海天味业(603288)：业绩稳健 激励强化

Core Viewpoint - The company demonstrated stable performance in Q2 2025, with revenue and net profit growth driven by product optimization and channel structure adjustments [1][2] Financial Performance - In H1 2025, the company achieved revenue of 15.23 billion yuan, a year-on-year increase of 7.59%, and a net profit of 3.91 billion yuan, up 13.35% [1] - Q2 2025 revenue reached 6.92 billion yuan, growing 7.00% year-on-year, while net profit was 1.71 billion yuan, reflecting an 11.57% increase [1] - The company's gross margin improved by 3.88 percentage points to 40.21% in Q2 2025, benefiting from lower raw material prices and product structure optimization [2] - The net profit margin for Q2 2025 was 24.80%, an increase of 1.01 percentage points year-on-year [2] Product and Channel Performance - Core product categories such as soy sauce, seasoning sauce, and oyster sauce saw revenue growth, with soy sauce revenue in H1 2025 reaching 7.93 billion yuan, up 9.14% [1] - Online channels maintained rapid growth, with H1 2025 online revenue at 842 million yuan, a significant increase of 38.97% year-on-year [1] Employee Incentives - The company announced an employee stock ownership plan for 2025, aimed at core management and key employees, with performance targets linked to net profit growth [2] Valuation and Outlook - The company maintains a "buy" rating, with projected earnings per share of 1.21 yuan and 1.32 yuan for 2025 and 2026, respectively, corresponding to PE ratios of 34x and 31x [2]