Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported its 2024 half-year results, with Q2 revenue of 6.462 billion (up 7.98%) and net profit attributable to shareholders of 1.534 billion (up 11.12%), slightly exceeding expectations [2] - The revenue for H1 was 14.156 billion (up 9.18%), with net profit attributable to shareholders at 3.453 billion (up 11.52%) [2] - The employee stock ownership plan boosts confidence, and ongoing reforms are yielding results, with a diversified product line and enhanced channel strategies expected to drive future growth [5] Revenue Summary - Q2 revenue breakdown: soy sauce 3.179 billion (up 3%), seasoning sauce 0.651 billion (up 11%), oyster sauce 1.041 billion (up 1%), and other products 1.080 billion (up 23%) [3] - Online channel contribution reached 5.29%, an increase of 1.21 percentage points year-on-year, indicating improved channel diversification [3] Profitability Summary - Q2 gross margin was 36.33%, an increase of 1.6 percentage points year-on-year, aided by a decline in raw material prices [4] - Q2 net profit margin attributable to shareholders was 22.67%, up 0.46 percentage points year-on-year, reflecting effective cost management despite increased sales expenses [4] Earnings Forecast - Projected revenues for 2024-2026 are 27.085 billion, 29.862 billion, and 32.937 billion, respectively, with a consistent growth rate of 10.3% [5] - Expected net profits for the same period are 6.227 billion, 6.874 billion, and 7.704 billion, with growth rates of 10.7%, 10.4%, and 12.1% respectively [5] - Corresponding P/E ratios are forecasted at 30, 28, and 25 times for 2024, 2025, and 2026 [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported its 2024 half-year results, with Q2 revenue of 6.462 billion (up 7.98%) and net profit attributable to shareholders of 1.534 billion (up 11.12%) [2] - The performance slightly exceeded expectations, with H1 revenue of 14.156 billion (up 9.18%) and net profit attributable to shareholders of 3.453 billion (up 11.52%) [2] - The employee stock ownership plan boosts confidence, and ongoing reforms are yielding results, with a diversified product line and enhanced channel strategies expected to drive future growth [5] Revenue Summary - Q2 revenue from soy sauce, seasoning sauce, oyster sauce, and others was 3.179 billion, 0.651 billion, 1.041 billion, and 1.080 billion respectively, with year-on-year increases of 3%, 11%, 1%, and 23% [3] - Online channel contribution reached 5.29%, up 1.21 percentage points year-on-year, indicating enhanced channel diversification [3] Profitability Summary - Q2 gross margin was 36.33%, up 1.6 percentage points year-on-year, benefiting from a decline in bulk raw material prices [4] - Q2 net profit margin attributable to shareholders was 22.67%, up 0.46 percentage points year-on-year, with increased sales expenses offsetting cost advantages [4] Earnings Forecast - Projected revenues for 2024-2026 are 27.085 billion, 29.862 billion, and 32.937 billion, reflecting year-on-year growth of 10.3% for each year [5] - Projected net profits for the same period are 6.227 billion, 6.874 billion, and 7.704 billion, with year-on-year growth of 10.7%, 10.4%, and 12.1% respectively [5] - Corresponding P/E ratios are expected to be 30, 28, and 25 [5]

公司研究 Q2 业绩稳健复苏，发布员工持股计划提振信心 市场数据 总股本(亿股) 55.61 总市值(亿元)： 2057.42 一年最低/最高(元)： 32.42/41.82 近 3 月换手率： 9.86% ——海天味业（603288.SH）2024 年中报点评 买入（维持） 事件：海天味业发布 2024 年中报，24H1 实现营业收入 141.6 亿元，同比+9.2%； 归母净利润 34.5 亿元，同比+11.5%。其中，24Q2 实现营业收入 64.6 亿元，同 比+8.0%；归母净利润 15.3 亿元，同比+11.1%。 Q2 主品类收入同比持续恢复，线上收入增速亮眼：24H1 公司营收同比+9.2%。 分品类，酱油/调味酱/蚝油/其他产品营收分别同比 +6.9%/+8.6%/+5.7%/+22.3%。各品类均实现同比增长，主要原因是餐饮行业 复苏态势初显，公司库存逐渐消化。分区域，东部/南部/中部/北部/西部营收同 比+8.0% / +17.5%/ +6.7%/ +6.2%/ +8.4%，大本营南部区域增速较快。截至 24Q2 末，公司共有经销商 6674 家，较年初净增 83 家，经销商信心有所增强 ...

公司研究 Q2 业绩稳健复苏，发布员工持股计划提振信心 市场数据 总股本(亿股) 55.61 总市值(亿元)： 2057.42 一年最低/最高(元)： 32.42/41.82 近 3 月换手率： 9.86% ——海天味业（603288.SH）2024 年中报点评 买入（维持） 事件：海天味业发布 2024 年中报，24H1 实现营业收入 141.6 亿元，同比+9.2%； 归母净利润 34.5 亿元，同比+11.5%。其中，24Q2 实现营业收入 64.6 亿元，同 比+8.0%；归母净利润 15.3 亿元，同比+11.1%。 Q2 主品类收入同比持续恢复，线上收入增速亮眼：24H1 公司营收同比+9.2%。 分品类，酱油/调味酱/蚝油/其他产品营收分别同比 +6.9%/+8.6%/+5.7%/+22.3%。各品类均实现同比增长，主要原因是餐饮行业 复苏态势初显，公司库存逐渐消化。分区域，东部/南部/中部/北部/西部营收同 比+8.0% / +17.5%/ +6.7%/ +6.2%/ +8.4%，大本营南部区域增速较快。截至 24Q2 末，公司共有经销商 6674 家，较年初净增 83 家，经销商信心有所增强 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [5][12]. Core Views - The company is expected to achieve steady revenue growth, benefiting from cost reductions that will enhance profit margins. The introduction of a five-year employee stock ownership plan is anticipated to boost employee motivation [2][5]. Financial Performance Summary - For the first half of 2024, the company reported revenue of 141.56 billion yuan, a year-on-year increase of 9.18%, and a net profit attributable to shareholders of 34.53 billion yuan, up 11.52% year-on-year. In Q2 2024, revenue reached 64.62 billion yuan, with a net profit of 15.34 billion yuan, reflecting a year-on-year growth of 7.98% and 11.12% respectively [1][2]. - The company experienced growth across all product categories, with significant increases in the revenue of soy sauce, seasoning sauces, oyster sauce, and other products in Q2 2024 [1]. - Online sales maintained high growth, with a notable increase in the southern region's revenue. The company is actively enhancing its channel construction and transformation [1][2]. Profitability and Cost Management - The gross margin and net margin improved, with gross margin increasing by 1.60 percentage points to 36.33% and net margin rising by 0.73 percentage points to 23.79% in Q2 2024. The increase in gross margin is primarily attributed to a decline in raw material prices [1][2]. - The report indicates an increase in sales, management, and financial expense ratios, mainly due to higher labor, advertising, and promotional expenditures [1]. Financial Forecast - The company’s revenue projections for 2024 to 2026 are adjusted to 268.14 billion yuan, 291.79 billion yuan, and 317.00 billion yuan respectively, with a consistent growth rate of 9% [2][3]. - The net profit attributable to shareholders is forecasted to be 62.42 billion yuan, 68.65 billion yuan, and 75.20 billion yuan for the same period, with growth rates of 11% [2][3]. Key Financial Metrics - The company’s earnings per share (EPS) for 2024 is projected at 1.12 yuan, with a price-to-earnings (P/E) ratio of 32.96 [3][4]. - The total assets are expected to grow from 38,423.52 million yuan in 2023 to 41,564.55 million yuan in 2024 [8].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][10] Core Views - The company reported a revenue growth of 11.52% year-on-year for the first half of 2024, with total revenue reaching 14.156 billion yuan [5][10] - The second quarter revenue increased by 7.98% year-on-year, with total revenue of 6.462 billion yuan [5][10] - The company is implementing an employee stock ownership plan for 2024-2028 to support long-term development [6][10] Financial Performance - For the first half of 2024, the company achieved a net profit of 3.453 billion yuan, a year-on-year increase of 11.52% [5][10] - The gross profit margin for Q2 2024 was 36.33%, an increase of 1.60 percentage points year-on-year [5][10] - The net profit margin for Q2 2024 was 23.7%, up by 0.7 percentage points year-on-year [5][10] Revenue Breakdown - In Q2 2024, revenue from soy sauce, seasoning sauce, oyster sauce, and others was 3.18 billion, 0.65 billion, 1.04 billion, and 1.08 billion yuan respectively, with year-on-year growth rates of +3.0%, +11.3%, +1.3%, and +22.6% [5][10] - Offline and online channels generated revenues of 5.63 billion and 0.31 billion yuan respectively, with year-on-year growth rates of +5.3% and +38.1% [5][10] Future Projections - The company expects to achieve total revenue of 27.52 billion yuan in 2024, with a year-on-year growth of 12.0% [10] - The projected net profit for 2024 is 6.382 billion yuan, reflecting a year-on-year increase of 13.4% [10] - The earnings per share (EPS) for 2024 is estimated at 1.15 yuan, with corresponding price-to-earnings (PE) ratios of 29.6, 27.0, and 24.9 for 2024, 2025, and 2026 respectively [10][11]

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company reported a revenue of 14.16 billion yuan for the first half of 2024, representing a year-on-year increase of 9.2%, and a net profit attributable to shareholders of 3.45 billion yuan, up 11.5% year-on-year [1]. - In Q2 2024, the company achieved a revenue of 6.46 billion yuan, with a year-on-year growth of 8.0%, and a net profit of 1.53 billion yuan, reflecting an increase of 11.1% year-on-year [1]. - The company has launched an employee stock ownership plan for 2024-2028, with a total planned amount of 184 million yuan, aimed at enhancing employee motivation [1]. Summary by Sections Financial Performance - For Q2 2024, the revenue breakdown by product category shows soy sauce, seasoning sauce, oyster sauce, and other income growing by 3.0%, 11.3%, 1.2%, and 22.5% respectively, driven by diversified demand and new product launches [1]. - Revenue growth by region in Q2 2024 was as follows: Eastern region +5.0%, Southern region +13.3%, Central region +2.6%, Northern region +6.0%, and Western region +6.4%, with the Southern region showing the fastest growth [1]. - Online sales increased by 38.2% year-on-year, while offline sales grew by 5.3%, indicating a continuous optimization of the channel structure [1]. Profitability - The net profit margin for Q2 2024 was 23.7%, an increase of 0.7 percentage points year-on-year, with a gross margin of 36.3%, up 1.6 percentage points, primarily due to lower costs of soybeans and packaging materials [1]. - The selling expense ratio was 6.6%, up 1 percentage point year-on-year, attributed to increased advertising expenses for new product launches [1]. Future Outlook - The company is expected to achieve net profits of 6.29 billion yuan, 7.10 billion yuan, and 8.10 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 11.8%, 12.9%, and 14.2% [2]. - The report anticipates a continued positive trend in revenue growth due to a lower base effect and inventory adjustments, alongside a focus on product and channel transformation for long-term growth [2].

Investment Rating - Investment rating: Buy (maintained) [2] Core Views - The company reported stable revenue and profit performance in Q2 2024, with a year-on-year revenue growth of 9.2% and net profit growth of 11.5% in H1 2024 [2][3] - The introduction of an employee stock ownership plan is expected to enhance employee motivation and engagement [5] Revenue and Profit Performance - In H1 2024, revenue from soy sauce, seasoning sauce, and oyster sauce grew by 6.9%, 8.6%, and 5.7% respectively, while revenue from vinegar and compound seasonings increased by 22.3% [3] - Revenue growth by region in H1 2024: Southern region up 17.5%, Eastern region up 8.0%, Central region up 6.7%, Northern region up 6.2%, and Western region up 8.4% [3] - Online channel revenue grew by 29.2% in H1 2024, while offline channel revenue increased by 8.3% [3] Cost and Profitability - In Q2 2024, the company's gross margin and net margin were 36.3% and 23.8% respectively, reflecting year-on-year increases of 1.6 percentage points and 0.7 percentage points [4] - The improvement in gross margin was primarily due to a decrease in raw material costs, such as soybeans [4] Employee Stock Ownership Plan - The employee stock ownership plan covers up to 800 individuals, with a total holding ratio for directors, supervisors, and senior management not exceeding 15% [5] - The funding for the 2024 plan is sourced from a special incentive fund of 184.35 million yuan [5] - The plan's performance target for 2024 is a year-on-year net profit growth of no less than 10.8% [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a positive performance in Q2 2024, with all product categories achieving growth despite a challenging restaurant environment. Revenue from soy sauce, seasoning sauce, oyster sauce, and other products reached 3.179 billion, 651 million, 1.041 billion, and 1.08 billion yuan respectively, with year-on-year growth of 3%, 11.3%, 1.2%, and 22.5% [3][4] - The company is enhancing customized services for large clients and has seen a recovery in offline channels, with a total of 6,674 distributors after adding 168 new ones in Q2 2024. Online sales also grew significantly, with a year-on-year increase of 38.2% [3][4] - The company's gross profit margin improved to 36.33% in Q2 2024, up 1.6 percentage points year-on-year, attributed to lower raw material costs and improved operational efficiency [4][5] Summary by Sections Financial Performance - For H1 2024, the company reported revenue of 14.156 billion yuan, a year-on-year increase of 9.18%, and a net profit attributable to shareholders of 3.453 billion yuan, up 11.52% [5][6] - In Q2 2024, revenue was 6.462 billion yuan, with a net profit of 1.534 billion yuan, reflecting year-on-year growth of 7.98% and 11.12% respectively [5][6] Employee Stock Ownership Plan - The company announced an employee stock ownership plan for 2024-2028, targeting a net profit growth of no less than 10.8% year-on-year for unlocking performance targets [6][7] Earnings Forecast - The company is expected to achieve revenues of 27.2 billion, 29.8 billion, and 31.8 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 6.232 billion, 6.799 billion, and 7.548 billion yuan [7][8] - The estimated EPS for the same years is 1.12, 1.22, and 1.36 yuan, with corresponding P/E ratios of 30, 28, and 25 [8][9]

证券代码：603288 证券简称：海天味业 公告编号：2024-034 佛山市海天调味食品股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 股东大会召开日期：2024年9月19日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 独立董事候选人的任职资格已经上海证券交易所审核无异议通过。 独立董事候选人张科春、丁邦清尚未取得独立董事培训证明，承诺将尽 快参加上海证券交易所举办的独立董事相关培训。 (一) 股东大会类型和届次 2024 年第一次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 9 月 19 日 14 点 30 分 召开地点：广东省佛山市禅城区文沙路 21 号之一 4 楼会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易 ...