海天味业：经营稳健，强者恒强

Investment Rating - The report maintains a "Recommended" rating for the company [1][5] Core Views - The company demonstrated stable operations with a year-on-year revenue increase of 9.38% to 203.99 billion yuan for the first three quarters of 2024, and a net profit growth of 11.23% to 48.15 billion yuan [2][3] - The gross margin for the first three quarters of 2024 was 36.78%, reflecting a year-on-year increase of 1.29 percentage points, indicating improved cost pressures [3] - All product categories recorded positive growth, showcasing the company's resilience amid external pressures, with soy sauce, seasoning sauce, oyster sauce, and other products achieving revenue growth of 7.40%, 9.01%, 6.38%, and 19.88% respectively [3] - Online sales showed remarkable performance with a 34.53% year-on-year increase, while offline sales grew by 8.22% [3] Financial Summary - For 2024, the company is projected to achieve a net profit of 62.51 billion yuan, with earnings per share (EPS) of 1.12 yuan, corresponding to a price-to-earnings (P/E) ratio of 40.4 based on the closing price on October 28 [5][8] - The company’s revenue is expected to grow from 24,559 million yuan in 2023 to 27,543 million yuan in 2024, reflecting a year-on-year increase of 12.2% [4][8] - The net profit is forecasted to increase from 5,627 million yuan in 2023 to 6,251 million yuan in 2024, representing an 11.1% growth [4][8]