海天味业（603288）：稳中有进，份额提升，改善延续

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 51.20 RMB [7][8]. Core Views - The company has shown steady progress with an increase in market share, achieving revenue of 26.9 billion RMB and net profit of 6.34 billion RMB for 2024, reflecting year-on-year growth of 9.5% and 12.8% respectively [1][4]. - The company is expected to continue benefiting from favorable policies and demand recovery, with a focus on channel and product expansion to further enhance market share [1][4]. Summary by Sections Financial Performance - For 2024, the company reported revenue of 26.9 billion RMB, net profit of 6.34 billion RMB, and non-recurring net profit of 6.07 billion RMB, representing year-on-year increases of 9.5%, 12.8%, and 12.5% respectively [1]. - In Q4 2024, revenue reached 6.5 billion RMB, with net profit and non-recurring net profit at 1.53 billion RMB and 1.45 billion RMB, showing year-on-year growth of 10.0%, 17.8%, and 17.1% respectively [1]. Product Performance - Revenue from soy sauce, seasoning sauce, oyster sauce, and other products for 2024 was 13.76 billion RMB, 2.67 billion RMB, 4.62 billion RMB, and 4.09 billion RMB, with year-on-year growth rates of 8.9%, 10.0%, 8.6%, and 16.8% respectively [2]. - The company plans to increase its focus on the catering and lower-tier markets in 2025, aiming for volume growth despite price pressures [2]. Profitability and Cost Management - The gross profit margin for 2024 improved by 2.3 percentage points to 37.0%, driven by lower raw material costs and economies of scale [3]. - The net profit margin for 2024 increased by 0.7 percentage points to 23.6%, with expectations for continued cost advantages in 2025 [3]. Future Outlook - The company is expected to maintain its leading market position and continue to increase its market share through ongoing channel reforms and product expansion strategies [4]. - Earnings per share (EPS) forecasts for 2025 and 2026 have been slightly raised to 1.28 RMB and 1.42 RMB, respectively, with a new EPS estimate for 2027 at 1.59 RMB [4].