Core Viewpoint - Haitan Weiye has achieved a significant rebound in net profit growth, returning to double-digit growth for the first time in four years, indicating a recovery in its financial performance and market position [1][4]. Financial Performance - In 2024, Haitan Weiye reported a net profit of 6.344 billion yuan, a year-on-year increase of 12.75% [1][4]. - The company's operating revenue reached 26.901 billion yuan, reflecting a growth of 9.53% compared to the previous year [4]. - The gross profit margin increased by 2.47 percentage points to 38.62%, attributed to lower material procurement costs and improved cost control through technology [4]. Product and Channel Performance - Revenue from various product categories in 2024 included: soy sauce (13.758 billion yuan, +8.87%), seasoning sauce (2.669 billion yuan, +9.97%), oyster sauce (4.615 billion yuan, +8.56%), and other categories (4.086 billion yuan, +16.75%) [5]. - Offline channels generated 23.885 billion yuan in revenue, up 8.93%, while online channels saw a significant increase of 39.78%, reaching 1.243 billion yuan [5]. Global Expansion Strategy - Haitan Weiye is planning to pursue a Hong Kong IPO and aims for global expansion, focusing on markets with strong consumer bases and high demand for condiments [3][4]. - The company has established new subsidiaries in Hong Kong, Vietnam, and Indonesia, indicating a strategic move towards international trade and investment [5][6]. Regulatory Changes and Industry Trends - The recent regulatory changes regarding "zero additives" in food labeling have prompted Haitan Weiye to adapt its product marketing strategies, as the company supports the new regulations and plans to comply [6][9]. - The industry is experiencing a shift towards quality-price ratio competition, with consumers becoming more price-sensitive and preferring lower-priced products without compromising quality [10]. Product Innovation - Haitan Weiye has introduced a wide range of innovative products, including over 500 low-sugar or sugar-free products, more than 300 low-salt or reduced-salt products, and over 850 low-fat or fat-free products [10]. - The company emphasizes ongoing product iteration and innovation to enhance its competitive edge in the market [10].

Investment Rating - The report maintains a "Buy" rating for the company [6][15] Core Views - The company's profit meets expectations, driven by new products and online channel expansion, with category expansion poised for future growth [3][13] - For 2024, the company achieved revenue of 26.9 billion yuan, a year-on-year increase of 9.5%, and a net profit of 6.34 billion yuan, up 12.8% year-on-year [13][15] - The company plans to distribute a cash dividend of 8.60 yuan per 10 shares, resulting in a dividend payout ratio of 75.2% [13] Financial Summary - Revenue and net profit projections for 2025-2027 are 29.68 billion yuan, 33.01 billion yuan, and 36.85 billion yuan respectively, with year-on-year growth rates of 10.3%, 11.2%, and 11.6% [5][15] - The company’s gross margin improved to 47% in 2024, an increase of 2.27 percentage points year-on-year, primarily due to lower raw material prices [14] - The net profit margin for 2024 increased by 0.66 percentage points to 23.63% [14] Product and Channel Performance - In 2024, revenue from soy sauce, seasoning sauce, oyster sauce, and other categories increased by 8.9%, 10%, 8.6%, and 16.8% respectively [13] - Online sales grew significantly by 39.8%, attributed to supply chain reforms and enhanced new retail strategies [13] Distributor Network - The company added 116 new distributors in 2024, bringing the total to 6,707, indicating a recovery and expansion of its distributor network [13][14] Future Outlook - The company is focusing on enhancing its overall supply chain capabilities, aiming for double-digit revenue and profit growth as part of its "Four-Five Plan" [14][15]

Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Insights - The company achieved a revenue of 26.901 billion yuan in 2024, representing a year-on-year increase of 9.53%, and a net profit attributable to shareholders of 6.344 billion yuan, up 12.75% year-on-year [3]. - The growth in revenue was slightly lower than expected, but the profit growth met the company's targets, indicating effective cost management and operational efficiency [3][5]. - The company experienced stable growth in core products, with significant contributions from new products, particularly in the soy sauce, seasoning sauce, and oyster sauce categories [4][5]. Revenue and Profit Analysis - In 2024, the revenue breakdown by product was as follows: soy sauce 13.76 billion yuan (+8.87%), seasoning sauce 2.67 billion yuan (+9.97%), oyster sauce 4.62 billion yuan (+8.56%), and other products 4.09 billion yuan (+16.75%) [4]. - The sales growth was primarily driven by volume increases, despite a slight decline in unit prices for soy sauce and seasoning sauce [4]. - Online sales grew significantly, with a 39.78% increase, while offline sales rose by 8.93% [4]. Cost and Margin Improvement - The company's gross margin improved to 37% in 2024, an increase of 2.26 percentage points, attributed to lower raw material costs, particularly for soybeans [5]. - The average soybean cost is projected to decrease by approximately 12.6% year-on-year in 2024, further enhancing profit margins [5]. Future Earnings Forecast - The company forecasts earnings per share (EPS) of 1.29 yuan, 1.42 yuan, and 1.53 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 32, 29, and 27 times [5][7].

Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Insights - In 2024, the company achieved a revenue of 26.901 billion yuan, a year-on-year increase of 9.53%, and a net profit attributable to shareholders of 6.344 billion yuan, up 12.75% year-on-year [3]. - The growth in revenue was slightly lower than expected, but the profit growth met the company's targets [3]. - The company experienced stable growth in its core products, with significant contributions from new products, particularly in the soy sauce, seasoning sauce, and oyster sauce categories [4]. - The gross profit margin improved to 37% in 2024, an increase of 2.26 percentage points year-on-year, primarily due to a decrease in raw material costs [5]. Revenue and Profit Forecast - The company forecasts earnings per share (EPS) of 1.29 yuan, 1.42 yuan, and 1.53 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 32, 29, and 27 times [5]. - The projected revenue for 2025 is approximately 29.084 billion yuan, reflecting an 8.12% growth rate [7]. Product Performance - Revenue from soy sauce, seasoning sauce, oyster sauce, and other products in 2024 was 13.76 billion yuan, 2.67 billion yuan, 4.62 billion yuan, and 4.09 billion yuan respectively, with year-on-year growth rates of 8.87%, 9.97%, 8.56%, and 16.75% [4]. - The sales growth was primarily driven by volume increases, despite a slight decline in unit prices for soy sauce and seasoning sauce [4]. Cost Structure - The company benefited from a reduction in raw material costs, particularly soybeans, which are expected to decrease by approximately 12.6% year-on-year in 2024 [5]. - Selling and administrative expense ratios were 6.05% and 2.09% respectively, reflecting a slight increase due to enhanced market share efforts [5]. Market Position - The company continues to optimize its internal operations, focusing on offline sales while leveraging technology to boost online transactions [4]. - The number of distributors increased by 116 to a total of 6,707 by the end of 2024, indicating a robust distribution network [4].

Investment Rating - The investment rating for the company is maintained at "Outperform" [1] Core Views - The company achieved a revenue of 26.901 billion yuan in 2024, representing a year-on-year growth of 9.53%, and a net profit of 6.344 billion yuan, up 12.75% year-on-year. The Q4 revenue was 6.502 billion yuan, with a year-on-year increase of 10.03% and a net profit of 1.529 billion yuan, growing 17.82% year-on-year [6] - The company plans to distribute a cash dividend of 4.773 billion yuan, with a dividend payout ratio of 75.24% [6] - The company is expected to continue its diversified development strategy, enhancing its capabilities in product categories, channels, and international markets to support its long-term goals [6] Financial Data and Profit Forecast - The projected total revenue for the company from 2023 to 2027 is as follows: - 2023: 24.559 billion yuan - 2024: 26.901 billion yuan - 2025E: 29.367 billion yuan - 2026E: 31.803 billion yuan - 2027E: 34.132 billion yuan - The year-on-year growth rates for revenue are projected to be -4.1% in 2023, 9.5% in 2024, 9.2% in 2025, 8.3% in 2026, and 7.3% in 2027 [5] - The net profit forecast for the same period is: - 2023: 5.627 billion yuan - 2024: 6.344 billion yuan - 2025E: 6.952 billion yuan - 2026E: 7.620 billion yuan - 2027E: 8.387 billion yuan - The projected year-on-year growth rates for net profit are -9.2% in 2023, 12.8% in 2024, 9.6% in 2025, 9.6% in 2026, and 10.1% in 2027 [5][6] - The company’s gross margin is expected to improve from 34.7% in 2023 to 38.0% in 2027, driven by cost reductions [5][6] Revenue Breakdown - In 2024, the revenue from different product categories was as follows: - Soy sauce: 13.758 billion yuan (up 8.87%) - Seasoning sauce: 2.669 billion yuan (up 9.97%) - Oyster sauce: 4.615 billion yuan (up 8.56%) - Other products: 4.086 billion yuan (up 16.75%) [6] - The company’s sales volume for soy sauce, seasoning sauce, and oyster sauce increased by 11.63%, 13.47%, and 8.1% respectively in 2024 [6] - Revenue growth was primarily driven by volume increases, with the company increasing market investments to gain market share [6] Cost and Profitability - The company’s gross margin improved to 37% in 2024, up 2.3 percentage points year-on-year, mainly due to cost reductions across major product categories [6] - The sales and management expense ratios were 6.05% and 2.19% respectively in 2024, indicating an increase in sales expenses by 25% year-on-year [6]

证券研究报告 | 2025年04月06日 海天味业（603288.SH） 优于大市 2024 年改革势能释放，2025 年经营周期有望向上 公司 2024 年收入同比增长 9.53%。海天味业公布 2024 年业绩，全年实现营 业总收入 269.01 亿元，同比增长 9.53%；实现归母净利润 63.44 亿元，同比 增长 12.75%；实现扣非归母净利润 60.69 亿元，同比增长 12.51%；2024Q4 实现营业总收入 65.02 亿元，同比增长 10.03%；实现归母净利润 15.29 亿元， 同比增长 17.82%；实现扣非归母净利润 14.55 亿元，同比增长 17.07%。 酱油品类增速恢复，线上渠道实现高增。2024 年酱油/蚝油/调味酱/其他产 品（醋、料酒等）分别实现营收 137.6/46.2/26.7/40.9 亿元，同比增长 8.9%/ 8.6%/9.9%/16.8%，公司酱油、蚝油产品收入增速均逐步实现改善，体现公 司对于渠道强大把控能力。分渠道看，线下/线上渠道实现营收 238.9/12.4 亿元，同比+8.9%/+39.8%，线上高增主因公司 24 年电商运营水平提升，线 下渠 ...

长江商报消息 ●长江商报记者 江楚雅 "酱油茅"海天味业（603288.SH）业绩重返增长快车道。 4月3日，海天味业发布2024年年度报告。报告显示，公司2024年实现营收269.01亿元，同比增长 9.53%；归母净利润63.44亿元，同比增长12.75%；扣除非经常性损益后，净利润为60.69亿元，同比增 长12.51%。 值得一提的是，受材料采购成本下降、精益管理及科技驱动成本控制等多重因素影响，海天味业2024年 毛利率达37%，较上年同期提升2.26个百分点，出现明显回暖。 海天味业将业绩的提升归因于内部变革、研发投入、多品类布局及线上渠道协同等多方面因素。为进一 步提升企业的综合实力及国际影响力，公司正积极推进国际化战略，筹划H股上市，加速布局海外市 场。随着海外市场的逐步开拓，海天味业有望在全球调味品市场中占据重要地位，进一步提升公司的盈 利能力和市场竞争力。 在销售渠道方面，海天味业继续深化渠道下沉和市场拓展策略。线下渠道实现营业收入248.18亿元，同 比增长8.26%；线上渠道实现营业收入20.83亿元，同比增长29.17%。线上渠道的快速增长，体现了公司 在数字化营销和电商平台布局方面 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][11][13] Core Views - The company is expected to release reform momentum in 2024, with a projected revenue growth of 9.53% year-on-year, reaching 26.901 billion yuan, and a net profit growth of 12.75%, totaling 6.344 billion yuan [1][8] - The recovery in the soy sauce category and strong online channel growth are key drivers, with soy sauce, oyster sauce, and other products showing revenue growth rates of 8.9%, 8.6%, and 16.8% respectively [2][8] - The company is actively returning value to shareholders with a projected dividend of 4.77 billion yuan for 2024, increasing the dividend payout ratio to 75% [3][9] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 26.901 billion yuan, a year-on-year increase of 9.53%, and a net profit of 6.344 billion yuan, up 12.75% [1][8] - The fourth quarter of 2024 saw a revenue of 6.502 billion yuan, growing 10.03% year-on-year, with a net profit of 1.529 billion yuan, reflecting a 17.82% increase [1][8] Product Performance - Revenue from soy sauce, oyster sauce, seasoning sauce, and other products reached 13.76 billion, 4.62 billion, 2.67 billion, and 4.09 billion yuan respectively, with growth rates of 8.9%, 8.6%, 9.9%, and 16.8% [2][8] - Online sales grew significantly by 39.8%, attributed to improved e-commerce operations, while offline sales increased by 8.9% [2][8] Profitability - The gross profit margin for 2024 was 37.0%, an increase of 2.3 percentage points, driven by declining raw material costs [2][9] - The net profit margin improved to 23.6%, up 0.7 percentage points, indicating enhanced profitability [9] Dividend Policy - The company plans to distribute a dividend of 4.77 billion yuan for 2024, raising the payout ratio to 75% from approximately 65% in 2023 [3][9] Future Projections - Revenue forecasts for 2025-2027 are set at 29.68 billion, 32.44 billion, and 35.15 billion yuan, with expected growth rates of 10.3%, 9.3%, and 8.4% respectively [4][11] - Projected net profits for the same period are 7.02 billion, 7.65 billion, and 8.32 billion yuan, with growth rates of 10.6%, 9.1%, and 8.7% [4][11]

2025 年 04 月 03 日 公司点评 买入/维持 海天味业(603288) 目标价: 47.88 昨收盘:40.67 海天味业：2024 年领先行业增长，来年稳增可期 走势比较 (20%) (8%) 4% 16% 28% 40% 24/4/3 24/6/15 24/8/27 24/11/8 25/1/20 25/4/3 | 总股本/流通(亿股) | 55.61/55.61 | | --- | --- | | 总市值/流通(亿元) | 2,261.5/2,261 | | | .5 | | 12 个月内最高/最低价 | 52.99/33.08 | | (元) | | 相关研究报告 <<海天味业：经营向上恢复，调整效 果渐显>>--2024-10-30 <<海天味业：2024Q2 经营韧性增长， 业绩超预期>>--2024-09-03 <<海天味业：2024Q1 开门红略超预 期，经营稳步恢复>>--2024-04-30 证券分析师：郭梦婕 电话： E-MAIL：guomj@tpyzq.com 分析师登记编号：S1190523080002 证券分析师：肖依琳 电话： E-MAIL：xiaoyl@tpyzq.c ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved an operating revenue of 26.9 billion yuan in 2024, a year-on-year increase of 9.53%, and a net profit attributable to shareholders of 6.34 billion yuan, up 12.8% year-on-year [1][2]. - The fourth quarter of 2024 saw a revenue of 6.5 billion yuan, reflecting a 10.0% year-on-year growth, and a net profit of 1.53 billion yuan, which is a 17.8% increase year-on-year [1][2]. - The company is expected to continue its growth momentum into 2025, with projected revenues of 29.6 billion yuan, representing a 10.0% increase [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 37.0%, an increase of 2.3 percentage points year-on-year, attributed to lower raw material prices and improved operational efficiency [3]. - The company’s sales expenses in Q4 2024 were 6.6% of revenue, up 1.7 percentage points year-on-year, indicating increased investment in market share [3]. Product and Channel Performance - Revenue from soy sauce reached 13.76 billion yuan, with a volume increase of 11.6% but a price decline of 2.5% [2]. - Online sales grew by 39.8% year-on-year, while offline sales increased by 8.9% [2]. Strategic Outlook - The company is advancing its "Four-Five Plan" aimed at enhancing product, channel, and terminal development, with expectations for increased market share in a competitive landscape [3]. - The report highlights the importance of multi-category development and leveraging technological advantages to meet diverse consumer demands [3].