长江商报消息 ●长江商报记者 江楚雅 "酱油茅"海天味业（603288.SH）业绩重返增长快车道。 4月3日，海天味业发布2024年年度报告。报告显示，公司2024年实现营收269.01亿元，同比增长 9.53%；归母净利润63.44亿元，同比增长12.75%；扣除非经常性损益后，净利润为60.69亿元，同比增 长12.51%。 值得一提的是，受材料采购成本下降、精益管理及科技驱动成本控制等多重因素影响，海天味业2024年 毛利率达37%，较上年同期提升2.26个百分点，出现明显回暖。 海天味业将业绩的提升归因于内部变革、研发投入、多品类布局及线上渠道协同等多方面因素。为进一 步提升企业的综合实力及国际影响力，公司正积极推进国际化战略，筹划H股上市，加速布局海外市 场。随着海外市场的逐步开拓，海天味业有望在全球调味品市场中占据重要地位，进一步提升公司的盈 利能力和市场竞争力。 在销售渠道方面，海天味业继续深化渠道下沉和市场拓展策略。线下渠道实现营业收入248.18亿元，同 比增长8.26%；线上渠道实现营业收入20.83亿元，同比增长29.17%。线上渠道的快速增长，体现了公司 在数字化营销和电商平台布局方面 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][9] Core Views - The company achieved a strong performance in 2024, with total revenue and net profit reaching 174.14 billion and 86.23 billion yuan, respectively, representing year-on-year growth of 16% and 15% [5] - The company has announced a three-year dividend plan, maintaining high cash dividends, with a total payout of 64.67 billion yuan in 2024 [5] - The company aims for a revenue growth of approximately 9% in 2025, with expected EPS of 75.23 yuan [9] Summary by Sections Market Performance - The company’s stock price is currently at 1568.88 yuan, with a total market capitalization of 1970.8 billion yuan [1] Financial Performance - In Q4 2024, total revenue and net profit were 51.02 billion and 25.40 billion yuan, showing year-on-year growth of 13% and 16% [5] - The gross margin and net margin for 2024 were 91.93% and 52.27%, with slight decreases compared to the previous year [5] Product Performance - Revenue from Moutai liquor and other series reached 145.93 billion and 24.68 billion yuan in 2024, with year-on-year growth of 15% and 20% [6] - The sales volume of Moutai liquor increased by 10%, while the average price rose by 5% [6] Channel Performance - Revenue from wholesale and direct sales channels was 95.77 billion and 74.84 billion yuan, with year-on-year growth of 20% and 11% [7] - International revenue surpassed 5 billion yuan for the first time, indicating successful internationalization efforts [8] Profit Forecast - The company forecasts revenue growth of 9.1% for 2025, with net profit expected to grow by 9.6% [11]

Core Viewpoint - Haitai Flavor Industry reported a revenue of 26.901 billion yuan and a net profit of 6.344 billion yuan for 2024, marking a year-on-year growth of 9.53% and 12.75% respectively, indicating a return to growth despite facing challenges [1][2]. Revenue and Profit Growth - In contrast to the decline in 2023, Haitai Flavor achieved a revenue of 26.901 billion yuan and a net profit of 6.344 billion yuan in 2024, representing a year-on-year increase of 9.53% and 12.75% [2]. - The company set a target of 27.51 billion yuan in revenue for 2024, which was not met, while the net profit exceeded expectations [2]. - The main business segments, including soy sauce, seasoning sauce, oyster sauce, and others, reported revenues of 13.758 billion yuan, 2.669 billion yuan, 4.615 billion yuan, and 4.086 billion yuan respectively, with growth rates of 8.87%, 9.97%, 8.56%, and 16.75% [2]. Sales Channels - Offline sales channels generated 23.885 billion yuan, a year-on-year increase of 8.93%, while online sales reached 1.243 billion yuan, growing by 39.78% [3]. - The company enhanced its sales network and market competitiveness, leading to balanced revenue growth across regions [3]. International Market Strategy - Haitai Flavor aims to expand its international presence, with plans for an IPO on the Hong Kong Stock Exchange to enhance its global brand image [4][5]. - The company has established subsidiaries in Hong Kong and Indonesia to facilitate its international operations [4]. Challenges in International Expansion - Despite plans for international growth, Haitai Flavor's overseas revenue remains below 10%, with the majority of its income generated from domestic markets [5]. - The company faces challenges in brand internationalization and product localization compared to global competitors [5][6]. Impact of New Regulations - New regulations prohibiting "zero additives" labeling may impact Haitai Flavor's rapidly growing "zero additives" product line, which saw over 60% sales growth in 2024 [7][8]. - The industry is expected to shift focus back to quality competition, with companies needing to find new differentiating factors in health-oriented products [8].

Core Insights - Guizhou Moutai has reported impressive financial results for 2024, achieving total revenue of 174.14 billion yuan, a year-on-year increase of 15.66%, and a net profit of 86.23 billion yuan, up 15.38% from the previous year, showcasing its market dominance in the liquor industry [1][2][12] - The company plans to distribute a record cash dividend of 276.24 yuan per 10 shares, totaling 34.67 billion yuan, reflecting its strong financial health and commitment to shareholder returns [1][10] Financial Performance - Total revenue for 2024 reached 174.14 billion yuan, a 15.66% increase compared to the previous year [1][2] - Net profit attributable to shareholders was 86.23 billion yuan, marking a 15.38% growth year-on-year [1][2] - Operating cash flow net amount was 92.46 billion yuan, up 38.85% from the previous year, indicating robust cash generation capabilities [10][11] Production and Sales Strategy - Moutai optimized its production capacity, producing approximately 56,272 tons of Moutai liquor, a slight decrease of 1.63%, while sales volume increased by 10.22% to 46,413 tons [4][5] - The production of Moutai liquor reached 104,400 tons, a 4.24% increase, with sales volume growing by 13.73% to 83,300 tons, demonstrating effective volume-price balance strategies [4][5] Product and Market Development - Moutai's premium liquor segment generated over 120.78 billion yuan in revenue, a 16.95% increase, reinforcing its status as a high-end liquor "hard currency" [5] - The Moutai series liquor revenue reached 24.68 billion yuan, up 19.65%, contributing to 14.47% of total revenue, driven by targeted marketing strategies [5][6] Channel Strategy and International Expansion - The company implemented a dual-channel strategy of wholesale and direct sales, with wholesale revenue increasing by 19.73% and direct sales by 11.32%, enhancing profit margins [7][8] - International sales reached 5.19 billion yuan, a 19.27% increase, indicating successful global market penetration and brand recognition [9] Shareholder Returns and Financial Health - Moutai's total cash dividends for 2024 are projected to reach 64.7 billion yuan, with a commitment to maintain a cash dividend ratio of no less than 75% of net profit for the next three years [10][11] - The company initiated its first share buyback since listing, with a maximum amount of 6 billion yuan, reflecting confidence in future growth [10][11] Industry Position and Future Outlook - Moutai's performance during a challenging industry period highlights its resilience and ability to navigate market fluctuations [3][12] - The company plans to focus on consolidating its core business, green development, digital innovation, and brand culture to enhance long-term competitiveness [12]

Core Viewpoint - Guizhou Moutai achieved significant growth in 2024 despite a challenging environment in the liquor industry, demonstrating strong market competitiveness and brand value enhancement [1][2][11] Financial Performance - In 2024, Guizhou Moutai reported total revenue of 174.144 billion yuan, a year-on-year increase of 15.66% [1] - The total profit reached 119.639 billion yuan, up 15.41% year-on-year, while net profit attributable to shareholders was 86.228 billion yuan, reflecting a growth of 15.38% [1] - Overseas revenue surpassed 5.189 billion yuan, marking a 19.27% increase [1] - The company plans to distribute a total cash dividend of 64.7 billion yuan for 2024, setting a new record [1] Product Performance - Revenue from Moutai liquor reached 145.928 billion yuan, growing by 15.28% [3] - The Moutai sauce-flavored liquor series generated 24.684 billion yuan in revenue, a 19.65% increase, contributing significantly to overall growth [3] - The company has successfully enhanced brand recognition and loyalty through various marketing initiatives and product offerings [3][4] International Expansion - Guizhou Moutai's overseas revenue exceeded 5 billion yuan for the first time, with a 19.27% year-on-year growth [5] - The company exported over 100 tons of high-value Moutai liquor, a growth of over 40%, and 150 tons of sauce-flavored liquor, up 30% [6] - Moutai aims to strengthen its international presence by building a cultural IP matrix and engaging in high-profile global events [6][7] Strategic Initiatives - The company is focusing on three transformations: customer group transformation, scenario transformation, and service transformation to enhance market reach and consumer engagement [8][9] - Guizhou Moutai conducted extensive market research across 18 provinces to align its strategies with market demands [8] - The company emphasizes the importance of stable pricing for its products, particularly the 53-degree 500ml Moutai liquor, to maintain market confidence [10][11]

Group 1: Financial Performance - In 2024, the company achieved a revenue of 150,043.84 million yuan, representing a year-on-year growth of 15.41% [2] - Overseas business generated a revenue of 27,412.03 million yuan, with a year-on-year increase of 39.70% [2] - Blood dialysis equipment sales volume increased by 120% year-on-year due to successful product registrations in countries like Indonesia, Peru, and Mexico [6] Group 2: Market Expansion Strategy - The company plans to expand its overseas self-certification scope, focusing on emerging markets in Southeast Asia, South America, and Africa [3][4] - The company aims to enhance its international market layout by building a global self-certification system for blood purification products [3] - Future product line expansions will include CRRT and blood dialysis filtration products to solidify the company's industry position [4] Group 3: Competitive Advantages - The company holds a high market share in blood dialysis solutions, supported by four major production bases that enhance service responsiveness and reduce transportation costs [7] - The introduction of personalized dialysis products, such as low-calcium dialysis concentrates, meets specific patient needs and strengthens competitive positioning [7] - The domestic production of medical-grade polyethersulfone (PES) materials is expected to enhance the competitiveness of dialysis membranes and devices [8] Group 4: Response to Market Challenges - The company has developed strategies to address price pressures from centralized procurement policies, including flexible pricing systems and cost reduction measures [5] - The impact of raw material price fluctuations on production costs is significant, and the company has implemented procurement strategies to mitigate these effects [5] - The company is committed to maintaining a robust quality management system to ensure product safety and effectiveness [5] Group 5: Future Product Development - The company is advancing the development of a needle-free injector to improve patient comfort and medication absorption efficiency [11] - The PTA high-pressure balloon dilation catheter has been registered and is expected to accelerate the domestic replacement of imported products [13] - The company plans to continue innovating and optimizing the production of its dialysis-related products to meet clinical needs and enhance patient experience [10]

Core Viewpoint - The company reported significant revenue and profit growth for the year 2023, but faced challenges in cash flow management and potential financial risks in 2024 [1][2]. Group 1: Financial Performance - The company achieved an operating revenue of 1.122 billion yuan, a year-on-year increase of 19.62% [1] - The net profit attributable to shareholders was 116 million yuan, up 45.46% year-on-year, while the net profit after deducting non-recurring gains and losses was 110 million yuan, reflecting a 39.98% increase [1] - The basic earnings per share were 0.76 yuan, and the company plans to distribute a cash dividend of 0.7 yuan per 10 shares, totaling an estimated 11.81 million yuan [1] - The total assets reached 2.573 billion yuan, a 7.8% increase from the previous year, and the net assets attributable to the parent company grew by 18.5% to 1.58 billion yuan [1] Group 2: Quarterly Performance - The fourth quarter revenue was 201 million yuan, with a net profit loss of 3.89 million yuan and a non-recurring net profit loss of 7.05 million yuan [1] Group 3: Market Expansion - The company added 38 new customers in 2024, with significant growth in overseas markets: orders in Africa increased by 125%, Asia-Pacific and Middle East by 77%, and Latin America by 58% [1] - The company is implementing an internationalization strategy through the establishment of overseas production bases and deepening customer cooperation [1] Group 4: Industry Dynamics - The demand in the mineral processing equipment industry remains stable, driven by the equipment wear cycle and new projects [2] - However, the industry is characterized by high volatility, and the expansion into overseas markets faces geopolitical, exchange rate, and regional economic uncertainties [2] - The company has secured a project for a 750M slurry pump in Tibet, filling a gap in the domestic market and strengthening its competitive position in the mineral processing equipment sector [2]

值得注意的是，冯佶曾是一名神经科医生，后转型进入药企。加入阿斯利康后，先后担任阿斯利康中国 区心血管药物业务单元副总裁、全球感染、中枢神经和自身免疫治疗领域副总裁、中国区总经理、亚洲 区区域副总裁、全球商业洞察与卓越业务高级副总裁等职务。 在该人事任命之前，恒瑞医药刚刚公布年报"成绩单"。根据2024年年报的披露，公司2024年实现营业收 入279.85亿元，同比增22.63%，归属于上市公司股东的净利润63.37亿元，同比增47.28%，归属于上市 公司股东的扣非净利润61.78亿元，同比增49.18%，公司业绩显著增长，营收、净利均创新高。 21世纪经济报道记者季媛媛上海报道 4月2日，恒瑞医药（600276）宣布，任命冯佶为公司总裁、首席运营官，负责公司经营管理。原总裁戴 洪斌升任副董事长。 公开信息显示，冯佶拥有三十多年的医药行业从业经验。在加盟恒瑞前曾就职于上海仁济医院、诺华、 安万特和阿斯利康。 申万宏源证券（000562）分析认为：恒瑞医药始终将创新和国际化作为战略发展目标，持续坚持高比例 研发投入，创新药重回快速增长轨道，创新药BD授权交易为公司贡献了新的利润增长点。 此次冯佶加盟以后，在公司 ...

Core Viewpoint - The company, Huisheng Engineering, reported a strong financial turnaround in 2024, with significant revenue growth and profitability recovery, indicating a positive shift in its business trajectory [1][4]. Financial Performance - The total revenue for 2024 reached approximately 5.65 billion yuan, marking a year-on-year increase of 47.0%, ending a previous downward trend [1]. - The net profit attributable to shareholders was 140 million yuan, a significant recovery from losses in the previous year [1]. - Operating cash flow improved dramatically, with a net cash flow from operating activities of about 3.09 billion yuan, up from 650 million yuan in the same period last year [2]. Business Segments - The core petrochemical segment generated approximately 4.66 billion yuan in revenue, reflecting a year-on-year growth of 54.7% [2]. - The coal chemical segment reported revenue of about 820 million yuan, an increase of 33.8% [2]. - The new energy segment achieved a breakthrough with revenue of approximately 26.8 million yuan [2]. Order Growth and Talent Acquisition - New signed orders surged to approximately 10.87 billion yuan, representing a staggering year-on-year increase of 2,563.6% [3]. - The total value of uncompleted contracts reached about 25.72 billion yuan, ensuring future revenue growth [3]. - The company expanded its workforce significantly, hiring over 30 key professionals and more than 100 senior talents, increasing total employees to 1,867, up by 259 from the previous year [3]. Green Transformation and International Strategy - Huisheng Engineering has made substantial progress in green transformation, successfully implementing technologies for green hydrogen, green ammonia, and biomass [4]. - The company has expanded its international project footprint, with overseas revenue exceeding 70% for the first time, becoming a major growth driver [4]. - Strategic collaborations with industry giants like Saudi Aramco and ADNOC have been deepened, with several high-profile projects actively progressing [4]. Valuation Perspective - The current price-to-earnings ratio is below 8 times, and the price-to-book ratio is approximately 0.4 times, indicating that the company is significantly undervalued [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 performance is expected to be strong, with revenue projected at 4.674 billion yuan, a year-on-year increase of 19.66%, and net profit expected to reach 700.34 million yuan, up 25.48% year-on-year [1][8] - The growth in button sales is outpacing zipper sales, and the overseas market is growing faster than the domestic market, with significant price increases for products [8] - The gross margin is expected to improve, and the net profit margin is projected to increase, indicating better cost management and operational efficiency [8] Financial Summary - Revenue and Profit Forecasts: - Total revenue for 2023 is 3.907 billion yuan, with projections of 4.674 billion yuan for 2024, 5.011 billion yuan for 2025, 5.548 billion yuan for 2026, and 6.146 billion yuan for 2027 [1] - Net profit for 2023 is 558.11 million yuan, with forecasts of 700.34 million yuan for 2024, 753.69 million yuan for 2025, 841.14 million yuan for 2026, and 934.95 million yuan for 2027 [1] - Earnings Per Share (EPS): - The latest diluted EPS is projected to be 0.60 yuan for 2024, increasing to 0.80 yuan by 2027 [1] - Price-to-Earnings (P/E) Ratio: - The P/E ratio is expected to decrease from 25.59 in 2023 to 15.28 by 2027, indicating a potentially more attractive valuation over time [1] Market and Product Insights - The company is experiencing a recovery in demand for buttons, which are primarily used in clothing, while zippers are used in a broader range of products [8] - The international market is benefiting from the company's ongoing globalization strategy, with overseas revenue expected to grow by 30.6% in 2024 [8] - The company has adjusted its profit forecast for 2025 due to cautious expectations in the domestic apparel market and uncertainties related to U.S.-China tariff policies [8]