海天味业：经营稳健，符合预期

Investment Rating - The investment rating for the company is upgraded to "Buy" [4] Core Insights - The company reported a revenue of 20.399 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 9.38%, and a net profit attributable to shareholders of 4.815 billion yuan, up 11.23% year-on-year [2][6] - In Q3 2024, the company achieved a revenue of 6.243 billion yuan, with a year-on-year increase of 9.83%, and a net profit of 1.362 billion yuan, reflecting a growth of 10.50% year-on-year [2][6] - The company's core products showed improved performance, with family-end products maintaining double-digit growth and a significant recovery in the restaurant-end products [6] - The gross profit margin increased by 2.07 percentage points to 36.61% in Q3 2024, driven by raw material cost benefits and supply chain reforms [6] Financial Performance Summary - For 2024, the company is projected to achieve revenues of 26.950 billion yuan, 28.849 billion yuan, and 31.444 billion yuan for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 9.73%, 7.05%, and 8.99% [6][7] - The net profit attributable to shareholders is expected to be 6.243 billion yuan, 6.772 billion yuan, and 7.560 billion yuan for the same years, with growth rates of 10.96%, 8.46%, and 11.64% respectively [6][7] - Earnings per share (EPS) are projected to be 1.12 yuan, 1.22 yuan, and 1.36 yuan for 2024, 2025, and 2026 respectively [6][7]