Investment Rating - The report does not explicitly provide an investment rating for the restaurant industry Core Insights - The restaurant industry experienced a significant drop in the business climate index post-holiday, falling from 130.1 in January 2025 to 114.8 in February 2025, a decrease of 11.8% [8][9] - The decline in the business climate index is attributed to multiple factors including the end of the Spring Festival effect, reduced tourism consumption, and changes in consumer behavior [8][11] - New product launches in the restaurant sector are intensifying competition, particularly in tea beverages and baked goods, with a notable increase in innovative offerings [20][30] Summary by Sections 1. Restaurant Industry Business Climate Index - The business climate index for the restaurant industry dropped significantly in February 2025, indicating a return to normal consumption patterns after the holiday surge [8][9] - Key regions such as Beijing and Shanghai saw the most substantial declines, with decreases of 18.8% and 16.2% respectively, influenced by extreme weather and delayed resumption of work [11] 2. New Product Launches - In February 2025, 45 Western fast food brands launched 51 new products, focusing on flavor and ingredient innovation [21][22] - The tea beverage sector saw 113 new products launched, with milk tea leading at 39 products, reflecting a trend towards fruit-infused flavors [30][31] - The bakery segment introduced 181 new products, with cakes dominating the offerings at 56.9% of the total [38] 3. Opening Situations - The report highlights a trend of rapid expansion among restaurant brands, with new store formats being introduced in various cities [49][53] - Notable international expansions include the opening of a Japanese izakaya in Shanghai and a tea brand's first overseas store in Spain [54][55] 4. Financing, Mergers, and Acquisitions - February 2025 saw an increase in financing activities within the restaurant sector, with 11 recorded events, primarily involving restaurant service providers and brands [58][59] - The IPO of Gu Ming raised 1.813 billion HKD, indicating a positive trend in the market [63] 5. Major Events in the Restaurant Industry - Significant events include the confirmation of a pause in franchise openings by a major tea brand and the closure of several locations due to strategic shifts [70][71] - The report also notes the impact of rising international coffee prices on local brands, prompting price adjustments [70]

Group 1 - The core viewpoint of the news is that Haitan Flavoring Food Co., Ltd. reported strong financial performance for 2024, with significant revenue and profit growth, and announced generous dividend distributions to shareholders [1][2][3] Group 2 - In 2024, Haitan achieved a revenue of 26.901 billion yuan, representing a year-on-year growth of 9.53%, and a net profit attributable to shareholders of 6.344 billion yuan, up 12.75% year-on-year [1] - The company plans to distribute a cash dividend of 8.60 yuan per 10 shares, totaling 4.773 billion yuan, resulting in a dividend payout ratio of 75.24%, the highest since its listing in 2014 [1][2] - Haitan's return on equity reached 21.76%, an increase of 1.04 percentage points year-on-year, with a gross margin of 37.00%, up 2.26 percentage points [2] - The company reported net assets attributable to shareholders of 30.895 billion yuan, a year-on-year increase of 8.29% [2] - Revenue from key products such as soy sauce, seasoning sauce, oyster sauce, and other categories were 13.758 billion yuan, 2.669 billion yuan, 4.615 billion yuan, and 4.086 billion yuan respectively, with growth rates of 8.87%, 9.97%, 8.56%, and 16.75% [2] Group 3 - Haitan announced plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategy and brand image [3] - The company has submitted its application materials to the China Securities Regulatory Commission for the issuance of H-shares [3] - The supportive government policies aimed at optimizing the capital market environment are expected to provide favorable conditions for companies seeking financing in the Hong Kong market [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's 2024 performance met expectations, driven by dual benefits from cost reductions and reform dividends [7] - The company achieved a total revenue of 26.9 billion yuan in 2024, representing a year-on-year growth of 9.5%, and a net profit attributable to shareholders of 6.344 billion yuan, up 12.8% year-on-year [7] - The company is expected to continue benefiting from reform dividends in 2025, with stable growth anticipated [7] Financial Performance Summary - In 2024, the company reported total revenue of 26,901 million yuan, with a year-on-year increase of 9.53% [1] - The net profit attributable to shareholders for 2024 was 6,344 million yuan, reflecting a year-on-year growth of 12.75% [1] - The earnings per share (EPS) for 2024 is projected at 1.14 yuan, with a price-to-earnings (P/E) ratio of 35.80 [1] - The gross profit margin improved by 2.3 percentage points to 37% in 2024, with a notable increase in Q4 [7] - The company expects revenue growth of 10% to 11% for the years 2025 to 2027, with net profit growth also projected at 11% for the same period [7][8]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 26.901 billion yuan in 2024, 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 [1] - The company is expected to benefit from the recovery in the restaurant industry and has clear overseas expansion goals, with projected net profits for 2025-2027 to grow by 12.9%, 12.1%, and 11.3% respectively [4] Financial Performance - In 2024, the company reported a gross margin of 37.0%, an increase of 2.26 percentage points year-on-year, driven by lower raw material costs and improved cost control [3] - The company’s revenue from soy sauce, seasoning sauce, oyster sauce, and other products in 2024 was 13.8 billion, 2.7 billion, 4.6 billion, and 4.1 billion yuan respectively, with growth rates of 8.9%, 10.0%, 8.6%, and 16.8% [2] - The company’s online sales reached 1.2 billion yuan in 2024, a significant increase of 39.8% year-on-year, while offline sales were 23.9 billion yuan, up 8.9% [2] Future Outlook - The company plans to focus on its core seasoning business and aims to enhance product quality and production efficiency through technological innovation [3] - The company is preparing for a Hong Kong stock listing by the end of 2024, which is expected to contribute additional revenue from overseas markets [4]

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 03 年 月 日 海天味业（603288.SH） 旺季提速明显，成本红利兑现 事件：公司发布 2024 年年报，2024 年实现营业收入 269.01 亿元，同比 +9.53%，实现归母净利润 63.44 亿元，同比+12.75%，其中 2024Q4 实现营 业收入 65.02 亿元，同比+10.03%，实现归母净利润 15.29 亿元，同比 +17.82%。 旺季提速明显，线上渠道亮眼。分产品来看，2024 年公司酱油/调味酱/耗油/ 其他收入分别 138/27/46/41 亿元，同比+8.9%/+10.0%/+8.6%/ +16.8%； 2024Q4 公司酱油 / 调 味 酱 / 耗 油 / 其 他 收 入 34/6/12/9 亿元，同比 +13.6%/+13.2%/+15.4%/+7.1%，旺季三个大品类收入增速提升显著。分渠 道来看，2024 年公司线上/线下收入分别 12/239 亿元，同比+39.8%/+8.9%。 2024 年 Q4 公司线上/线下收入 3/59 亿元，同比+59.2%/ +11.2%，主要系 线上运营水平 ...

本报讯 （记者李昱丞）4月2日晚间，佛山市海天调味食品股份有限公司（以下简称"海天味业"）发布 2024年年度报告，公司2024年实现营收269.01亿元，同比增长9.53%，实现归母净利润63.44亿元，同比 增长12.75%。 行业分析认为，海天味业基于在消费需求洞察、创新研发攻坚和品牌塑造等领域的多年持续深耕，塑造 了强劲的发展韧性，这成为其业绩逆势增长的重要资本。 （文章来源：证券日报） 近年来，海天味业继续响应"健康中国"战略要求，紧跟消费市场趋势，将用户需求和创新研发"紧密捆 绑"，不断将科研成果转化为高品质产品，构建了健康化、个性化的健康产品矩阵。2024年，有机系列 产品表现尤为突出，其中通过中美欧三方有机认证的有机酱油、有机黄豆酱，和有机谷物酿造的有机香 醋等，已成为健康消费浪潮下的明星单品。此外，针对消费者对低糖、低脂、低盐需求，海天味业推出 的高鲜味极鲜酱油、橘子醋、白灼汁等系列产品迅速抢占细分市场。 值得关注的是，海天秉持"每个微小需求，都应该被关注"的理念，针对特殊人群推出了"特殊膳食"系列 产品，包括面向缺铁性贫血人群的铁强化酱油、面向麸质敏感人群的无麸质酱油等。 开年以来，海天味 ...

产品矩阵的多元化突围：绿色健康产品引领消费新趋势 作为调味品行业的"领军羊"，海天味业正在打破单一品类的局限。2024年，公司酱油品类营收达137.58 亿元，连续27年稳居市场第一；蚝油品类营收46.15亿元，增长8.56%，明星单品"挤挤装"上市以来累计 销售超4亿瓶。不仅如此，海天调味酱、食醋及料酒等品类亦表现强劲，其中调味酱营收超26.69亿元， 形成了品类丰富、"一酱一特色"的酱料产品体系。食醋、料酒、复合调味料等产品的市场占有率逐步提 高，形成新增长优势。 转自：海天味业 【新华企业资讯4月3日】在国家"扩大内需"战略与"健康中国2030"政策的双轮驱动下，调味品行业正经 历着前所未有的变局。海天味业（603288.SH）作为行业龙头企业，以一份亮眼的2024年度答卷，展现 了其穿越周期的增长韧性：营收269亿元，同比增长9.53%；净利润63.44亿元，同比增长12.75%。 这份成绩单不仅延续了其连续多年的行业领跑态势，更揭示了企业在产品创新和科技赋能两大维度的创 新突围密码。 在"健康中国"战略号召下，海天的产品创新正呈现"健康化"和"个性化"鲜明特征。其中，通过中美欧三 方有机认证的有机酱 ...

公 司 报 告 食品饮料 2025年04月03日 海天味业(603288.SH) 强者恒强，盈利能力改善 推荐 ( 维持) 股价:40.84元 行情走势图 证券分析师 事项： 公司发布2024年报，全年实现营业收入269.01亿元，同比增长9.53%；归母净 利润63.44亿元，同比增长12.75%；扣非归母净利润60.69亿元，同比增长 12.51%。其中2024Q4实现营业收入65.02亿元，同比增长10.03%；归母净利 润15.29亿元，同比增长17.82%。拟向全体股东每10股派8.6元（含税）。 平安观点： 公 司 年 报 点 评 研 究 报 告 WANGMENG917@pingan.com.cn 王星云 投资咨询资格编号 S1060523100001 wangxingyun937@pingan.com.cn 张晋溢 投资咨询资格编号 S1060521030001 ZHANGJINYI112@pingan.com.cn 王萌 投资咨询资格编号 S1060522030001 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | ...

Group 1: 华盛锂电 - Company plans to invest in a project to produce 60,000 tons of vinyl carbonate annually, with the first phase targeting 30,000 tons [1] - Total investment for the project is approximately 950 million yuan, funded by the company's own or raised funds [1][2] Group 2: 万里扬 - Shareholder plans to reduce holdings by up to 1.5% of the company's total shares, equating to a maximum of 19.69 million shares [3] - The reduction is due to the shareholder's own funding needs [3][4] Group 3: 云南旅游 - Company intends to raise no more than 191 million yuan through a private placement of up to 304 million shares [5] - Funds will be used for the construction of a cultural tourism equipment industrial park and to repay debts [5][6] Group 4: 冠农股份 - Company reported a 71.58% decline in net profit for 2024, amounting to 205 million yuan [9] - Revenue decreased by 11.15% to 3.863 billion yuan, with a proposed cash dividend of 0.8 yuan per 10 shares [9][10] Group 5: 华光新材 - Company achieved a 93.78% increase in net profit for 2024, totaling 80.6174 million yuan [11] - Revenue grew by 35.52% to 1.918 billion yuan, with a proposed cash dividend of 2.77 yuan per 10 shares [11][12] Group 6: 南大光电 - Company reported a 28.15% increase in net profit for 2024, reaching 271 million yuan [13] - Revenue increased by 38.08% to 2.352 billion yuan, with a proposed cash dividend of 1 yuan per 10 shares and a stock bonus of 2 shares for every 10 shares held [13][14] Group 7: 博瑞医药 - Company experienced a 6.57% decrease in net profit for 2024, amounting to 189 million yuan [15] - Revenue increased by 8.74% to 1.283 billion yuan, with a proposed cash dividend of 0.96 yuan per 10 shares [15][16] Group 8: 贵州茅台 - Company reported a 15.38% increase in net profit for 2024, totaling 862 million yuan [17] - Revenue grew by 15.71% to 170.9 billion yuan, with a proposed cash dividend of 276.24 yuan per 10 shares [17][18] Group 9: 西部建设 - Company reported a net loss of 263 million yuan for 2024, compared to a profit of 645 million yuan in 2023 [19] - Revenue decreased by 11.01% to 20.347 billion yuan, with a proposed cash dividend of 1.25 yuan per 10 shares [19][20] Group 10: 锡业股份 - Company achieved a 2.55% increase in net profit for 2024, totaling 1.444 billion yuan [21] - Revenue slightly decreased by 0.91% to 41.973 billion yuan, with a proposed cash dividend of 1.9 yuan per 10 shares [21][22] Group 11: 海天味业 - Company reported a 12.75% increase in net profit for 2024, amounting to 6.344 billion yuan [23] - Revenue increased by 9.53% to 26.901 billion yuan, with a proposed cash dividend of 8.6 yuan per 10 shares [23][24] Group 12: 台基股份 - Company experienced an 18.77% decrease in net profit for 2024, totaling 25.2935 million yuan [25] - Revenue increased by 10.76% to 354 million yuan, with a proposed cash dividend of 0.8 yuan per 10 shares [25][26] Group 13: 金盘科技 - Company reported a 13.82% increase in net profit for 2024, amounting to 574 million yuan [27] - Revenue grew by 3.5% to 6.901 billion yuan, with a proposed cash dividend of 5.06 yuan per 10 shares [27][28] Group 14: 中油资本 - Company reported an 8.14% decrease in net profit for 2024, totaling 4.652 billion yuan [29] - Revenue slightly increased by 0.08% to 39.024 billion yuan, with a proposed cash dividend of 0.57 yuan per 10 shares [29][30] Group 15: 锐捷网络 - Company achieved a 43.09% increase in net profit for 2024, amounting to 574 million yuan [31] - Revenue increased by 1.36% to 11.699 billion yuan, with a proposed cash dividend of 6.06 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [31][32] Group 16: 华瓷股份 - Company reported a 14.21% increase in net profit for 2024, totaling 205 million yuan [33] - Revenue grew by 8.79% to 1.34 billion yuan, with a proposed cash dividend of 4 yuan per 10 shares [33][34] Group 17: 金龙羽 - Company experienced a 14.14% decrease in net profit for 2024, amounting to 14 million yuan [35] - Revenue decreased by 6.53% to 3.675 billion yuan, with a proposed cash dividend of 3 yuan per 10 shares [35][36] Group 18: 恒帅股份 - Company reported a 5.75% increase in net profit for 2024, totaling 214 million yuan [37] - Revenue increased by 4.21% to 962 million yuan, with a proposed cash dividend of 4 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [37][38] Group 19: 爱玛科技 - Company expects a 25.12% increase in net profit for the first quarter of 2025, amounting to 605 million yuan [39] - Main business includes the development, production, and sales of electric bicycles and motorcycles [39][40] Group 20: 西王食品 - Company reported a net loss of 444 million yuan for 2024, compared to a loss of 16.8658 million yuan in 2023 [41] - Revenue decreased by 9.43% to 4.972 billion yuan [41][42]

证 券 研 究 报 告 海天味业（603288）2024 年报点评 推荐（维持） 24 逆势破局，25 趋势向上 目标价：50 元 事项： 评论： 公司研究 调味品 2025 年 04 月 03 日 当前价：40.84 元 华创证券研究所 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：董广阳 电话：021-20572598 邮箱：dongguangyang@hcyjs.com 执业编号：S0360518040001 联系人：严文炀 邮箱：yanwenyang@hcyjs.com 公司基本数据 | 总股本(万股) | 556,060.05 | | --- | --- | | 已上市流通股(万股) | 556,060.05 | | 总市值(亿元) | 2,270.95 | | 流通市值(亿元) | 2,270.95 | | 资产负债率(%) | 17.02 | | 每股净资产(元) | 5.28 | | 12 个月内最高/最低价 | 51.80/33.34 | 市场表现对比图(近 12 个月) -12% 4% 20% 36% 24/04 24/ ...