Group 1 - GIC Private Limited increased its stake in Haitian Flavoring and Food Company Limited (stock code: 03288) by acquiring 456,600 shares at a price of approximately HKD 34.91 per share [1] - The total amount spent on this acquisition was about HKD 15.9386 million [1] - After the purchase, GIC's total shareholding in Haitian Flavoring reached 29.4674 million shares, representing a 10.12% ownership stake [1]

Core Viewpoint - GIC Private Limited has increased its stake in Haitian Flavoring and Food Company Limited, acquiring 456,600 shares at a price of HKD 34.9071 per share, totaling approximately HKD 15.9386 million [1] Company Summary - After the acquisition, GIC Private Limited's total shareholding in Haitian Flavoring and Food Company Limited reached 29,467,400 shares, representing a 10.12% ownership stake [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][16] Core Views - The company achieved a total revenue of 15.23 billion yuan in the first half of 2025, representing a year-on-year growth of 7.59%. The net profit attributable to shareholders was 3.914 billion yuan, up 13.35% year-on-year [1][7] - The second quarter of 2025 saw a total revenue of 6.915 billion yuan, with a year-on-year increase of 7.00%. The net profit attributable to shareholders reached 1.712 billion yuan, growing 11.57% year-on-year [1][7] - The company has implemented an employee stock ownership plan for 2025, with a total amount of 564 million yuan, and plans to distribute a mid-term cash dividend of 2.60 yuan per 10 shares, totaling 1.52 billion yuan, corresponding to a dividend payout ratio of 39% [2][10][14] Financial Performance Summary - The company’s revenue forecast for 2025-2027 is adjusted to 28.925 billion, 30.942 billion, and 32.891 billion yuan, with year-on-year growth rates of 7.5%, 7.0%, and 6.3% respectively [3][14] - The net profit forecast for the same period is 7.219 billion, 7.888 billion, and 8.615 billion yuan, with year-on-year growth rates of 13.8%, 9.3%, and 9.2% respectively [3][14] - The earnings per share (EPS) are projected to be 1.23, 1.35, and 1.47 yuan for 2025, 2026, and 2027 respectively [3][14] Revenue and Profitability Metrics - The company’s gross margin for the second quarter of 2025 was 40.2%, reflecting a year-on-year increase of 3.9 percentage points [2][8] - The sales and management expense ratios were 7.0% and 2.3% respectively, with slight increases due to higher labor costs [2][8] - The net profit margin for the second quarter was 24.1%, up 1.4 percentage points year-on-year [2][8]

公 司 报 告 食品饮料 2025年08月29日 海天味业(603288.SH) 业绩延续稳健增长，龙头地位稳固 推荐 ( 维持) 股价:40.08元 行情走势图 证券分析师 王萌 投资咨询资格编号 S1060522030001 WANGMENG917@pingan.com.cn 事项： 公司发布2025年半年度报告，报告期内实现营业收入152.30亿元，同比增长 7.59%；实现归属于上市公司股东的净利润39.14亿元，同比增长13.35%；实 现归属于上市公司股东的扣除非经常性损益的净利润38.17亿元，同比增长 14.77%。 平安观点： 司 半 年 报 点 评 研 究 报 告 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 24,559 | 26,901 | 29,658 | 32,357 | 35,011 | | YOY(%) | -4.1 | 9.5 | 10.3 | 9.1 | 8.2 | | 净利润(百万元) | 5,627 | 6,344 | 7,0 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][9] Core Views - The company demonstrates strong resilience in performance with steady growth in its main business [1][4] - The report highlights a favorable trend in gross margin due to declining raw material prices, with a projected annual gross margin optimization [5] - The company is actively optimizing its channel strategies and enhancing resource allocation, leading to stable revenue growth despite high baselines [9] Financial Performance - For H1 2025, total revenue reached 15.23 billion yuan, representing an 8% year-on-year increase, while net profit attributable to shareholders was 3.91 billion yuan, up 13% [4] - In Q2 2025, total revenue was 6.92 billion yuan, with a 7% year-on-year increase, and net profit of 1.71 billion yuan, reflecting a 12% increase [4] - The gross margin in Q2 2025 increased by 4 percentage points to 40.21%, driven by lower raw material costs [5] Product and Channel Development - The company reported a 10% increase in soy sauce revenue, reaching 3.51 billion yuan in Q2 2025, supported by customized business expansion and new product penetration [6] - The offline channel revenue for Q2 2025 was 6.16 billion yuan, up 9%, while online channel revenue surged by 35% to 425 million yuan [6] Employee Incentives - The company has introduced an employee stock ownership plan aimed at core management and key employees, with a performance target of at least 10.8% growth in net profit for 2025 [7] Earnings Forecast - The report adjusts the earnings per share (EPS) forecasts for 2025-2027 to 1.22, 1.34, and 1.45 yuan respectively, with corresponding price-to-earnings (PE) ratios of 34, 31, and 29 times [9][11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [1][8]. Core Insights - The company reported a steady performance in Q2 2025, with total revenue of 15.23 billion yuan, a year-on-year increase of 7.59%, and a net profit attributable to shareholders of 3.91 billion yuan, up 13.35% year-on-year [5]. - The company continues to optimize its product and channel structure, leading to stable growth in Q2 2025, with revenue of 6.92 billion yuan, a 7.00% increase year-on-year, and a net profit of 1.71 billion yuan, up 11.57% year-on-year [5]. - The core product categories, including soy sauce, seasoning sauce, and oyster sauce, all showed revenue growth, with the fastest growth in other categories. The company achieved revenue of 7.93 billion yuan from soy sauce, 1.63 billion yuan from seasoning sauce, 2.50 billion yuan from oyster sauce, and 2.51 billion yuan from other businesses in H1 2025, with respective year-on-year growth rates of 9.14%, 12.01%, 7.74%, and 16.73% [5]. - The online sales channel maintained rapid growth, with H1 2025 revenue from offline and online channels reaching 13.72 billion yuan and 842 million yuan, respectively, reflecting year-on-year growth of 9.07% and 38.97% [5]. - The company's gross margin improved by 3.88 percentage points to 40.21% in Q2 2025, benefiting from lower raw material prices and product structure optimization. The net profit margin also increased by 1.01 percentage points to 24.80% [5]. - An employee stock ownership plan was announced, aimed at core management and key employees, which is expected to enhance employee motivation and market confidence in the company's long-term development [5]. - The company forecasts earnings per share of 1.21 yuan and 1.32 yuan for 2025 and 2026, respectively, with corresponding PE ratios of 34 times and 31 times [5][6]. Summary by Sections Financial Performance - In H1 2025, the company achieved total revenue of 15.23 billion yuan, a 7.59% increase year-on-year, and a net profit of 3.91 billion yuan, up 13.35% year-on-year [5]. - Q2 2025 revenue was 6.92 billion yuan, with a net profit of 1.71 billion yuan, reflecting year-on-year growth of 7.00% and 11.57%, respectively [5]. Product and Channel Performance - Revenue from core product categories showed positive growth, with soy sauce revenue at 7.93 billion yuan, seasoning sauce at 1.63 billion yuan, oyster sauce at 2.50 billion yuan, and other businesses at 2.51 billion yuan in H1 2025 [5]. - Online sales channels experienced significant growth, with H1 2025 online revenue reaching 842 million yuan, a 38.97% increase year-on-year [5]. Profitability and Future Outlook - The gross margin improved to 40.21% in Q2 2025, and the net profit margin increased to 24.80% [5]. - The company projects earnings per share of 1.21 yuan and 1.32 yuan for 2025 and 2026, with PE ratios of 34 and 31 times, respectively [5][6].

Market Performance - The seasoning and fermentation sector increased by 2.23% on August 29, with Baoli Food leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Individual Stock Performance - Baoli Food (603170) closed at 14.59, up 6.03% with a trading volume of 73,600 shares and a turnover of 106 million yuan [1] - Haitian Flavoring (603288) closed at 41.44, up 3.39% with a trading volume of 343,600 shares and a turnover of 1.42 billion yuan [1] - Qianhe Flavoring (603027) closed at 12.33, up 1.73% with a trading volume of 292,400 shares and a turnover of 360 million yuan [1] - Hengshun Vinegar (600305) closed at 8.40, up 0.60% with a trading volume of 179,700 shares and a turnover of 151 million yuan [1] - Anji Food (603696) closed at 13.09, down 0.08% with a trading volume of 353,200 shares and a turnover of 473 million yuan [1][2] Capital Flow Analysis - The seasoning and fermentation sector saw a net inflow of 49.09 million yuan from institutional investors, while retail investors experienced a net outflow of 35.54 million yuan [2][3] - Major stocks like Haitian Flavoring had a net inflow of 66.69 million yuan from institutional investors, while retail investors had a net outflow of 37.18 million yuan [3] - Qianhe Flavoring experienced a net inflow of 46.26 million yuan from institutional investors, but a significant net outflow of 89.25 million yuan from retail investors [3]

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 48.40 [1][8]. Core Views - The company has shown steady performance with revenue and net profit growth, benefiting from cost reductions and market share gains despite increased competition [5][7]. - The company aims for a net profit growth rate of no less than 10.8% in 2025, supported by a new employee stock ownership plan [5][6]. - The company is experiencing strong growth in new product categories and is optimizing its distribution channels [6][8]. Financial Performance - For the first half of 2025, the company reported revenue of RMB 152.3 billion, a year-on-year increase of 7.6%, and a net profit of RMB 39.1 billion, up 13.3% [5]. - The gross margin for the first half of 2025 was 40.1%, reflecting a 3.3 percentage point increase year-on-year, driven by cost reductions in raw materials [7]. - The company’s revenue forecast for 2025 is RMB 28.65 billion, with a projected net profit of RMB 7.08 billion, representing growth rates of 6.5% and 11.66% respectively [4][8]. Product and Channel Performance - In the first half of 2025, revenue from soy sauce, seasoning sauce, oyster sauce, and other products was RMB 79.3 billion, RMB 16.3 billion, RMB 25.0 billion, and RMB 25.1 billion respectively, with year-on-year growth rates of 9.1%, 12.0%, 7.7%, and 16.7% [6]. - Online sales grew significantly by 39.0% year-on-year, while offline sales increased by 9.1% [6]. Cost and Profitability - The company has managed to maintain a stable profit growth despite rising expenses, with a net profit margin of 25.7% in the first half of 2025, up 1.3 percentage points year-on-year [7]. - The company’s operating expenses have increased due to heightened market competition, but the overall profitability remains robust [7][8]. Valuation Metrics - The company is valued at a PE ratio of 40x for 2025, with a target price adjustment from RMB 51.20 to RMB 48.40 [8]. - The projected EPS for 2025 is RMB 1.21, with a steady decline in PE ratio expected over the next few years [4][8].

Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 50 yuan [1][7]. Core Insights - The company achieved a revenue of 15.23 billion yuan in the first half of 2025, representing a year-on-year increase of 7.59%, while the net profit attributable to shareholders was 3.91 billion yuan, up 13.35% year-on-year [1][7]. - The second quarter of 2025 saw a revenue of 6.92 billion yuan, with a year-on-year growth of 7.00%, and a net profit of 1.71 billion yuan, reflecting an 11.57% increase year-on-year [1][7]. - The company plans to distribute a cash dividend of 2.6 yuan per 10 shares, totaling 1.52 billion yuan [1]. Financial Performance Summary - Total revenue projections for the company are as follows: 26.90 billion yuan in 2024, 28.89 billion yuan in 2025, 31.53 billion yuan in 2026, and 34.04 billion yuan in 2027, with respective year-on-year growth rates of 9.5%, 7.4%, 9.1%, and 8.0% [3]. - The net profit attributable to shareholders is projected to be 6.34 billion yuan in 2024, 7.25 billion yuan in 2025, 8.16 billion yuan in 2026, and 8.99 billion yuan in 2027, with year-on-year growth rates of 12.8%, 14.2%, 12.6%, and 10.2% [3]. - The earnings per share (EPS) are expected to be 1.08 yuan in 2024, 1.24 yuan in 2025, 1.39 yuan in 2026, and 1.54 yuan in 2027 [3]. Business Segment Performance - The company's condiment business experienced a year-on-year growth of 10.59% in Q2 2025, with soy sauce, oyster sauce, and seasoning sauce revenues increasing by 10.35%, 9.77%, and 9.62% respectively [7]. - Online sales showed a significant increase of 35.05% year-on-year, while offline sales grew by 9.23% [7]. - The company added 13 new distributors in Q2 2025, bringing the total to 6,681 [7]. Profitability Metrics - The gross profit margin for Q2 2025 was 40.2%, an increase of 3.9 percentage points year-on-year, attributed to lower raw material costs and improved production efficiency [7]. - The net profit margin for Q2 2025 was recorded at 24.8%, reflecting a slight improvement of 1.0 percentage points year-on-year [7].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown steady revenue growth, with H1 2025 revenue reaching 15.23 billion yuan, a year-on-year increase of 7.59%, and net profit attributable to shareholders reaching 3.91 billion yuan, up 13.35% year-on-year [1] - The company is expected to benefit from enhanced employee incentives and a clear overseas expansion strategy, with projected net profits for 2025-2027 growing at rates of 13.8%, 13.2%, and 11.2% respectively [4] Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 6.91 billion yuan, a 7.00% increase year-on-year, and a net profit of 1.71 billion yuan, up 11.57% year-on-year [1] - The gross margin improved to 40.21%, an increase of 3.88 percentage points year-on-year, attributed to lower raw material costs and enhanced cost control [3] Product and Channel Analysis - In Q2 2025, revenue from soy sauce, seasoning sauce, oyster sauce, and other products was 3.51 billion, 0.71 billion, 1.14 billion, and 1.22 billion yuan respectively, with growth rates of 10.3%, 9.6%, 9.8%, and 12.7% [2] - Online sales reached 0.43 billion yuan, a significant increase of 35.0% year-on-year, while offline sales were 6.15 billion yuan, up 9.2% year-on-year [2] Regional Performance - Revenue from different regions in Q2 2025 showed strong growth, with East and South regions leading at 12.2 billion and 14.5 billion yuan, growing 12.8% and 11.3% year-on-year respectively [2] Employee Incentives - The company plans to launch an employee stock ownership plan in 2025, targeting key management and core employees, with a performance target of at least 10.8% year-on-year growth in net profit [3] Future Outlook - The company is positioned as an industry leader, with expectations of increased market concentration in the condiment sector and potential revenue growth from overseas markets following its successful listing in Hong Kong [4]