Core Viewpoint - Company reported a stable revenue growth for 2024, with total revenue reaching 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 [1] Revenue Performance - For 2024, revenue from soy sauce, seasoning sauce, oyster sauce, and other categories reached 13.758 billion, 2.669 billion, 4.615 billion, and 4.086 billion yuan respectively, with year-on-year growth rates of 8.87%, 9.97%, 8.56%, and 16.75% [2] - In Q4 2024, revenue from soy sauce, seasoning sauce, oyster sauce, and other categories grew by 13.57%, 13.17%, 15.38%, and 7.13% year-on-year [2] - Online and offline channels in Q4 2024 saw year-on-year growth of 59.25% and 11.19% respectively, indicating strong online channel performance [2] - By region in Q4 2024, revenue growth was recorded at 8.64% in the East, 20.52% in the South, 11.99% in the Central, 20.32% in the North, and 12.85% in the West [2] Cash Flow and Profitability - Q4 2024 sales receipts totaled 10.744 billion yuan, a year-on-year increase of 13.14%, while contract liabilities decreased by 0.192 billion yuan to 4.335 billion yuan [3] - The gross profit margin for 2024 improved by 2.26 percentage points to 37.00%, contributing to enhanced profitability [3] - The net profit margin attributable to shareholders increased by 0.67 percentage points to 23.58% for 2024 [3] - The dividend payout ratio rose from 65.06% in 2023 to 75.24% in 2024 [3] Profit Forecast - Company forecasts revenues of 29.787 billion, 32.713 billion, and 35.758 billion yuan for 2025-2027, representing year-on-year growth rates of 10.73%, 9.82%, and 9.31% respectively [4] - Expected net profits attributable to shareholders for the same period are 7.102 billion, 7.804 billion, and 8.533 billion yuan, with year-on-year growth rates of 11.94%, 9.88%, and 9.34% respectively [4] - Earnings per share (EPS) are projected to be 1.28, 1.40, and 1.53 yuan per share for 2025-2027 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth and improved profitability year-on-year. The revenue for 2024 was slightly below expectations, while the profit met expectations. The forecast for net profit from 2025 to 2027 is projected to grow by 12.0%, 12.7%, and 10.9% respectively [3][6] - The company is benefiting from cost reductions in raw materials, leading to an increase in gross margin and net profit margin. The net profit margin for 2024 improved by 0.66 percentage points to 23.63% [5][6] Financial Performance Summary - In 2024, the company's revenue and net profit were 26.901 billion and 6.344 billion respectively, representing year-on-year growth of 9.53% and 12.75% [3] - The revenue forecast for 2025 is 29.607 billion, with a year-on-year growth of 10.1% [7] - The projected net profit for 2025 is 7.103 billion, with a year-on-year growth of 12.0% [7] - The gross margin for 2024 was 37.00%, an increase of 2.26 percentage points from the previous year [5] - The company’s total market capitalization is 226.15 billion [1] Business Segment Performance - The company's condiment business has shown steady growth, with soy sauce, seasoning sauce, and oyster sauce revenues increasing by 8.87%, 9.97%, and 8.56% respectively. The online channel revenue grew significantly by 39.78% [4][6] - The company is actively expanding its new retail channels and enhancing its distribution capabilities, which is expected to contribute to continued revenue growth [6] Outlook - The company is expected to maintain a steady growth momentum in 2025, driven by the release of reform dividends and the expansion of its product offerings in the condiment sector [6]

Investment Rating - The report maintains a "Recommended" investment rating for Haitian Flavor Industry Co., Ltd. (603288.SH) [1][8] Core Views - The company achieved a total 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 [3][4] - The gross profit margin improved significantly to 37.00%, an increase of 2.26 percentage points, driven by lower raw material costs and production efficiency enhancements [6][8] - The product matrix continues to expand, with all categories showing effective growth, particularly soy sauce, which generated revenue of 13.758 billion yuan, up 8.87% year-on-year [6][8] - The company has optimized its channel network, achieving balanced revenue growth across different regions, with the southern region showing the fastest growth at 12.88% [6][8] Financial Performance Summary - In 2024, the company reported a revenue of 26.901 billion yuan, with a net profit of 6.344 billion yuan and a gross profit margin of 37.00% [3][6] - The forecast for 2025-2027 indicates a steady growth in net profit, with estimates of 7.004 billion yuan, 7.740 billion yuan, and 8.463 billion yuan respectively [8][10] - The earnings per share (EPS) are projected to increase from 1.14 yuan in 2024 to 1.52 yuan by 2027 [10][11] Financial Ratios - The net profit margin is expected to remain stable, with projections of 23.6% for 2025 and 24.2% for 2027 [10] - The return on equity (ROE) is forecasted to be 20.5% in 2024, gradually decreasing to 18.8% by 2027 [10] - The company's asset-liability ratio is projected to decrease from 23.1% in 2024 to 19.5% in 2027, indicating improved financial stability [10]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance in 2024 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 growth of 9.53% [1] - The net profit attributable to shareholders for 2024 was 6,344 million yuan, reflecting a year-on-year increase 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 significant increase in Q4 gross margin to 37.7% [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] Product and Channel Performance - The company saw strong performance across various product categories in 2024, with soy sauce, oyster sauce, and seasoning sauces growing by 8.9%, 8.6%, and 10% respectively [7] - Online sales surged by 59% year-on-year in Q4 2024, while offline sales grew by 11% [7] - The company reduced its distributor count to 6,707 as part of its channel reform strategy [7] Cost and Profitability Analysis - The company benefited from cost reductions, with direct material costs for soy sauce, oyster sauce, and seasoning sauces decreasing by 6.8%, 7.6%, and 6.5% respectively [7] - The net profit margin for 2024 increased by 1.56 percentage points, indicating improved profitability [7]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 51.20 RMB [7][8]. Core Views - The company has shown steady progress with an increase in market share, achieving revenue of 26.9 billion RMB and net profit of 6.34 billion RMB for 2024, reflecting year-on-year growth of 9.5% and 12.8% respectively [1][4]. - The company is expected to continue benefiting from favorable policies and demand recovery, with a focus on channel and product expansion to further enhance market share [1][4]. Summary by Sections Financial Performance - For 2024, the company reported revenue of 26.9 billion RMB, net profit of 6.34 billion RMB, and non-recurring net profit of 6.07 billion RMB, representing year-on-year increases of 9.5%, 12.8%, and 12.5% respectively [1]. - In Q4 2024, revenue reached 6.5 billion RMB, with net profit and non-recurring net profit at 1.53 billion RMB and 1.45 billion RMB, showing year-on-year growth of 10.0%, 17.8%, and 17.1% respectively [1]. Product Performance - Revenue from soy sauce, seasoning sauce, oyster sauce, and other products for 2024 was 13.76 billion RMB, 2.67 billion RMB, 4.62 billion RMB, and 4.09 billion RMB, with year-on-year growth rates of 8.9%, 10.0%, 8.6%, and 16.8% respectively [2]. - The company plans to increase its focus on the catering and lower-tier markets in 2025, aiming for volume growth despite price pressures [2]. Profitability and Cost Management - The gross profit margin for 2024 improved by 2.3 percentage points to 37.0%, driven by lower raw material costs and economies of scale [3]. - The net profit margin for 2024 increased by 0.7 percentage points to 23.6%, with expectations for continued cost advantages in 2025 [3]. Future Outlook - The company is expected to maintain its leading market position and continue to increase its market share through ongoing channel reforms and product expansion strategies [4]. - Earnings per share (EPS) forecasts for 2025 and 2026 have been slightly raised to 1.28 RMB and 1.42 RMB, respectively, with a new EPS estimate for 2027 at 1.59 RMB [4].

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 ...