瑞银：首予海天味业“买入”评级 目标价40港元

Core Viewpoint - UBS initiates coverage on Haitian Flavor Industry (603288) with a "Buy" rating and a target price of HKD 40, reflecting a projected P/E ratio of 31x and 29x for the next two years [1] Company Summary - Haitian is considered the most competitive premium enterprise in the seasoning industry, with potential for long-term stable growth [1] - From 2009 to 2019, the company benefited from rapid growth in the catering industry and consumption upgrades, achieving a robust compound annual growth rate (CAGR) of 16% in revenue and 22% in net profit [1] - The growth rate is expected to slow down to 6% in revenue and 3% in net profit from 2019 to 2024 [1] - Starting in 2024, the company is anticipated to gradually emerge from a low point, demonstrating resilience during industry fluctuations [1] - The company is expected to solidify its market position through continuous product optimization and channel refinement [1] - For the period of 2024-2027, the company is projected to achieve a CAGR of 7% in revenue and 10% in net profit [1]