Investment Rating - The report maintains a "Buy" rating for the company, with a target price set above the current price of 44.23 CNY [4]. Core Views - The company has demonstrated steady revenue growth, achieving a revenue of 20.3999 billion CNY and a net profit of 4.815 billion CNY in the first three quarters of 2024, representing year-on-year increases of 9.38% and 11.23% respectively [1]. - In Q3 2024, the company reported revenues of 6.243 billion CNY and a net profit of 1.362 billion CNY, with year-on-year growth rates of 9.83% and 10.50% [1]. - All major product categories have shown growth, with significant increases in soy sauce, seasoning sauce, oyster sauce, and other revenues [1]. - Online sales have surged, with a 45.42% year-on-year increase in online revenue, while offline sales grew by 8.12% [1]. - The company has improved the quality of its distributors, with an average distributor income increase of 10.63% to 860,100 CNY per distributor [1]. Financial Summary - The company’s gross margin and net margin have increased by 2.07 and 0.11 percentage points to 36.61% and 21.84% respectively in Q3 2024 [2]. - The report projects revenue growth of 12% for 2024, with adjusted revenue forecasts of 27.505 billion CNY, 30.385 billion CNY, and 33.425 billion CNY for 2024, 2025, and 2026 respectively [2][3]. - The net profit forecast for the same period is 6.304 billion CNY, 6.995 billion CNY, and 7.741 billion CNY, with corresponding growth rates of 12%, 11%, and 11% [2][3]. - The company’s price-to-earnings (P/E) ratios are projected to be 39, 35, and 31 for 2024, 2025, and 2026 respectively [2][3]. Financial Ratios - The company’s asset-liability ratio is reported at 17.02% [4]. - The return on equity (ROE) is projected to be around 19.75% for 2024 [7]. - The company’s earnings per share (EPS) is expected to be 1.13 CNY in 2024, increasing to 1.39 CNY by 2026 [3][7].

Group 1: Product Development and Market Strategy - The company has launched a zero-additive product line across various categories, including soy sauce and oyster sauce, which has received positive consumer feedback [1] - Future market growth will focus on food safety, product quality, cost-effectiveness, and brand influence, with an emphasis on both restaurant and consumer segments [2] - The company aims to enhance product quality and diversify its product line to meet evolving consumer demands for multifunctional, nutritious, and upgraded experiences [3] Group 2: Quality Control and Safety Measures - Food safety and quality control are prioritized, with strict management standards from raw material selection to product delivery [3] - The company has established a "Sunshine Factory" to allow consumers to understand its quality assurance processes [3] Group 3: Financial Performance and Growth Drivers - The company has experienced a recovery in growth during the first three quarters, driven by product quality improvements and innovation [4] - Efforts include enhancing operational efficiency through lean management and green initiatives to support sustainable growth [4] Group 4: Future Plans and Innovations - The company plans to continue focusing on its core condiment business while enhancing user-centered approaches and social responsibility [4] - There are plans for new product development across various categories, including vinegar and cooking wine, to strengthen market competitiveness [5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a steady revenue growth of 9.4% year-on-year for the first three quarters of 2024, achieving a total revenue of 20.4 billion yuan and a net profit attributable to shareholders of 4.81 billion yuan, which is an increase of 11.2% year-on-year [1] - In Q3 2024, the company generated revenue of 6.24 billion yuan, reflecting a year-on-year growth of 9.8%, with a net profit of 1.36 billion yuan, up 10.5% year-on-year, aligning with market expectations [1] Revenue Growth Analysis - The main business showed a recovery in growth, with revenue from soy sauce, seasoning sauce, oyster sauce, and other products reaching 3.08 billion, 0.58 billion, 1.11 billion, and 1.08 billion yuan respectively, with year-on-year growth rates of +8.7%, +10.2%, +7.8%, and +15.1% [2] - Offline and online revenue growth rates in Q3 2024 were +8.1% and +45.4% respectively, indicating a strong performance in online sales due to improved channel layout [2] - Revenue growth varied by region in Q3 2024, with East, South, Central, North, and West regions showing growth rates of +19.9%, +7.8%, +11.5%, -0.8%, and +8.1% respectively, with all regions except the West maintaining rapid growth [2] Profitability Improvement - The overall gross margin for the first three quarters was 36.8%, an increase of 1.3 percentage points year-on-year, with Q3 gross margin rising by 2.1 percentage points to 36.6% [3] - The improvement in gross margin is attributed to cost reductions and enhanced economies of scale [3] - The net profit margin in Q3 2024 increased by 0.1 percentage points to 21.8% due to lower costs and improved scale effects [3] Long-term Performance Outlook - The company is focusing on maintaining its core businesses while expanding into new categories such as food and cooking wine, leveraging its platform and channel advantages to increase market share [4] - The recovery in the restaurant channel is expected to support continued performance improvement, and the company has successfully completed a board and management team restructuring, which is anticipated to boost team morale and confidence [4] - Earnings per share (EPS) forecasts for 2024-2026 are projected at 1.12 yuan, 1.24 yuan, and 1.37 yuan, with corresponding dynamic price-to-earnings (PE) ratios of 39x, 35x, and 32x, maintaining a "Buy" rating [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a steady revenue growth of 9.4% year-on-year, reaching 20.4 billion yuan in the first three quarters of 2024, with a net profit attributable to shareholders of 4.81 billion yuan, up 11.2% year-on-year [1] - In Q3 2024, the company achieved a revenue of 6.24 billion yuan, reflecting a year-on-year increase of 9.8%, and a net profit of 1.36 billion yuan, up 10.5% year-on-year, aligning with market expectations [1] Summary by Sections Revenue and Profitability - The company's main products, including soy sauce, seasoning sauce, oyster sauce, and others, generated revenues of 3.08 billion, 0.58 billion, 1.11 billion, and 1.08 billion yuan in Q3, with year-on-year growth rates of 8.7%, 10.2%, 7.8%, and 15.1% respectively [2] - The overall gross margin for the first three quarters was 36.8%, an increase of 1.3 percentage points year-on-year, with Q3 gross margin rising by 2.1 percentage points to 36.6% [3] - The net profit margin for Q3 was 21.8%, reflecting a year-on-year increase of 0.1 percentage points [3] Market Dynamics and Growth Drivers - The company is focusing on expanding its product categories, including vinegar and cooking wine, while leveraging its platform and channel advantages to increase market share [4] - The recovery in the restaurant channel is expected to support continued performance improvement, and the company has optimized its channel inventory, restoring distributor confidence [4] Financial Forecasts - The company forecasts earnings per share (EPS) of 1.12 yuan, 1.24 yuan, and 1.37 yuan for 2024, 2025, and 2026 respectively, with corresponding dynamic price-to-earnings (PE) ratios of 39, 35, and 32 [4][5] - Revenue projections for 2024 to 2026 are 245.59 billion, 270.03 billion, and 295.07 billion yuan, with growth rates of 9.95%, 9.27%, and 8.51% respectively [5]

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a revenue of 20.4 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.4%. The net profit attributable to shareholders was 4.81 billion yuan, up 11.2% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 6.24 billion yuan, a year-on-year growth of 9.8%, with a net profit of 1.36 billion yuan, reflecting a 10.5% increase year-on-year [1][2]. - The company is experiencing continuous operational improvement, driven by internal reforms and the successful launch of new products and channels [2]. Summary by Sections Financial Performance - For Q3 2024, the revenue breakdown by product categories showed soy sauce, seasoning sauce, oyster sauce, and others growing by 8.7%, 10.2%, 7.8%, and 15.1% respectively. The eastern region performed particularly well with a revenue increase of 19.9% [2]. - The gross margin for Q3 2024 was 36.6%, an increase of 2.1 percentage points year-on-year, attributed to lower costs of soybeans and packaging materials [2]. - The net profit margin for Q3 2024 was 21.8%, showing stability with a slight increase of 0.1 percentage points year-on-year [2]. Future Outlook - Short-term expectations for Q4 2024 indicate continued revenue growth due to the ongoing effects of internal reforms and early preparations for the Spring Festival [3]. - Long-term strategies include optimizing customer structure, channel recovery, and exploring health-oriented products such as low-sugar and low-salt seasonings [3]. - The profit forecasts for 2024 to 2026 are adjusted to 6.26 billion, 7.05 billion, and 8.07 billion yuan respectively, with corresponding PE ratios of 39, 35, and 30 times [3][8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 50.4, compared to the last closing price of 45.00 [1]. Core Views - The company has shown a recovery in operations, with adjustments starting to take effect. The Q3 2024 results indicate a revenue of 62.43 billion yuan, a year-on-year increase of 9.83%, and a net profit attributable to shareholders of 13.62 billion yuan, up 10.50% year-on-year [1]. - The overall performance aligns with previous expectations, with sales collection increasing by 12.5% year-on-year and contract liabilities decreasing by 16.2% [1]. - The company has successfully optimized its distribution channels, leading to a notable increase in the number of distributors from 624 to 6722 [1]. Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 204.0 billion yuan, representing a year-on-year growth of 9.38%, and a net profit of 48.15 billion yuan, up 11.23% year-on-year [1]. - The company expects to achieve revenues of 275.1 billion yuan, 301.8 billion yuan, and 333.4 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 12.0%, 9.7%, and 10.5% [1]. - The projected net profits for the same years are 63.0 billion yuan, 69.3 billion yuan, and 77.3 billion yuan, with corresponding growth rates of 11.9%, 10.1%, and 11.5% [1]. Product Performance - In Q3, the company’s revenue from various products was as follows: soy sauce (30.8 billion yuan), seasoning sauce (5.8 billion yuan), oyster sauce (11.1 billion yuan), and others (10.2 billion yuan), with respective year-on-year growth rates of +8.7%, +10.2%, +7.8%, and +15.1% [1]. - The company has seen a recovery across all product categories, with significant improvements in the household segment and a gradual recovery in restaurant demand [1]. Regional Performance - Revenue growth varied by region, with the eastern region seeing a 19.9% increase, southern region 7.8%, central region 11.6%, northern region 8.1%, and western region experiencing a slight decline of 0.8% [1].

佛山市海天调味食品股份有限公司 关于股份回购实施结果暨股份变动的公告 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（以下称"公司"）董事会于 2023 年 10 月 30 日召开第五届董事会第五次会议，审议通过了《关于回购公司股份方案的议案》， 同意公司使用自有资金以集中竞价或法律法规允许的交易方式回购公司已发行的 部分人民币普通股股票。回购的股份拟全部用于员工持股计划或者股权激励，回购 价格不超过 56.60 元/股，回购资金总额不低于人民币 50,000 万元（含）且不超过 人民币 80,000 万元（含），回购期限自公司董事会审议通过本次回购方案之日起 12 个月内。具体内容详见公司于上海证券交易所网站披露的《海天味业回购公司 股份方案公告》《海天味业回购股份报告书》。 二、 回购实施情况 重要内容提示： | 回购方案首次披露日 | 月 日 2023 年 10 31 | | | --- | --- | --- | | 回购方案实施期限 | 自公司董事会审议通过本次回购方案之日起 | 12 ...

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company reported a total 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 was 4.815 billion yuan, up 11.23% year-on-year [2]. - The growth in revenue is attributed to steady performance across various product lines and a significant increase in online sales channels, which grew by 34.53% year-on-year [2]. - The company has seen a continuous increase in the number of distributors, indicating robust market expansion [2]. Financial Performance Summary - For Q3 2024, total revenue reached 6.243 billion yuan, reflecting a 9.83% year-on-year growth, while the net profit attributable to shareholders was 1.362 billion yuan, up 10.50% year-on-year [2]. - The revenue from soy sauce, seasoning sauce, oyster sauce, and other products for the first three quarters was 10.338 billion, 2.034 billion, 3.427 billion, and 3.166 billion yuan, respectively, with year-on-year growth rates of 7.40%, 9.01%, 6.38%, and 19.88% [2]. - The gross profit margin for the first three quarters of 2024 was 36.78%, an increase of 1.29 percentage points year-on-year, primarily due to a decrease in raw material costs [2]. Future Earnings Estimates - The company is expected to achieve net profits attributable to shareholders of 6.235 billion, 6.887 billion, and 7.589 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.81%, 10.46%, and 10.20% [2][3]. - The corresponding price-to-earnings (P/E) ratios for these years are projected to be 40, 36, and 33 times [2]. Market Position and Valuation - The company's market capitalization is approximately 250.2 billion yuan [4]. - The report highlights a steady increase in both offline and online sales channels, with online sales growing significantly faster than offline sales [2]. Key Financial Ratios - The return on equity (ROE) for 2024 is projected to be 19.89%, with a gradual increase expected in subsequent years [7]. - The company's debt-to-equity ratio is expected to remain stable, indicating a solid financial position [7].

Investment Rating - The report maintains a "Buy" investment rating for the company [2] Core Views - The company has demonstrated stable performance with a revenue increase of 9% year-on-year, reaching 20.399 billion yuan in the first three quarters of 2024, and a net profit increase of 11%, totaling 4.815 billion yuan [1][2] - The company is actively promoting internal reforms, leading to steady revenue growth and a net profit margin increase to 21.84% [1] - The company has optimized its supply chain, enhancing manufacturing advantages, and has seen balanced growth across its product lines, with significant increases in online sales [1][2] Summary by Sections Performance Overview - In Q3 2024, the company achieved revenue of 6.243 billion yuan, a 10% increase year-on-year, with a net profit of 1.362 billion yuan, also up by 10% [1] - The gross profit margin improved by 2 percentage points to 36.61%, attributed to a decrease in raw material costs [1] Product and Channel Performance - Revenue from various product categories in Q3 2024: soy sauce (3.075 billion yuan, +9%), seasoning sauce (583 million yuan, +10%), oyster sauce (1.105 billion yuan, +8%), and other categories (1.019 billion yuan, +15%) [1] - Offline and online channel revenues were 5.445 billion yuan (+8%) and 336 million yuan (+45%), respectively, indicating a strong performance in both channels [1] Regional Performance - Revenue by region in Q3 2024: Eastern (1.175 billion yuan, +20%), Southern (1.153 billion yuan, +8%), Central (1.287 billion yuan, +12%), Northern (1.439 billion yuan, +8%), and Western (728 million yuan, -1%) [1] Earnings Forecast - The report slightly adjusts the EPS forecasts for 2024-2026 to 1.12, 1.22, and 1.33 yuan, respectively, with corresponding PE ratios of 40, 37, and 34 times [2]

[Table_MainInfo] 公司研究/食品/食品制造 证券研究报告 海天味业（603288）公司季报点评 2024 年 10 月 30 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |----------------------------------------------------------------------|---------------| | 股票数据 | | | 10 [ Table_StockInfo 月 29 日收盘价（元） ] | 45.00 | | 52 周股价波动（元） | 33.02-52.99 | | 总股本 / 流通 A 股（百万股） | 5561/5561 | | 总市值 / 流通市值（百万元） | 250227/250227 | | 相关研究 | | | [Table_ReportInfo] 《 收 入 稳 健 增 长 ， 利 润 率 持 续 改 善 》 | | | 2024.09.01 | | | 《 24Q1 收入稳健增长，利润率小幅修复》 | | | 2024.05.06 | | 市场表现 [Table_Qu ...