Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company has shown steady revenue growth, with a 9.4% year-on-year increase in revenue to 20.4 billion yuan and an 11.2% increase in net profit to 4.81 billion yuan for the first three quarters of 2024 [1]. - The main product categories, including soy sauce, seasoning sauce, and oyster sauce, have demonstrated stable growth, attributed to improved product quality and channel reforms [1]. - The company is expanding its dealer network, with a total of 6,722 dealers as of Q3 2024, an increase of 131 from the beginning of the year [1]. - Online sales have surged by 34.5% year-on-year, indicating a strong performance in e-commerce channels [1]. - The gross profit margin has improved, reaching 36.8% for the first three quarters of 2024, driven by lower raw material costs [1]. - The management transition completed in September 2024 is expected to gradually release reform dividends, enhancing product competitiveness and market strength [1]. Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 6.24 billion yuan, a 9.8% increase year-on-year, and a net profit of 1.36 billion yuan, up 10.5% [1]. - The revenue growth for major product categories in the first three quarters of 2024 was as follows: soy sauce (+7.4%), seasoning sauce (+9.0%), oyster sauce (+6.4%), and other products (+19.9%) [1]. - The company’s revenue by region showed strong performance in the southern region, with a 14.4% year-on-year increase [1]. Cost and Profitability - The gross profit margin for the first three quarters of 2024 was 36.8%, reflecting a 1.3 percentage point increase year-on-year [1]. - The company’s net profit margin for the first three quarters was 23.6%, an increase of 0.4 percentage points year-on-year [1]. Management and Strategy - The management transition in September 2024 is expected to enhance the company's reform efforts and product competitiveness [1]. - Future strategies include improving product quality, expanding product specifications, and innovating raw materials to develop new products [1]. Earnings Forecast and Valuation - The company’s revenue forecasts for 2024-2026 are 26.82 billion yuan, 29.28 billion yuan, and 32.10 billion yuan, respectively, with net profits projected at 6.24 billion yuan, 6.91 billion yuan, and 7.69 billion yuan [1]. - The current stock price corresponds to a PE ratio of 40x for 2024, 36x for 2025, and 33x for 2026 [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady revenue growth, with a continued upward operational cycle [1] - The report highlights that the company's main business is steadily growing, with all three major product categories accelerating on a quarter-over-quarter basis [1] - The company achieved a revenue of 20.399 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 9.38% [1] - The net profit attributable to the parent company for the same period was 4.815 billion yuan, reflecting a year-on-year increase of 11.23% [1] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 25,610 million yuan - 2023A: 24,559 million yuan - 2024E: 27,059 million yuan (10% growth) - 2025E: 29,769 million yuan (10% growth) - 2026E: 32,431 million yuan (9% growth) [1] - **Net Profit Forecasts**: - 2022A: 6,198 million yuan - 2023A: 5,627 million yuan - 2024E: 6,256 million yuan (11% growth) - 2025E: 6,932 million yuan (11% growth) - 2026E: 7,588 million yuan (9% growth) [1] - **Earnings Per Share (EPS)**: - 2022A: 1.34 yuan - 2023A: 1.01 yuan - 2024E: 1.12 yuan - 2025E: 1.25 yuan - 2026E: 1.36 yuan [1] - **Gross Margin**: - The gross margin for the company improved year-on-year, primarily due to a decrease in raw material prices [1] - **Market Performance**: - The company’s stock price as of October 28, 2024, was 45.37 yuan, with a market capitalization of approximately 252.28 billion yuan [1] Segment Performance - **Product Categories**: - Revenue from soy sauce, seasoning sauce, and oyster sauce for Q3 2024 was 30.75 billion yuan, 5.83 billion yuan, and 11.05 billion yuan, respectively, with year-on-year growth rates of 8.72%, 10.17%, and 20.34% [1] - **Regional Performance**: - The company achieved revenue growth across various regions, with notable increases in the eastern, southern, central, northern, and western regions [1]

食品饮料/调味发酵品Ⅱ 公 司 研 究 龙头韧性凸显，收入利润稳健增长 海天味业（603288.SH） 2024 年 10 月 29 日 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |---------------------------|---------------------------| | | | | 张宇光（分析师） | 方一苇（分析师） | | zhangyuguang@kysec.cn | fangyiwei@kysec.cn | | 证书编号： S0790520030003 | 证书编号： S0790524030001 | 公司披露 2024 年三季报，2024Q3 收入利润符合预期 公司披露 2024 年三季报。2024Q1-Q3 公司营收/归母净利润分别为 203.99/48.15 亿元（同比+9.38%/+11.23%）；其中 2024Q3 营收/归母净利润分别为 62.43/13.62 亿元（同比+9.83%/+10.50%）。收入利润符合预期。我们维持 2024 -2026 年盈利 预 测 ， 预测 2024-2026 年 归 母 净利 润 分别 为 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [4] Core Insights - The company reported a revenue of 20.399 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 9.38%, and a net profit attributable to shareholders of 4.815 billion yuan, up 11.23% year-on-year [2][6] - In Q3 2024, the company achieved a revenue of 6.243 billion yuan, with a year-on-year increase of 9.83%, and a net profit of 1.362 billion yuan, reflecting a growth of 10.50% year-on-year [2][6] - The company's core products showed improved performance, with family-end products maintaining double-digit growth and a significant recovery in the restaurant-end products [6] - The gross profit margin increased by 2.07 percentage points to 36.61% in Q3 2024, driven by raw material cost benefits and supply chain reforms [6] Financial Performance Summary - For 2024, the company is projected to achieve revenues of 26.950 billion yuan, 28.849 billion yuan, and 31.444 billion yuan for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 9.73%, 7.05%, and 8.99% [6][7] - The net profit attributable to shareholders is expected to be 6.243 billion yuan, 6.772 billion yuan, and 7.560 billion yuan for the same years, with growth rates of 10.96%, 8.46%, and 11.64% respectively [6][7] - Earnings per share (EPS) are projected to be 1.12 yuan, 1.22 yuan, and 1.36 yuan for 2024, 2025, and 2026 respectively [6][7]

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company's performance meets expectations, and it is expected to continue gaining market share amid supply chain reforms, aiming for a compound double-digit growth target in the "Four Five" plan [3][5]. Financial Summary - For Q3 2024, the company achieved revenue of 20.399 billion yuan, a year-on-year increase of 9.38%, and a net profit attributable to shareholders of 4.815 billion yuan, up 11.23% year-on-year [5]. - The Q3 single-quarter revenue was 6.243 billion yuan, with a year-on-year growth of 9.83%, and a net profit of 1.362 billion yuan, reflecting a 10.5% increase year-on-year [5]. - The gross margin for Q3 was 36.61%, an increase of 2.07% year-on-year, primarily due to the decline in raw material prices [5]. - The company expects EPS for 2024-2026 to be 1.12, 1.29, and 1.51 yuan, representing year-on-year growth of 10.8%, 14.9%, and 17.3% respectively [5]. Product and Channel Performance - Revenue growth for Q3 2024 by product category includes soy sauce (+8.7%), seasoning sauce (+10.2%), oyster sauce (+7.8%), and other categories (+15.1%) [5]. - Offline and online channel revenues grew by 8.1% and 45.4% year-on-year, respectively, with online growth attributed to supply chain reforms enhancing new retail capabilities [5]. Market Position and Strategy - The company is focusing on enhancing its overall supply chain capabilities, aiming to reduce costs and improve efficiency while aligning products with consumer trends [5]. - The number of distributors reached 6,722 by the end of Q3 2024, with a net increase of 48 distributors in the quarter [5].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][6][9] Core Views - The company has shown steady growth across all product categories, with significant revenue increases in soy sauce, seasoning sauce, oyster sauce, and others, driven by seasonal consumption and improved market share in the catering sector [2][3] - The company has successfully implemented channel reforms, resulting in a year-on-year revenue growth of 8.12% in offline channels and a remarkable 45.42% growth in online sales for Q3 2024 [2][3] - The new management team is expected to enhance long-term development, with a focus on channel reform and rapid growth in new product categories [4][6] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 20.399 billion, representing a year-on-year increase of 9.38%, and a net profit attributable to shareholders of 4.815 billion, up 11.23% [2][3] - In Q3 2024, the company reported revenue of 6.243 billion, a year-on-year increase of 9.83%, and a net profit of 1.36 billion, reflecting a growth of 10.5% [2][3] - The gross profit margin for Q3 2024 was 36.61%, an increase of 2.07 percentage points year-on-year, attributed to lower raw material costs and improved channel efficiency [3][4] Earnings Forecast - The company is projected to achieve revenues of 27.2 billion, 29.8 billion, and 31.8 billion for 2024, 2025, and 2026 respectively, with net profits expected to be 6.232 billion, 6.799 billion, and 7.549 billion for the same years [6][7][9] - The earnings per share (EPS) are forecasted to be 1.12, 1.22, and 1.36 for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 40, 37, and 33 [6][7][9]

32.00 36.00 40.00 44.00 48.00 52.00 56.00 成交金额 海天味业 沪深300 海天味业 (603288.SH) 买入（维持评级） 业绩简评 10 月 28 日公司发布三季报，24Q1-Q3 实现营收 203.99 亿元，同 比+9.38%；实现归母净利润 48.15 亿元，同比+11.23%；扣非归母 净利润 46.15 亿元，同比+11.14%。其中，24Q3 实现营收 62.43 亿 元，同比+9.83%；实现归母净利润 13.62 亿元，同比+10.50%；扣 非归母净利润 12.89 亿元，同比+9.11%。业绩符合预期。 经营分析 复苏势能延续，Q3 核心品类提速。1）分产品来看，24Q3 酱油/调 味酱/蚝油/其他产品分别实现收 30.75/11.05/10.19/5.83 亿元， 同比+8.8%/+10.2%/+7.9%/+15.1%。其中酱油、蚝油相较 Q2 明显 提速，我们推测系定制化需求增长所致、餐饮端取得增量，此外料 酒等其他产品低基数下维持高增。2）分渠道来看，24Q3 线上/线 下收入增速分别为 45.3%/8.1%，公司顺应渠道碎片化趋势，持续 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company reported a 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 reached 4.815 billion yuan, up 11.23% year-on-year [1]. - The third quarter of 2024 saw a revenue of 6.243 billion yuan, with a year-on-year growth of 9.83%, and a net profit of 1.362 billion yuan, reflecting a 10.50% increase year-on-year [1]. - The company has shown steady revenue growth, with effective channel adjustments leading to an increase in sales across all product categories [1]. - The company has a strong brand moat and is expected to continue benefiting from ongoing reforms and a clear growth plan [1]. Financial Performance Summary - For Q3 2024, the company achieved a gross margin of 36.61%, an increase of 2.07 percentage points year-on-year, attributed to the decline in raw material prices and efficiency improvements [1]. - The company’s net profit margin for Q3 2024 was 21.81%, up 0.13 percentage points year-on-year [1]. - The projected revenues for 2024-2026 are 27.53 billion, 30.63 billion, and 33.90 billion yuan, with year-on-year growth rates of 12.1%, 11.3%, and 10.7% respectively [2][4]. - The net profit for the same period is expected to be 6.25 billion, 6.98 billion, and 7.76 billion yuan, with growth rates of 11.0%, 11.7%, and 11.2% respectively [2][4]. Market Position and Strategy - The company has successfully optimized its distribution channels, resulting in a net increase of 48 distributors in Q3 2024, totaling 6,722 distributors [1]. - The company is focusing on comprehensive reforms in products, channels, and terminal construction, which are expected to yield further growth [1]. - The management transition has been smooth, with the new leadership expected to continue the company's growth trajectory [1].

阿 .................................................... 接续下页 ............................................................... 2024 年 10 月 29 日 顾向君 H70420@capitalcom.tw 目标价(元) 48 | --- | --- | --- | --- | |-----------------------|----------|----------------|------------------------------------| | 公司基本资讯 | | | | | 产业别 | | | 食品饮料 | | A 股价(2024/10/28) | | | 45.37 | | 上证指数 (2024/10/28) | | | 3322.20 | | 股价 12 个月高/低 | | | 52.99/32.41 | | 总发行股数(百万 | ) | | 5560.60 | | A 股数(百万 ) | | | 5560.60 | | A 市值(亿元) | | | 2522.8 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 50 yuan [1][2]. Core Views - The company's operational momentum continues, with a year-on-year revenue growth of 9.4% to 20.4 billion yuan in the first three quarters of 2024, and a net profit growth of 11.2% to 4.82 billion yuan [1][2]. - In Q3 2024, revenue reached 6.24 billion yuan, up 9.8% year-on-year, driven by new products and online sales, as well as pre-holiday inventory buildup by distributors [2]. - The gross margin improved to 36.6%, benefiting from lower raw material prices and production scale effects, although net profit margin remained stable at 21.8% due to increased R&D and financial expenses [2]. - The company is expected to achieve double-digit growth for the full year, supported by a low base in Q4 2023 and early inventory preparations for the Spring Festival [2]. Summary by Sections Financial Performance - Total revenue for 2023 is projected at 24.56 billion yuan, with a year-on-year decline of 4.1%, while 2024 revenue is expected to grow by 10.1% to 27.04 billion yuan [3]. - Net profit for 2023 is estimated at 5.63 billion yuan, down 9.2%, with a forecasted increase of 11.1% to 6.25 billion yuan in 2024 [3]. - Earnings per share (EPS) is projected to be 1.12 yuan for 2024, with a price-to-earnings (P/E) ratio of 40 [3]. Market Dynamics - The company has seen a significant increase in online sales, with a year-on-year growth of 45.4% in Q3, while offline sales grew by 8.1% [2]. - The number of distributors increased to 6,722, with 48 new additions in Q3 [2]. - Regional performance varied, with the eastern region showing a strong growth of 19.9%, while the western region experienced a slight decline of 0.8% [2]. Future Outlook - The management transition and employee stock ownership plan are expected to enhance operational efficiency and morale, contributing to sustained growth [2]. - The report highlights the potential for revenue acceleration through new product launches and channel feedback, while also advising caution regarding fluctuations in soybean prices due to external factors [2].