024 was CNY 4.81 billion, compared to CNY 4.33 billion in 2023, representing an increase of 10.88%[19] - Basic and diluted earnings per share for the first three quarters of 2024 were both CNY 0.87, compared to CNY 0.78 in the same period of 2023, indicating a growth of 11.56%[19] - Total comprehensive income attributable to shareholders of the parent company was CNY 4.82 billion in 2024, up from CNY 4.33 billion in 2023, reflecting an increase of 11.36%[19] Cash Flow and Investments - The net cash flow from operating activities for the year-to-date was ¥2,752,550,316.51, showing a decline of 20.36% compared to the same period last year[2] - The net cash flow from operating activities for Q3 2024 was CNY 2,752,550,316.51, a decrease of 20.3% compared to CNY 3,456,158,468.39 in Q3 2023[21] - The net cash flow from investing activities was -CNY 4,770,467,086.05, significantly worse than -CNY 612,756,979.55 in the same period last year[21] - Cash flow from financing activities showed a net outflow of -CNY 3,968,948,183.29, compared to -CNY 2,010,667,788.26 in Q3 2023, indicating increased financial strain[21] - The company reported a total cash outflow from operating activities of CNY 16,995,199,694.05, slightly up from CNY 16,714,534,361.30 in the previous year[21] - Investment cash inflows totaled CNY 11,178,495,167.68, marginally lower than CNY 11,197,971,605.10 in Q3 2023[21] - The company paid CNY 3,687,266,076.92 in dividends and interest, an increase from CNY 3,251,964,974.88 in the same quarter last year[21] - The cash outflow for purchasing fixed assets and other long-term assets was CNY 1,195,066,803.95, down from CNY 1,432,211,355.65 in Q3 2023[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥36,008,139,175.07, a decrease of 6.29% from the end of the previous year[3] - The company's current assets totaled ¥28,153,490,980.70, down from ¥30,774,419,278.23, indicating a decrease of about 8.5%[12] - Cash and cash equivalents decreased to ¥18,538,771,796.33 from ¥21,689,385,461.71, representing a decline of approximately 14.9%[12] - Inventory levels decreased to ¥1,911,798,651.92 from ¥2,618,773,147.00, a reduction of about 27%[12] - The company's total liabilities decreased to ¥6,127,219,460.93 from ¥9,390,542,813.50, a significant reduction of approximately 34.3%[14] - The company's equity attributable to shareholders increased to ¥29,372,148,672.60 from ¥28,530,612,036.85, reflecting an increase of about 3%[14] - The company reported a decrease in short-term borrowings to ¥293,215,461.91 from ¥362,645,734.42, a decline of approximately 19.2%[13] - The company's accounts payable decreased to ¥1,190,373,374.24 from ¥1,403,494,596.12, indicating a reduction of about 15.2%[13] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 203,445[5] - Guangdong Haid Group Co., Ltd. held 58.26% of the shares, making it the largest shareholder[6] - There are no significant changes in the major shareholders or their holdings during the reporting period[10] Research and Development - Research and development expenses increased to CNY 602.74 million in 2024 from CNY 501.71 million in 2023, marking a rise of 19.99%[15] Market and Product Development - The company has not disclosed any new product developments or market expansion strategies in this report[8] - The company has not reported any new products or technologies in the current quarter[11] - The company did not report any new product launches or significant market expansions during this quarter[22] - The company has not adopted new accounting standards for the current fiscal year, maintaining consistency in financial reporting[22]