海天味业（603288）：公司信息更新报告：龙头优势凸显，利润略超预期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated strong leadership advantages, with profits slightly exceeding expectations. The Q1 2025 revenue and net profit were reported at 8.32 billion and 2.20 billion yuan, respectively, reflecting year-on-year growth of 8.1% and 14.8% [4][5] - The company is expected to maintain a steady growth trajectory, supported by improved production efficiency and scale effects, leading to continued gross margin improvement [7] - The company has successfully expanded its online sales channels, achieving a 43.2% year-on-year growth in online revenue, while offline channels grew by 9.0% [5] Financial Summary and Valuation Metrics - Revenue for 2025 is projected to be 29.607 billion yuan, with a year-on-year growth of 10.1%. The net profit for the same year is expected to be 7.103 billion yuan, reflecting a 12.0% increase [8][11] - The gross margin is anticipated to improve to 37.4% in 2025, with a net margin of 24.0% [8][11] - The price-to-earnings (P/E) ratio is projected to decrease from 42.0 in 2023 to 33.2 in 2025, indicating a more attractive valuation over time [8][11]