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海天味业(603288):港股上市在即,稳步推进全球化战略

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6][14] Core Views - The company is a leading player in the Chinese condiment industry, steadily advancing its globalization strategy. It has accumulated significant advantages and maintains stable operating conditions. The revenue forecasts for 2025-2027 are projected at CNY 296.8 billion, CNY 324.4 billion, and CNY 351.5 billion, representing year-on-year growth of 10.3%, 9.3%, and 8.4% respectively. The net profit attributable to the parent company is expected to be CNY 71.4 billion, CNY 77.9 billion, and CNY 84.6 billion, with year-on-year growth of 12.6%, 9.1%, and 8.6% respectively. The earnings per share (EPS) are forecasted to be CNY 1.28, CNY 1.40, and CNY 1.52, with corresponding price-to-earnings (PE) ratios of 31.2, 28.6, and 26.4 times [2][6][14]. Company Overview - The company is set to launch its H shares on the Hong Kong Stock Exchange, with the public offering period from June 11 to June 16, 2023. The expected listing date is June 19, 2023. The base number of H shares for global offering is 263 million, accounting for approximately 4.73% of the current A shares. The initial price range is set between HKD 35.00 and HKD 36.30 per share, equivalent to approximately CNY 32.0 to CNY 33.2 per share. The funds raised will primarily support business development, focusing on capacity expansion, technology research and development, market expansion, and brand building [2][3][6]. Market Position - The company ranks first in the Chinese condiment market and fifth globally, with a market share of 4.8% in a market projected to reach CNY 498.1 billion in 2024. Its soy sauce products hold the top position in both the global and Chinese markets, with a market share of 13.2% in China and 6.2% globally. The Hong Kong IPO aims to enhance its international brand image and competitiveness [3][6].