海天味业：领导层顺利换届，中长期规划清晰

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has successfully completed its leadership transition, establishing a clear medium to long-term plan [2] - The new leadership team has extensive experience within the company, which is expected to stabilize operations [2] - The seasoning industry is experiencing slow growth, but structural opportunities are emerging, with the company aiming for double-digit growth [2] - The company has a clear development path, focusing on balancing revenue and profit growth through supply chain optimization and product diversification [2] - The company's performance in H1 2024 exceeded expectations, with cost advantages improving profitability [2] - The revenue forecast for 2024-2026 is set at 275.9 billion, 305.7 billion, and 336.83 billion yuan, with net profit expectations of 62 billion, 70 billion, and 77 billion yuan respectively [2] Financial Summary - Total revenue for 2022 was 25,610 million yuan, with a forecasted increase to 27,585 million yuan in 2024, representing a 12.32% year-on-year growth [1][2] - The net profit for 2022 was 6,198 million yuan, expected to rise to 6,194 million yuan in 2024, reflecting a 10.09% year-on-year growth [1][2] - The latest diluted EPS is projected to be 1.11 yuan per share in 2024, with a P/E ratio of 32.25 [1][2] - The company aims to maintain a gross margin of approximately 35% over the forecast period [9]