海天味业：峰会路转，海阔天空

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Views - The company has shown a recovery in growth since the first quarter of 2024, with a year-on-year increase in revenue and net profit [2][3]. - The company aims for a revenue target of 27.51 billion yuan in 2024, representing a year-on-year growth of 12.02%, and a net profit target of 6.23 billion yuan, reflecting a growth of 10.72% [3][4]. - The company has implemented an employee stock ownership plan to enhance employee motivation, with a target of at least 10.8% growth in net profit for 2024 [3]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of 14.156 billion yuan, up 9.18% year-on-year, and a net profit of 3.453 billion yuan, up 11.52% year-on-year [2]. - For Q2 2024, revenue was 6.462 billion yuan, an increase of 7.98% year-on-year, with net profit reaching 1.534 billion yuan, up 11.12% year-on-year [2]. - The company’s gross margin improved to 36.86%, a year-on-year increase of 0.95 percentage points, primarily due to declining raw material prices [2]. Product Performance - The revenue from soy sauce in the first half of 2024 was 7.264 billion yuan, up 6.85% year-on-year, while other products like seasoning sauces and oyster sauce also showed positive growth [2]. - The company’s multi-category strategy has yielded results, with products like cooking wine contributing to high growth in other categories [2]. Channel and Regional Performance - Online sales have rebounded, with Q2 online growth reaching 38.16%, while offline channels remained stable with slight growth [2]. - The southern region led growth with an increase of 13.27%, while other regions achieved single-digit growth [2]. Future Outlook - The company expects to maintain stable profit margins and continue to benefit from its strong channel, product, and brand advantages [3]. - Forecasts for net profit from 2024 to 2026 are 6.296 billion yuan, 6.885 billion yuan, and 7.436 billion yuan, respectively, indicating growth rates of 11.90%, 9.35%, and 8.00% [3][4].