海天味业(603288)：H1业绩同增13% 稳健增长凸显韧性

Core Insights - The company reported a total revenue of 15.23 billion yuan (+7.59%) and a net profit attributable to shareholders of 3.91 billion yuan (+13.35%) for the first half of 2025 [1] - The company plans to distribute a cash dividend of 0.26 yuan per share, with a payout ratio of 38.80% [1] Group 1: Product Performance - Major products showed steady growth, with revenue from soy sauce, oyster sauce, seasoning sauce, and other products reaching 7.93 billion, 2.50 billion, 1.63 billion, and 2.51 billion yuan respectively, with year-on-year growth rates of +9.14%, +7.74%, +12.01%, and +16.73% [2] - Online channels continued to grow rapidly, with online revenue for H1 2025 increasing by 38.97% to 0.84 billion yuan, while offline revenue grew by 9.07% to 13.72 billion yuan [2] - Regional performance showed that revenue from East, South, Central, North, and West regions was 2.86 billion, 3.02 billion, 3.18 billion, 3.65 billion, and 1.85 billion yuan respectively, with year-on-year growth rates of +13.59%, +13.76%, +9.06%, +8.01%, and +7.86% [2] Group 2: Profitability Metrics - The company's gross margin improved to 40.12%, an increase of 3.26 percentage points year-on-year, while the net profit margin attributable to shareholders rose to 25.70%, up by 1.31 percentage points [3] - Selling and administrative expenses increased by 14.42% and 20.97% respectively, primarily due to rising labor costs, with selling and administrative expense ratios at 6.38% and 2.08% [3] - Financial expense ratio improved by 0.38 percentage points to -1.39%, mainly due to reduced interest income and increased foreign exchange losses [3] Group 3: Investment Outlook - The company is projected to achieve net profits attributable to shareholders of 7.21 billion, 7.92 billion, and 8.65 billion yuan for 2025, 2026, and 2027, representing year-on-year growth rates of 13.59%, 9.83%, and 9.28% respectively [4] - Corresponding price-to-earnings ratios are expected to be 33, 30, and 27 times for the years 2025, 2026, and 2027, with a market capitalization of 234.1 billion yuan [4]