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海天味业(603288):跟踪报告:生产优化提振盈利能力,长期竞争优势凸显

Investment Rating - The report maintains an "Outperform" rating for the company [2]. Core Views - The company is experiencing production optimization that alleviates revenue pressure and highlights its long-term competitiveness [1]. - Despite weak demand in the catering segment, industrial demand has helped offset some of the shortfall, and the company is focused on cost optimization through refined management and supply chain improvements [10][12]. - The company is optimistic about future earnings growth, supported by a matrix strategy of existing and new product lines, deepening channel penetration, and enhancing digitalized production [12][11]. Financial Performance Summary - For the first half of 2025, the company achieved revenue of RMB 15.23 billion, a year-over-year increase of 7.59%, and a net profit of RMB 3.914 billion, up 13.35% [3][8]. - The gross margin improved to 40.12%, an increase of 3.26 percentage points year-over-year, while the net margin reached 25.75%, up 1.27 percentage points [3][8]. - Revenue projections for 2025, 2026, and 2027 are RMB 29.7 billion, RMB 32.8 billion, and RMB 36.3 billion, respectively, with net profit attributable to shareholders expected to be RMB 7.0 billion, RMB 7.8 billion, and RMB 8.6 billion, all reflecting a year-over-year growth of 11% [5][13]. Strategic Initiatives - The company plans to implement an employee stock ownership scheme to incentivize sustainable growth, targeting a minimum net profit growth rate of 10.8% in 2025 [11]. - Investment in new channels, new products, and globalization is expected to lead to a temporary rise in the sales expense ratio, which is anticipated to stabilize as these businesses scale [10][12]. - The company is focusing on enhancing channel refinement and expanding into online, new retail, and lower-tier markets to optimize production costs [12].