Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company had a steady start in Q1 2025, with a total revenue of 3.79 billion yuan, representing a year-on-year increase of 8.95%. The net profit attributable to the parent company was 370 million yuan, up 16.0% year-on-year [4][5] - The report maintains the forecast for net profit attributable to the parent company for 2025-2027 at 1.705 billion, 2.154 billion, and 2.574 billion yuan, respectively, with corresponding EPS of 1.96, 2.48, and 2.96 yuan [4][5] - The current stock price corresponds to a PE ratio of 17.2, 13.6, and 11.4 for 2025-2027 [4] Financial Performance - In Q1 2025, the revenue from the yeast business grew by 13.2% year-on-year, while the sugar business saw a decline of 60.7% and the packaging business decreased by 4.4% [5] - The gross profit margin improved by 1.31 percentage points year-on-year, attributed to the decrease in molasses costs [6] - The net profit margin increased by 0.59 percentage points year-on-year, despite a rise in the tax rate that negatively impacted the net profit margin by 0.76 percentage points [6] Cost and Profitability Outlook - The decrease in molasses prices is expected to release profit elasticity, with a forecasted decline of over 15% in molasses costs for 2025 [7] - The company aims for a 10% revenue growth target for the year, supported by stock incentives to enhance employee motivation [7] Financial Summary and Valuation Metrics - The company’s total revenue is projected to reach 16.866 billion yuan in 2025, with a year-on-year growth of 11.0% [9] - The net profit for 2025 is estimated at 1.705 billion yuan, reflecting a year-on-year increase of 28.7% [9] - The gross margin is expected to improve to 26.5% in 2025, with a net margin of 10.1% [9]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company's main business shows steady growth with profit elasticity trending upwards. In Q1 2025, the company achieved a revenue of 3.79 billion yuan, a year-on-year increase of 8.9%, and a net profit attributable to shareholders of 370 million yuan, up 16.0% year-on-year [1]. - The company is expected to benefit from a reduction in molasses costs, which will enhance profitability. The gross profit margin in Q1 2025 increased by 1.3 percentage points to 26.0%, primarily due to a higher proportion of high-margin yeast business and lower molasses costs [2]. - The company aims for a revenue growth rate of over 10% in 2025, with a strong domestic market position and continued expansion in international markets [2]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenues of 3.79 billion yuan, with the yeast and deep processing/sugar/packaging/other segments generating revenues of 2.77/0.16/0.10/0.76 billion yuan, reflecting year-on-year changes of +13.2%/-60.7%/-4.4%/+44.1% respectively [1]. - The company’s net profit margin improved to 10.2%, an increase of 0.7 percentage points year-on-year, benefiting from the rising gross profit margin [2]. Profitability Outlook - The report anticipates that the profit elasticity will be more fully released starting Q2 2025, as molasses cost reductions are expected to positively impact profits, and shipping costs have already begun to decline [2]. - The company is projected to achieve net profits of 1.60 billion, 1.87 billion, and 2.22 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 20.5%, 17.4%, and 18.2% [3]. Valuation - The current stock price corresponds to a price-to-earnings (P/E) ratio of 18, 16, and 13 for the years 2025, 2026, and 2027, indicating that the valuation is at a historical low [3].

Investment Rating - The report maintains a "Buy" rating for the company [3][6] Core Views - The company's main business shows steady growth with profit elasticity trending upwards, as evidenced by a 8.9% year-on-year revenue increase to CNY 3.79 billion in Q1 2025, and a 16.0% increase in net profit to CNY 370 million [1][2] - The company is expected to achieve a revenue growth rate of over 10% year-on-year for 2025, with strong performance in both domestic and international markets [2][3] Summary by Sections Financial Performance - In Q1 2025, the company achieved revenues of CNY 37.9 billion, with a breakdown of CNY 27.7 billion from yeast and deep processing, CNY 1.6 billion from sugar, CNY 1.0 billion from packaging, and CNY 7.6 billion from other businesses [1] - The gross profit margin increased by 1.3 percentage points to 26.0%, attributed to a higher proportion of high-margin yeast business and a decrease in molasses costs [2] - The net profit margin improved by 0.7 percentage points to 10.2% in Q1 2025 [2] Revenue and Profit Forecast - The company is projected to achieve net profits of CNY 1.6 billion, CNY 1.9 billion, and CNY 2.2 billion for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 20.5%, 17.4%, and 18.2% [3][5] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 18, 16, and 13 for the years 2025, 2026, and 2027, indicating that the valuation is at a historical low [3][5]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved a revenue of 2.196 billion yuan in 2024, representing a year-on-year increase of 4.25%, and a net profit attributable to shareholders of 127 million yuan, up 46.54% year-on-year [1]. - The company is focused on strengthening its core business while optimizing its distribution network, with a reduction in the number of distributors from 2044 at the end of 2023 to 2014 by the end of 2024 [2]. - The gross profit margin improved to 34.72% in 2024, an increase of 1.74 percentage points year-on-year, driven by a decline in raw material costs [3]. Financial Performance - In 2024, the main seasoning products generated revenue of 2.093 billion yuan, a slight increase of 0.73% year-on-year, with vinegar, wine, and sauce series revenues at 1.266 billion, 329 million, and 180 million yuan, respectively [2]. - The company reported a net profit margin of 5.80% in 2024, an increase of 1.67 percentage points year-on-year [3]. - The forecast for net profit attributable to shareholders for 2025-2027 is expected to grow by 37.8%, 23.1%, and 7.9%, reaching 180 million, 220 million, and 230 million yuan, respectively [4]. Strategic Focus - The company aims to transition from a vinegar-focused business to a broader seasoning industry, establishing itself as a benchmark in the seasoning sector [3]. - The company emphasizes shareholder returns, with a cash dividend of approximately 111 million yuan in 2024, representing a payout ratio of 87.08% and a dividend yield of about 1.25% [3].

证券研究报告 | 2025年04月06日 海天味业（603288.SH） 优于大市 2024 年改革势能释放，2025 年经营周期有望向上 公司 2024 年收入同比增长 9.53%。海天味业公布 2024 年业绩，全年实现营 业总收入 269.01 亿元，同比增长 9.53%；实现归母净利润 63.44 亿元，同比 增长 12.75%；实现扣非归母净利润 60.69 亿元，同比增长 12.51%；2024Q4 实现营业总收入 65.02 亿元，同比增长 10.03%；实现归母净利润 15.29 亿元， 同比增长 17.82%；实现扣非归母净利润 14.55 亿元，同比增长 17.07%。 酱油品类增速恢复，线上渠道实现高增。2024 年酱油/蚝油/调味酱/其他产 品（醋、料酒等）分别实现营收 137.6/46.2/26.7/40.9 亿元，同比增长 8.9%/ 8.6%/9.9%/16.8%，公司酱油、蚝油产品收入增速均逐步实现改善，体现公 司对于渠道强大把控能力。分渠道看，线下/线上渠道实现营收 238.9/12.4 亿元，同比+8.9%/+39.8%，线上高增主因公司 24 年电商运营水平提升，线 下渠 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][11][13] Core Views - The company is expected to release reform momentum in 2024, with a projected revenue growth of 9.53% year-on-year, reaching 26.901 billion yuan, and a net profit growth of 12.75%, totaling 6.344 billion yuan [1][8] - The recovery in the soy sauce category and strong online channel growth are key drivers, with soy sauce, oyster sauce, and other products showing revenue growth rates of 8.9%, 8.6%, and 16.8% respectively [2][8] - The company is actively returning value to shareholders with a projected dividend of 4.77 billion yuan for 2024, increasing the dividend payout ratio to 75% [3][9] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 26.901 billion yuan, a year-on-year increase of 9.53%, and a net profit of 6.344 billion yuan, up 12.75% [1][8] - The fourth quarter of 2024 saw a revenue of 6.502 billion yuan, growing 10.03% year-on-year, with a net profit of 1.529 billion yuan, reflecting a 17.82% increase [1][8] Product Performance - Revenue from soy sauce, oyster sauce, seasoning sauce, and other products reached 13.76 billion, 4.62 billion, 2.67 billion, and 4.09 billion yuan respectively, with growth rates of 8.9%, 8.6%, 9.9%, and 16.8% [2][8] - Online sales grew significantly by 39.8%, attributed to improved e-commerce operations, while offline sales increased by 8.9% [2][8] Profitability - The gross profit margin for 2024 was 37.0%, an increase of 2.3 percentage points, driven by declining raw material costs [2][9] - The net profit margin improved to 23.6%, up 0.7 percentage points, indicating enhanced profitability [9] Dividend Policy - The company plans to distribute a dividend of 4.77 billion yuan for 2024, raising the payout ratio to 75% from approximately 65% in 2023 [3][9] Future Projections - Revenue forecasts for 2025-2027 are set at 29.68 billion, 32.44 billion, and 35.15 billion yuan, with expected growth rates of 10.3%, 9.3%, and 8.4% respectively [4][11] - Projected net profits for the same period are 7.02 billion, 7.65 billion, and 8.32 billion yuan, with growth rates of 10.6%, 9.1%, and 8.7% [4][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth and improved profitability year-on-year. The revenue for 2024 was slightly below expectations, while the profit met expectations. The forecast for net profit from 2025 to 2027 is projected to grow by 12.0%, 12.7%, and 10.9% respectively [3][6] - The company is benefiting from cost reductions in raw materials, leading to an increase in gross margin and net profit margin. The net profit margin for 2024 improved by 0.66 percentage points to 23.63% [5][6] Financial Performance Summary - In 2024, the company's revenue and net profit were 26.901 billion and 6.344 billion respectively, representing year-on-year growth of 9.53% and 12.75% [3] - The revenue forecast for 2025 is 29.607 billion, with a year-on-year growth of 10.1% [7] - The projected net profit for 2025 is 7.103 billion, with a year-on-year growth of 12.0% [7] - The gross margin for 2024 was 37.00%, an increase of 2.26 percentage points from the previous year [5] - The company’s total market capitalization is 226.15 billion [1] Business Segment Performance - The company's condiment business has shown steady growth, with soy sauce, seasoning sauce, and oyster sauce revenues increasing by 8.87%, 9.97%, and 8.56% respectively. The online channel revenue grew significantly by 39.78% [4][6] - The company is actively expanding its new retail channels and enhancing its distribution capabilities, which is expected to contribute to continued revenue growth [6] Outlook - The company is expected to maintain a steady growth momentum in 2025, driven by the release of reform dividends and the expansion of its product offerings in the condiment sector [6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance in 2024 met expectations, driven by dual benefits from cost reductions and reform dividends [7] - The company achieved a total revenue of 26.9 billion yuan in 2024, representing a year-on-year growth of 9.5%, and a net profit attributable to shareholders of 6.344 billion yuan, up 12.8% year-on-year [7] - The company is expected to continue benefiting from reform dividends in 2025, with stable growth anticipated [7] Financial Performance Summary - In 2024, the company reported total revenue of 26,901 million yuan, with a year-on-year growth of 9.53% [1] - The net profit attributable to shareholders for 2024 was 6,344 million yuan, reflecting a year-on-year increase of 12.75% [1] - The earnings per share (EPS) for 2024 is projected at 1.14 yuan, with a price-to-earnings (P/E) ratio of 35.80 [1] - The gross profit margin improved by 2.3 percentage points to 37% in 2024, with a significant increase in Q4 gross margin to 37.7% [7] - The company expects revenue growth of 10% to 11% for the years 2025 to 2027, with net profit growth also projected at 11% for the same period [7] Product and Channel Performance - The company saw strong performance across various product categories in 2024, with soy sauce, oyster sauce, and seasoning sauces growing by 8.9%, 8.6%, and 10% respectively [7] - Online sales surged by 59% year-on-year in Q4 2024, while offline sales grew by 11% [7] - The company reduced its distributor count to 6,707 as part of its channel reform strategy [7] Cost and Profitability Analysis - The company benefited from cost reductions, with direct material costs for soy sauce, oyster sauce, and seasoning sauces decreasing by 6.8%, 7.6%, and 6.5% respectively [7] - The net profit margin for 2024 increased by 1.56 percentage points, indicating improved profitability [7]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 26.901 billion yuan in 2024, a year-on-year increase of 9.53%, and a net profit attributable to shareholders of 6.344 billion yuan, up 12.75% year-on-year [1] - The company is expected to benefit from the recovery in the restaurant industry and has clear overseas expansion goals, with projected net profits for 2025-2027 to grow by 12.9%, 12.1%, and 11.3% respectively [4] Financial Performance - In 2024, the company reported a gross margin of 37.0%, an increase of 2.26 percentage points year-on-year, driven by lower raw material costs and improved cost control [3] - The company’s revenue from soy sauce, seasoning sauce, oyster sauce, and other products in 2024 was 13.8 billion, 2.7 billion, 4.6 billion, and 4.1 billion yuan respectively, with growth rates of 8.9%, 10.0%, 8.6%, and 16.8% [2] - The company’s online sales reached 1.2 billion yuan in 2024, a significant increase of 39.8% year-on-year, while offline sales were 23.9 billion yuan, up 8.9% [2] Future Outlook - The company plans to focus on its core seasoning business and aims to enhance product quality and production efficiency through technological innovation [3] - The company is preparing for a Hong Kong stock listing by the end of 2024, which is expected to contribute additional revenue from overseas markets [4]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved a revenue of 26.901 billion yuan in 2024, representing a year-on-year increase of 9.53%, and a net profit attributable to shareholders of 6.344 billion yuan, up 12.75% year-on-year [1]. - The company experienced significant growth in its online sales channel, with online revenue increasing by 39.8% year-on-year in 2024 [2]. - The gross margin improved to 37.0%, an increase of 2.26 percentage points year-on-year, driven by lower raw material costs and enhanced cost control measures [3]. - The company plans to focus on its core seasoning business and aims for overseas market expansion, with a clear goal for international revenue contribution [4]. Financial Performance - In 2024, the company reported revenues from soy sauce, seasoning sauce, oyster sauce, and other products of 13.8 billion, 2.7 billion, 4.6 billion, and 4.1 billion yuan respectively, with growth rates of 8.9%, 10.0%, 8.6%, and 16.8% [2]. - The company’s net profit margin for 2024 was 23.6%, reflecting a year-on-year increase of 0.67 percentage points [3]. - The company’s cash dividend for 2024 amounted to approximately 4.773 billion yuan, with a payout ratio of 75.24%, the highest in the past decade [3]. Future Outlook - The company is expected to benefit from the recovery of the restaurant industry and domestic demand stimulus policies, with projected net profits of 7.160 billion, 8.026 billion, and 8.933 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 12.9%, 12.1%, and 11.3% [4][6].