海天味业：员工持股提振信心

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported its 2024 half-year results, with Q2 revenue of 6.462 billion (up 7.98%) and net profit attributable to shareholders of 1.534 billion (up 11.12%), slightly exceeding expectations [2] - The revenue for H1 was 14.156 billion (up 9.18%), with net profit attributable to shareholders at 3.453 billion (up 11.52%) [2] - The employee stock ownership plan boosts confidence, and ongoing reforms are yielding results, with a diversified product line and enhanced channel strategies expected to drive future growth [5] Revenue Summary - Q2 revenue breakdown: soy sauce 3.179 billion (up 3%), seasoning sauce 0.651 billion (up 11%), oyster sauce 1.041 billion (up 1%), and other products 1.080 billion (up 23%) [3] - Online channel contribution reached 5.29%, an increase of 1.21 percentage points year-on-year, indicating improved channel diversification [3] Profitability Summary - Q2 gross margin was 36.33%, an increase of 1.6 percentage points year-on-year, aided by a decline in raw material prices [4] - Q2 net profit margin attributable to shareholders was 22.67%, up 0.46 percentage points year-on-year, reflecting effective cost management despite increased sales expenses [4] Earnings Forecast - Projected revenues for 2024-2026 are 27.085 billion, 29.862 billion, and 32.937 billion, respectively, with a consistent growth rate of 10.3% [5] - Expected net profits for the same period are 6.227 billion, 6.874 billion, and 7.704 billion, with growth rates of 10.7%, 10.4%, and 12.1% respectively [5] - Corresponding P/E ratios are forecasted at 30, 28, and 25 times for 2024, 2025, and 2026 [5]