海天味业：Q2业绩稳健复苏，发布员工持股计划提振信心

Investment Rating - The report maintains a "Buy" rating for Haitai Flavor Industry (603288.SH) [2] Core Views - The company reported a robust recovery in Q2 2024, with revenue of 14.16 billion yuan, up 9.2% year-on-year, and a net profit of 3.45 billion yuan, up 11.5% year-on-year [2] - The recovery in main product categories and strong online revenue growth were key drivers of performance, with significant increases in soy sauce, seasoning sauce, oyster sauce, and other products [2] - The company has launched an employee stock ownership plan to enhance employee motivation, with a target of achieving a net profit growth of no less than 10.8% year-on-year for 2024 [2] Summary by Sections Financial Performance - For H1 2024, the company achieved a gross margin of 36.9%, up 1.0 percentage points year-on-year, driven by lower raw material costs and economies of scale [2] - The company’s net profit margin for H1 2024 was 24.4%, an increase of 0.51 percentage points year-on-year [2] - Revenue from online channels grew by 29.2% year-on-year, while offline channels grew by 8.3% [2] Revenue Breakdown - In H1 2024, revenue from soy sauce, seasoning sauce, oyster sauce, and other products grew by 6.9%, 8.6%, 5.7%, and 22.3% respectively [2] - By region, revenue growth was strongest in the southern region at 17.5%, followed by the eastern region at 8.0% [2] Cost and Expenses - The company’s expense ratio increased, with selling expenses rising due to higher advertising and promotional spending, which saw a 39.7% increase year-on-year [2] - The management expense ratio remained stable, with a slight year-on-year increase of 0.1 percentage points [2] Profit Forecast and Valuation - The net profit forecast for 2024 has been slightly adjusted upwards to 6.24 billion yuan, reflecting a 2% increase from previous estimates [2] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.12 yuan, 1.24 yuan, and 1.38 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 33x, 30x, and 27x [2]