研报掘金丨长江证券：维持海天味业“买入”评级，工艺改进等驱动盈利能力仍有提升空间

Core Viewpoint - The report from Changjiang Securities indicates that Haitian Flavor Industry's net profit attributable to shareholders for Q1-Q3 2025 reached 5.322 billion yuan, reflecting a year-on-year increase of 10.54%, while Q3 net profit was 1.408 billion yuan, up 3.4% year-on-year [1] Financial Performance - The main business revenue shows steady growth, but an increase in tax rates has negatively impacted profitability [1] - The company expects net profits attributable to shareholders for 2025 and 2026 to be 7.051 billion yuan and 7.917 billion yuan, respectively, corresponding to PE valuations of 32x and 28x [1] Strategic Developments - The completion of H-share issuance and the implementation of the employee stock ownership plan are expected to enhance personnel incentives [1] - The iteration of the core management team is anticipated to improve the execution of the company's long-term strategy [1] Growth Outlook - The company aims to gradually establish a dual circulation growth model during the "14th Five-Year Plan" period, with domestic growth maintaining a high single to double-digit rate and overseas markets progressing through trade [1] - There is still potential for improvement in profitability driven by cost reduction and process enhancements [1]