证券研究报告 | 2025年04月30日 海天味业（603288.SH） 优于大市 第一季度归母净利润同比增长 15%，龙头优势凸显 海天味业 2025Q1 实现营业总收入 83.15 亿元，同比增长 8.08%；实现归母净 利润 22.02 亿元，同比增长 14.77%；实现扣非归母净利润 21.47 亿元，同比 增长 15.42%。 酱油稳健增长态势延续，线下渠道基本调整到位。2025Q1 酱油/蚝油/调味酱 /其他分别实现营收 44.2/13.6/9.1/12.9 亿元，同比+8%/+6%/+14%/+21%， 除核心酱油品类保持稳健增速外，其他品类（料酒、醋等）维持高增速。2025Q1 线下/线上渠道分别实现营收 75.6/4.2 亿元，同比+9%/+43%，线上渠道在 2024 年线上运营水平提升后实现高增速，体现公司渠道管理与执行能力。渠 道端北部/中部/东部/南部/西部经销商环比-25/-21/+29/+23/-45 家至 1929/1426/967/917/1429 家，经销商团队基本稳定。 成本红利维持，费投良性，扣非归母净利率 25.8%。2025Q1 公司毛利率为 40.0%，同比+2. ...

Core Viewpoint - The company reported its Q1 2025 earnings, with revenue meeting expectations and profit slightly exceeding expectations [1] Group 1: Financial Performance - In Q1 2025, the company's revenue and net profit attributable to shareholders were 8.32 billion and 2.20 billion yuan, respectively, representing year-on-year growth of 8.1% and 14.8% [1] - The company maintains its profit forecast for 2025-2027, predicting net profits of 7.10 billion, 8.00 billion, and 8.88 billion yuan for those years, with year-on-year growth rates of 12.0%, 12.7%, and 10.9% [1] - The current stock price corresponds to price-to-earnings ratios of 33.2, 29.5, and 26.6 for 2025, 2026, and 2027, respectively [1] Group 2: Revenue Growth - In Q1 2025, revenue from soy sauce, seasoning sauce, and oyster sauce grew by 8.2%, 14.0%, and 6.1%, respectively, while other product categories saw a year-on-year increase of 20.8% [2] - Offline channel revenue grew by 9.0% year-on-year, while online channel revenue surged by 43.2% due to the company's initiatives in new retail channels and empowering distributors to sell on Douyin [2] - Revenue growth was observed across all regions, with southern, eastern, western, central, and northern regions experiencing year-on-year growth of 16.1%, 14.2%, 9.4%, 7.9%, and 5.8%, respectively [2] Group 3: Profitability Improvement - The company's gross margin improved by 2.73 percentage points year-on-year in Q1 2025, reaching 36.9%, while the net profit margin increased by 1.48 percentage points to 24.7% [2] - The improvement in gross margin was primarily due to a decrease in raw material costs and the release of scale effects, with reduced discounts also contributing to the margin increase [2] - The company expects overall expense ratios to remain relatively stable, with sales, management, R&D, and financial expense ratios showing slight year-on-year changes [3]

一、公司拟发行不超过 710,521,100 股境外上市普通股并在香港联合交易所 上市。 二、自备案通知书出具之日起至本次境外发行上市结束前，公司如发生重大 事项，应根据境内企业境外发行上市有关规定，通过中国证监会备案管理信息系 统报告。 三、公司完成境外发行上市后 15 个工作日内，应通过中国证监会备案管理 信息系统报告发行上市情况。公司在境外发行上市过程中应严格遵守境内外有关 法律、法规和规则。 证券代码：603288 证券简称：海天味业 公告编号：2025-021 佛山市海天调味食品股份有限公司 关于 H 股发行上市获得中国证监会备案的公告 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"）正在进行申请发行 H 股股票并在香港联合交易所有限公司（以下简称"香港联合交易所"）主板挂 牌上市（以下简称"本次境外发行上市"）的相关工作。公司于近日收到中国证 券监督管理委员会（以下简称"中国证监会"）出具的《关于佛山市海天调味食 品股份有限公司境外发行上市备案通知书》（国合函[20 ...

食品饮料/调味发酵品Ⅱ 海天味业（603288.SH） 龙头优势凸显，利润略超预期 2025 年 04 月 30 日 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 42.46 | | 一年最高最低(元) | 52.99/33.08 | | 总市值(亿元) | 2,361.03 | | 流通市值(亿元) | 2,361.03 | | 总股本(亿股) | 55.61 | | 流通股本(亿股) | 55.61 | | 近 3 个月换手率(%) | 12.27 | 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 48% 2024-04 2024-08 2024-12 海天味业 沪深300 相关研究报告 《收入稳健增长，盈利能力同比改善 —公司信息更新报告》-2025.4.3 《龙头韧性凸显，收入利润稳健增长 —公司信息更新报告》-2024.10.29 《2024Q2 收入利润表现稳健，员工持 股计划草案推出—公司信息更新报 告》-2024.8.30 张宇光（分析师） 方一苇（分析师） zhangyuguang@kysec ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a strong start in 2025, with Q1 revenue of 8.315 billion yuan, up 8.1% year-on-year, and a net profit attributable to shareholders of 2.202 billion yuan, up 14.8% year-on-year [5][6] - The company continues to expand its product categories and maintain robust growth in key regions, particularly in the eastern and southern markets [6][7] - The gross profit margin improved to 40.04%, an increase of 2.73 percentage points year-on-year, driven by cost reductions and enhanced production efficiency [6][7] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 83.15 billion yuan and a net profit of 22.02 billion yuan, with a year-on-year growth of 8.1% and 14.8% respectively [5] - The company’s revenue and net profit for Q4 2024 and Q1 2025 combined showed a year-on-year increase of 8.9% and 16.0% respectively [5] Product and Regional Growth - Revenue growth by product category in Q1 2025: soy sauce +8.20%, seasoning sauce +13.95%, oyster sauce +6.10%, and other products +20.83% [6] - Revenue growth by region in Q1 2025: eastern +14.17%, southern +16.13%, central +7.90%, northern +5.76%, and western +9.44% [6] Cost and Profitability - The company’s gross profit margin reached 40.04%, benefiting from economies of scale, lower raw material costs, and improved production efficiency [6][7] - The net profit margin for Q1 2025 was 26.49%, an increase of 1.54 percentage points year-on-year [7] Future Outlook - The company is expected to continue its steady growth in 2025 through channel expansion, product innovation, and efficiency improvements [7][8] - The profit forecasts for 2025-2027 have been slightly adjusted upwards, with expected net profits of 71.02 billion yuan, 78.89 billion yuan, and 86.89 billion yuan respectively [8]

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - The company demonstrated strong resilience in performance, with continuous release of profitability [5] - The first quarter of 2025 saw total revenue of 8.315 billion yuan, an increase of 8% year-on-year, and a net profit attributable to shareholders of 2.202 billion yuan, up 15% year-on-year [4][5] Summary by Relevant Sections Financial Performance - In Q1 2025, the gross margin increased by 3 percentage points to 40.04%, primarily due to declining raw material prices [5] - The net profit margin rose by 1 percentage point to 26.54%, indicating improved profitability [5] Product Segments - Soy sauce revenue reached 4.42 billion yuan in Q1 2025, growing by 8% year-on-year, with plans for customized business expansion and new product penetration to enhance average transaction value [6] - Revenue from seasoning sauces, oyster sauce, and other products was 0.913 billion, 1.360 billion, and 1.289 billion yuan respectively, with growth rates of 14%, 6%, and 21% [6] Channel Strategy - Offline channel revenue was 7.565 billion yuan, up 9% year-on-year, while online channel revenue surged by 43% to 0.417 billion yuan [7] - The company is optimizing its distributor network, with a total of 6,668 distributors as of the end of Q1 2025, a net decrease of 39 from the beginning of the year [7] Earnings Forecast - The earnings per share (EPS) for 2025-2027 are adjusted to 1.27, 1.41, and 1.54 yuan respectively, with corresponding price-to-earnings (PE) ratios of 33, 30, and 28 times [8]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has released its Q1 2025 report, showing a significant improvement in profitability due to the release of cost benefits [7] - The company achieved a total revenue of 8.315 billion yuan in Q1 2025, representing a year-on-year increase of 8.1%, and a net profit attributable to shareholders of 2.202 billion yuan, up 14.8% year-on-year [7] - The report highlights steady growth across major product categories and strong performance in online channels, with online revenue increasing by 43% year-on-year [7] - The company is expected to continue benefiting from both cost and reform dividends, driving market share growth through B2B and B2C strategies [7] Financial Performance Summary - Revenue projections for 2025-2027 are set at 29.7 billion, 32.8 billion, and 36.3 billion yuan, with year-on-year growth rates of 10%, 11%, and 11% respectively [7] - Net profit forecasts for the same period are 7 billion, 7.8 billion, and 8.6 billion yuan, with consistent growth rates of 11% [7] - The report indicates an expected increase in diluted EPS from 1.26 yuan in 2025 to 1.55 yuan in 2027, reflecting a positive trend in earnings [7]

Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Insights - The company had a strong start in Q1 2025, with revenue reaching 8.315 billion yuan, a year-on-year increase of 8.08%, and a net profit of 2.202 billion yuan, up 14.77% year-on-year [6]. - The main business showed steady performance, with significant growth in online channels. Revenue from soy sauce, seasoning sauce, oyster sauce, and other categories reached 4.420 billion yuan, 0.913 billion yuan, 1.360 billion yuan, and 1.289 billion yuan respectively, with year-on-year growth rates of +8.20%, +13.95%, +6.10%, and +20.83% [6]. - The company's gross margin improved by 2.73 percentage points to 40.04% in Q1 2025, benefiting from lower raw material prices [6]. - The report projects earnings per share of 1.27 yuan and 1.40 yuan for 2025 and 2026, respectively, with corresponding PE ratios of 32 times and 29 times [6][7]. Financial Summary - As of April 28, 2025, the company's closing price was 41.26 yuan, with a total market capitalization of 229.43 billion yuan and a total share capital of 5.561 billion shares [3]. - The return on equity (ROE) for the trailing twelve months (TTM) stands at 20.02% [3]. - The company forecasts total revenue of 29.591 billion yuan for 2025, with a net profit of 7.099 billion yuan, reflecting a growth trajectory [7].

Investment Rating - The report maintains a "Recommended" investment rating for Haitian Flavor Industry Co., Ltd. (603288.SH) with a current stock price of 41.26 yuan [1]. Core Insights - The company reported a revenue of 8.315 billion yuan for Q1 2025, representing a year-on-year growth of 8.08%. The net profit attributable to shareholders was 2.202 billion yuan, up 14.77% year-on-year, while the net profit excluding non-recurring items was 2.147 billion yuan, reflecting a 15.42% increase [4]. - The gross margin for Q1 2025 improved to 40.04%, up 2.73 percentage points from the previous year, driven by reduced raw material costs and enhanced production efficiency [7]. - The company’s product matrix is diverse, with soy sauce generating 4.420 billion yuan in revenue (up 8.20%), seasoning sauces at 0.913 billion yuan (up 13.95%), and oyster sauce at 1.360 billion yuan (up 6.10%) [7]. - Online sales grew significantly, with a 43.20% increase to 0.417 billion yuan, while offline sales rose by 8.95% to 7.565 billion yuan [7]. Financial Forecast and Valuation - The company is expected to achieve net profits of 7.004 billion yuan, 7.740 billion yuan, and 8.463 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding EPS for these years is projected to be 1.26 yuan, 1.39 yuan, and 1.52 yuan [8]. - The report anticipates a steady growth in revenue, with projections of 29.658 billion yuan, 32.357 billion yuan, and 35.011 billion yuan for 2025, 2026, and 2027, respectively [9]. - The company’s P/E ratios are estimated to decrease from 32.8 in 2025 to 27.1 in 2027, indicating a favorable valuation trend [10].

事件：海天味业发布2025 年一季报，2025Q1 实现营业收入83.2 亿元，同比+8.1%，归母净利润22.0 亿 元，同比+14.8%，扣非后归母净利润21.5亿元，同比+15.4%。 行业整体需求端较弱背景下，公司收入端增长仍表现强劲。2025Q1 实现营业收入83.2 亿元，同比 +8.1%。 1 ） 分产品看： 25Q1 酱油/ 调味酱/ 蚝油/ 其他产品分别实现收入44.2/9.1/13.6/12.9 亿元，同比 +8.2%/+14.0%/+6.1%/+20.8%。各品类均实现较稳健增长，在当前行业整体需求端较弱背景下，彰显强 经营韧性。 2）分渠道看：线下/ 线上渠道分别实现收入75.6/4.2 亿元，同比+8.9%/+43.2%。线下渠道方面：25Q1 期末公司经销商数量共6668 家（环比净减少39 家），分区域看：东部/南部/中部/北部/西部区域分别环 比净变动+29/+23/-21/-25/-45 家。 3）分区域看：东部/南部/中部/北部/西部区域分别实现收入16.4/15.7/17.6/19.8/10.3 亿元，分别同比 +14.2%/+16.1%/+7.9%/+5.8%/+9.4 ...