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海天味业(603288):2024年领先行业增长 来年稳增可期

Core Viewpoint - The company reported a strong financial performance for 2024, with revenue and net profit showing significant year-on-year growth, indicating a successful recovery and positive outlook for future growth [1][2][4]. Financial Performance - In 2024, the company achieved revenue of 26.901 billion yuan, a year-on-year increase of 9.5%, and a net profit attributable to shareholders of 6.344 billion yuan, up 12.8% year-on-year [1]. - The fourth quarter of 2024 saw revenue of 6.502 billion yuan, reflecting a 10.03% increase year-on-year, and a net profit of 1.529 billion yuan, which is a 17.82% increase year-on-year [1]. Product Performance - Revenue from various product categories in 2024 included soy sauce (13.758 billion yuan, +8.9%), seasoning sauce (2.669 billion yuan, +10.0%), oyster sauce (4.615 billion yuan, +8.6%), and other products (4.086 billion yuan, +16.8%) [2]. - The company experienced a slight decline in prices for soy sauce (-2.5%) and seasoning sauce (-3.1%), while oyster sauce prices increased by 0.4% [2]. Cost and Efficiency - The company's gross margin improved by 2.3 percentage points to 37.0% in 2024, primarily due to lower raw material costs and ongoing internal efficiency improvements [3]. - The net profit margin increased by 0.7 percentage points to 23.6% for the year, with the fourth quarter net profit margin rising by 1.6 percentage points to 23.5% [3]. Future Outlook - The company aims to maintain double-digit growth in revenue and profit for 2025, with projected revenues of 29.56 billion yuan, 32.34 billion yuan, and 35.34 billion yuan for 2025-2027, representing year-on-year growth rates of 9.9%, 9.4%, and 9.3% respectively [4]. - The forecasted net profit for 2025 is 7.02 billion yuan, reflecting a 10.6% year-on-year increase, with a price-to-earnings ratio of 32 [4].