%% %% 丨证券研究报告丨 公司研究丨点评报告丨海天味业（603288.SH） [Table_Title] 海天味业2024 年中报业绩点评：渠道重回扩张， 稳健成长延续，员工激励增强 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 海天味业披露 2024 年半年报： 2024H1 营业总收入 141.56 亿元（同比 +9.18% ）；归母净利润 | | | 34.53 亿元（同比 +11.52% ），扣非净利润 33.25 亿元（同比 +11.95% ）。单看 2024Q2 ，公司营 业总收入 64.62 亿元（同比 +7.98% ）；归母净利润 1 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Views - The company has shown a recovery in growth since the first quarter of 2024, with a year-on-year increase in revenue and net profit [2][3]. - The company aims for a revenue target of 27.51 billion yuan in 2024, representing a year-on-year growth of 12.02%, and a net profit target of 6.23 billion yuan, reflecting a growth of 10.72% [3][4]. - The company has implemented an employee stock ownership plan to enhance employee motivation, with a target of at least 10.8% growth in net profit for 2024 [3]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of 14.156 billion yuan, up 9.18% year-on-year, and a net profit of 3.453 billion yuan, up 11.52% year-on-year [2]. - For Q2 2024, revenue was 6.462 billion yuan, an increase of 7.98% year-on-year, with net profit reaching 1.534 billion yuan, up 11.12% year-on-year [2]. - The company’s gross margin improved to 36.86%, a year-on-year increase of 0.95 percentage points, primarily due to declining raw material prices [2]. Product Performance - The revenue from soy sauce in the first half of 2024 was 7.264 billion yuan, up 6.85% year-on-year, while other products like seasoning sauces and oyster sauce also showed positive growth [2]. - The company’s multi-category strategy has yielded results, with products like cooking wine contributing to high growth in other categories [2]. Channel and Regional Performance - Online sales have rebounded, with Q2 online growth reaching 38.16%, while offline channels remained stable with slight growth [2]. - The southern region led growth with an increase of 13.27%, while other regions achieved single-digit growth [2]. Future Outlook - The company expects to maintain stable profit margins and continue to benefit from its strong channel, product, and brand advantages [3]. - Forecasts for net profit from 2024 to 2026 are 6.296 billion yuan, 6.885 billion yuan, and 7.436 billion yuan, respectively, indicating growth rates of 11.90%, 9.35%, and 8.00% [3][4].

[Table_Title] 评级：买入（维持） 市场价格：35.95 分析师：熊欣慰 执业证书编号：S0740519080002 电话：021-20315733 Email：xiongxw@ zts.com.cn 分析师：范劲松 执业证书编号：S0740517030001 Email：fanjs@zts.com.cn 分析师：晏诗雨 执业证书编号：S0740523070003 Email：yansy@zts.com.cn | --- | --- | |---------------------------|---------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 5,561 | | 流通股本 ( 百万股 ) | 5,561 | | 市价 ( 元 ) | 35.95 | | 市值 ( 百万元 ) | 199,904 | | 流通市值 ( 百万元 ) | 199,904 | [Table_QuotePic] 股价与行业-市场走势对比 公司持有该股票比例 相关报告 1 海天味业（603288.SH）_点评报告： 23Q4+24Q1 表现平稳，期待 2024 ...

证券研究报告 调味品 海天味业（603288.SH） 增持-A(维持) 需求处恢复通道 利润端同步改善 2024 年 9 月 4 日 公司研究/公司快报 公司近一年市场表现 事件描述 事件：公司发布 2024 年半年报，实现营业收入 141.56 亿元，同比增长 9.18%，归母净利润 34.53 亿元，同比增长 11.52%。其中 24Q2 实现营业收入 64.62 亿元，同比增长 7.98%，归母净利润 15.34 亿元，同比增长 11.12%。 事件点评 市场数据：2024 年 9 月 3 日 收盘价（元）： 36.08 年内最高/最低（元）： 42.60/33.02 流通 A 股/总股本（亿 股）： 55.61/55.61 流通 A 股市值（亿元）： 2,006.26 总市值（亿元）： 2,006.26 需求仍处恢复通道，营收平稳增长。24H1/24Q2 公司营收分别为 141.56/64.62 亿元，同比+9.18%/+7.98%。1）分品类看，酱油/调味酱/蚝油/ 其他调味品 24H1 分别实现营业收入 72.64/14.52/23.22/21.46 亿元，同比 +6.8%/+8.5%/+5.7% ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 41.8, up from the last closing price of 37.00 [1]. Core Insights - The company demonstrated resilient growth in Q2 2024, with revenue reaching 64.62 billion yuan, a year-on-year increase of 7.98%, and a net profit of 15.34 billion yuan, up 11.12% year-on-year [2][4]. - The company has effectively adjusted its channels, leading to improved revenue performance despite industry challenges [2][4]. - The gross margin increased to 36.33% in Q2, driven by lower raw material costs, contributing to a stable rise in profitability [2][4]. Summary by Sections Financial Performance - For H1 2024, the company reported revenue of 141.56 billion yuan, a 9.18% increase year-on-year, and a net profit of 34.53 billion yuan, up 11.52% year-on-year [2][4]. - Q2 revenue breakdown includes soy sauce at 31.8 billion yuan (+3.0%), seasoning sauce at 6.5 billion yuan (+11.4%), oyster sauce at 10.4 billion yuan (+1.2%), and other products at 10.8 billion yuan (+22.5%) [2][4]. - The company’s gross margin for H1 2024 was 36.86%, reflecting a 0.95 percentage point increase year-on-year [2][4]. Market Strategy - The company is focusing on channel diversification and product innovation to adapt to market trends, with a new employee stock ownership plan aimed at stabilizing growth [2][4]. - The number of distributors decreased by 1.21% year-on-year to 6,674, but there was a net increase of 168 distributors since the beginning of the year [2][4]. Future Projections - Revenue forecasts for 2024-2026 are 270.2 billion yuan, 297.8 billion yuan, and 329.0 billion yuan, with expected year-on-year growth rates of 10.0%, 10.2%, and 10.5% respectively [2][4]. - Projected net profits for the same period are 61.2 billion yuan, 66.7 billion yuan, and 72.9 billion yuan, with growth rates of 8.7%, 9.0%, and 9.4% respectively [2][4].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company reported a stable operation with an employee stock ownership plan aimed at enhancing motivation [6] - In Q2 2024, the company achieved revenue of 6.462 billion yuan, a year-on-year increase of 7.98%, and a net profit attributable to shareholders of 1.534 billion yuan, up 11.12% year-on-year [10] Summary by Sections Financial Performance - In H1 2024, the company recorded revenue of 14.156 billion yuan, a year-on-year increase of 9.18%, and a net profit of 3.453 billion yuan, up 11.52% year-on-year [10] - Q2 2024 revenue breakdown by product: soy sauce (3.179 billion yuan, +2.98%), oyster sauce (1.041 billion yuan, +1.25%), seasoning sauce (651 million yuan, +11.26%), and other categories (1.080 billion yuan, +22.52%) [10] - Online and offline channels in Q2 2024 generated revenues of 315 million yuan (+38.16%) and 5.635 billion yuan (+5.27%) respectively [10] - Regional performance in Q2 2024 showed varied growth: Eastern (-14.39%), Southern (+13.28%), Central (+2.61%), Northern (+5.98%), and Western (+6.42%) [10] Profitability - The gross margin in Q2 2024 increased by 1.60 percentage points to 36.33% due to the release of raw material cost benefits [10] - The net profit margin rose by 0.74 percentage points to 23.79% [10] Employee Stock Ownership Plan - The company announced an employee stock ownership plan for 2024-2028, with performance targets set for a minimum 10.8% increase in net profit attributable to shareholders compared to 2023 [10] Future Projections - Revenue projections for 2024-2026 are adjusted to 26.950 billion yuan, 28.849 billion yuan, and 31.444 billion yuan, with year-on-year growth rates of 9.73%, 7.05%, and 8.99% respectively [10] - Net profit projections for the same period are 6.243 billion yuan, 6.772 billion yuan, and 7.561 billion yuan, with growth rates of 10.96%, 8.47%, and 11.64% respectively [10]

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company reported a total revenue of 14.156 billion yuan in H1 2024, representing a year-on-year increase of 9.18%, with a net profit attributable to shareholders of 3.453 billion yuan, up 11.52% [3]. - The company has announced an employee stock ownership plan for 2024-2028, with a total of 800 participants and a special incentive fund of 184 million yuan, aiming for a net profit growth of no less than 10.80% in 2024 [3]. - The company experienced robust growth in its online sales, with H1 2024 online revenue increasing by 29.17% year-on-year [3]. Summary by Sections Financial Performance - In H1 2024, the company achieved total revenue of 14.156 billion yuan (+9.18%) and a net profit of 3.453 billion yuan (+11.52%) [3]. - For Q2 2024, total revenue was 6.462 billion yuan (+7.98%) and net profit was 1.534 billion yuan (+11.12%) [3]. - The company’s revenue from soy sauce, seasoning sauce, oyster sauce, and other products in H1 2024 was 7.264 billion, 1.452 billion, 2.322 billion, and 2.146 billion yuan, respectively, with year-on-year growth rates of +6.85%, +8.55%, +5.71%, and +22.31% [3]. Growth Drivers - The company’s offline revenue grew by 8.26% year-on-year in H1 2024, while online revenue surged by 29.17% [3]. - The southern region showed the highest growth rate, with H1 2024 revenue of 2.657 billion yuan (+17.46%) [3]. - The number of distributors increased by 83 in H1 2024, indicating a recovery in distributor numbers [3]. Profitability and Costs - The gross profit margin for H1 2024 was 36.86%, an increase of 0.95 percentage points year-on-year, while the net profit margin was 24.39%, up 0.51 percentage points [3]. - The company’s selling, general, and administrative expenses increased, with the selling expense ratio rising due to higher labor and advertising costs [3]. - Other income contributed positively to profits, with H1 2024 other income ratio at 0.68%, up 0.46 percentage points year-on-year [3]. Future Projections - The company is projected to achieve net profits 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% [3][4]. - The corresponding price-to-earnings ratios for these years are expected to be 33, 30, and 27 times [3].

编号：20240902 证券代码：603288 证券简称：海天味业 佛山市海天调味食品股份有限公司投资者关系活动记录表 | --- | --- | --- | |--------------|------------------------------------|----------------------------------------------------------| | | □ 特定对象调研 □分析师会议 | | | | □ 媒体采访 ■业绩说明会 | | | 投资者关系活 | □ 新闻发布会 □路演活动 | | | 动类别 | □ 现场参观 □电话会议 | | | | □ 其他 （请文字说明其他活动内容） | | | 参与单位名称 | 上证服务通行证注册投资者、网友 | | | 及人员姓名 | | | | 时间 | 2024 年 9 月 2 日 | | | 地点 | 通过上证路演中心平台举行 | | | 上市公司接待 | | 公司董事长庞康先生、公司独立董事沈洪涛女士、公司财务负责 | | 人员 | 人李军先生、公司董事会秘书张欣女士 | | | 投资者关系活 | 与投资者文字互动问答交流 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported strong Q2 performance with revenue of 64.6 billion yuan, up 8% year-on-year, and a net profit of 15.3 billion yuan, up 11.1% year-on-year, exceeding market expectations [2] - The employee stock ownership plan for 2024-2028 is expected to boost confidence among employees and align their interests with the company's performance [3] - The company has effectively managed channel inventory, leading to significant revenue growth despite a weak external demand environment [2][3] Summary by Sections Financial Performance - For H1 2024, the company achieved revenue of 141.6 billion yuan, a year-on-year increase of 9.2%, and a net profit of 34.5 billion yuan, up 11.5% [2] - Q2 revenue breakdown: soy sauce (31.8 billion yuan, +3%), seasoning sauce (6.5 billion yuan, +11.3%), oyster sauce (10.4 billion yuan, +1.2%), and other products (10.8 billion yuan, +22.5%) [2] - The overall gross margin for H1 2024 was 36.9%, an increase of 0.9 percentage points year-on-year, with Q2 gross margin at 36.3%, up 1.6 percentage points year-on-year [2] Market Strategy - The company is focusing on expanding its product categories, including vinegar and cooking wine, while maintaining its core products like soy sauce and oyster sauce [3] - The B-end performance is expected to recover due to the resurgence of the catering channel, while the C-end is accelerating the introduction of new products with no additives [3] Earnings Forecast - EPS is projected to be 1.12 yuan, 1.24 yuan, and 1.37 yuan for 2024, 2025, and 2026 respectively, with corresponding dynamic PE ratios of 33x, 30x, and 27x [3][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The company has shown a dual increase in revenue and profit, with H1 2024 revenue reaching 14.156 billion yuan (up 9% year-on-year) and net profit attributable to shareholders at 3.453 billion yuan (up 12% year-on-year) [6] - The introduction of an employee stock ownership plan aims to enhance team motivation and align employee interests with company performance [8] - The company is focusing on optimizing its distribution channels and has seen positive results from new product development, with significant growth in various product categories [7] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 141.56 billion yuan, with a net profit of 34.53 billion yuan, reflecting a 12% increase [6] - The gross margin improved to 36.33% in Q2 2024, an increase of 2 percentage points, due to a decline in raw material costs [6] Product and Channel Development - Revenue from soy sauce, seasoning sauce, oyster sauce, and other categories in Q2 2024 was 3.179 billion, 651 million, 1.041 billion, and 1.080 billion yuan respectively, with notable growth in seasoning sauce and other categories [7] - The company has streamlined its offline distribution channels, resulting in a net increase of 83 distributors, totaling 6,674 by the end of H1 2024 [7] Employee Incentives - The employee stock ownership plan for 2024-2028 involves up to 800 participants, with a funding source of 184.35 million yuan from the company's incentive fund [8] Earnings Forecast - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to 1.12, 1.21, and 1.30 yuan respectively, with corresponding price-to-earnings (PE) ratios of 33, 31, and 29 times [9]