证券研究报告 | 2025年04月30日 海天味业（603288.SH） 优于大市 第一季度归母净利润同比增长 15%，龙头优势凸显 海天味业 2025Q1 实现营业总收入 83.15 亿元，同比增长 8.08%；实现归母净 利润 22.02 亿元，同比增长 14.77%；实现扣非归母净利润 21.47 亿元，同比 增长 15.42%。 酱油稳健增长态势延续，线下渠道基本调整到位。2025Q1 酱油/蚝油/调味酱 /其他分别实现营收 44.2/13.6/9.1/12.9 亿元，同比+8%/+6%/+14%/+21%， 除核心酱油品类保持稳健增速外，其他品类（料酒、醋等）维持高增速。2025Q1 线下/线上渠道分别实现营收 75.6/4.2 亿元，同比+9%/+43%，线上渠道在 2024 年线上运营水平提升后实现高增速，体现公司渠道管理与执行能力。渠 道端北部/中部/东部/南部/西部经销商环比-25/-21/+29/+23/-45 家至 1929/1426/967/917/1429 家，经销商团队基本稳定。 成本红利维持，费投良性，扣非归母净利率 25.8%。2025Q1 公司毛利率为 40.0%，同比+2. ...

长江商报奔腾新闻记者 杨蝶 "酱油茅"海天味业（603288）（603288.SH）经营业绩持续回升。 资料显示，海天味业于2014年2月成功登陆上交所上市，公司长期以来深耕于调味品的生产与营销，其 中酱油、蚝油、调味酱、醋、料酒是目前公司最主要的产品。 长江商报奔腾新闻记者发现，海天味业业绩增长，主要得益于其各项产品经营数据全面上升。2025年第 一季度，公司酱油销售收入为44.2亿元，同比增长8.2%；调味酱销售收入为9.13亿元，同比增长 13.95%；蚝油销售收入为13.6亿元，同比增长6.1%；其他产品销售收入为12.89亿元，同比增长 20.83%。 从销售来看，海天味业线下渠道贡献营收75.65亿元，同比增加8.95%；线上渠道贡献营收4.17亿元，同 比增加43.2%。 据海天味业此前在2024年年报中介绍，2024年，公司继续保持在调味品行业的龙头领先地位，产销量均 超过450万吨，名列行业第一。中国品牌力指数C-BPI"2024年第一品牌榜"显示，公司连续多年获评酱 油、酱料、蚝油行业第一品牌。 整体经营业绩方面，2011年至2020年，海天味业连续十年在营业收入和净利润方面均保持两位数的 ...

今日焦点 海天味业：公司H股发行上市已获中国证监会备案 海天味业公告称，公司已收到中国证监会出具的《关于佛山市海天调味食品股份有限公司境外发行上市 备案通知书》，公司拟发行不超过7.1052亿股境外上市普通股并在香港联合交易所主板挂牌上市。但该 事项仍存在不确定性，公司将依法及时履行信息披露义务。 复旦张江：盐酸多柔比星脂质体注射液降价幅度不低于35% 复旦张江公告称，公司决定自2025年5月1日起调整盐酸多柔比星脂质体注射液市场零售价格，相比此前 中标价格降价幅度不低于35%。该药物2024年度销售收入约为人民币2.1亿元，占公司全年销售收入的 29%。预计价格调整将对公司2025年度及后续执行期间的销售收入产生不利影响，可能导致该药物2025 年度出现单产品亏损的风险。 新元科技：部分董事无法保证2024年年度报告等议案真实、准确、完整 新元科技公告称，董事张光华对公司2024年年度报告、2025年一季度报告、前期会计差错更正及追溯调 整、2024年度计提信用减值损失及资产减值损失的议案投反对票，无法保证相关财务数据的真实、准 确、完整。原因包括公司已收到证监会立案通知，且大华审计所对公司出具了无法表示意 ...

证券研究报告 | 2025年04月30日 海天味业（603288.SH） 优于大市 第一季度归母净利润同比增长 15%，龙头优势凸显 海天味业 2025Q1 实现营业总收入 83.15 亿元，同比增长 8.08%；实现归母净 利润 22.02 亿元，同比增长 14.77%；实现扣非归母净利润 21.47 亿元，同比 增长 15.42%。 酱油稳健增长态势延续，线下渠道基本调整到位。2025Q1 酱油/蚝油/调味酱 /其他分别实现营收 44.2/13.6/9.1/12.9 亿元，同比+8%/+6%/+14%/+21%， 除核心酱油品类保持稳健增速外，其他品类（料酒、醋等）维持高增速。2025Q1 线下/线上渠道分别实现营收 75.6/4.2 亿元，同比+9%/+43%，线上渠道在 2024 年线上运营水平提升后实现高增速，体现公司渠道管理与执行能力。渠 道端北部/中部/东部/南部/西部经销商环比-25/-21/+29/+23/-45 家至 1929/1426/967/917/1429 家，经销商团队基本稳定。 成本红利维持，费投良性，扣非归母净利率 25.8%。2025Q1 公司毛利率为 40.0%，同比+2. ...

一、公司拟发行不超过 710,521,100 股境外上市普通股并在香港联合交易所 上市。 二、自备案通知书出具之日起至本次境外发行上市结束前，公司如发生重大 事项，应根据境内企业境外发行上市有关规定，通过中国证监会备案管理信息系 统报告。 三、公司完成境外发行上市后 15 个工作日内，应通过中国证监会备案管理 信息系统报告发行上市情况。公司在境外发行上市过程中应严格遵守境内外有关 法律、法规和规则。 证券代码：603288 证券简称：海天味业 公告编号：2025-021 佛山市海天调味食品股份有限公司 关于 H 股发行上市获得中国证监会备案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 佛山市海天调味食品股份有限公司（以下简称"公司"）正在进行申请发行 H 股股票并在香港联合交易所有限公司（以下简称"香港联合交易所"）主板挂 牌上市（以下简称"本次境外发行上市"）的相关工作。公司于近日收到中国证 券监督管理委员会（以下简称"中国证监会"）出具的《关于佛山市海天调味食 品股份有限公司境外发行上市备案通知书》（国合函[20 ...

食品饮料/调味发酵品Ⅱ 海天味业（603288.SH） 龙头优势凸显，利润略超预期 2025 年 04 月 30 日 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 42.46 | | 一年最高最低(元) | 52.99/33.08 | | 总市值(亿元) | 2,361.03 | | 流通市值(亿元) | 2,361.03 | | 总股本(亿股) | 55.61 | | 流通股本(亿股) | 55.61 | | 近 3 个月换手率(%) | 12.27 | 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 48% 2024-04 2024-08 2024-12 海天味业 沪深300 相关研究报告 《收入稳健增长，盈利能力同比改善 —公司信息更新报告》-2025.4.3 《龙头韧性凸显，收入利润稳健增长 —公司信息更新报告》-2024.10.29 《2024Q2 收入利润表现稳健，员工持 股计划草案推出—公司信息更新报 告》-2024.8.30 张宇光（分析师） 方一苇（分析师） zhangyuguang@kysec ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a strong start in 2025, with Q1 revenue of 8.315 billion yuan, up 8.1% year-on-year, and a net profit attributable to shareholders of 2.202 billion yuan, up 14.8% year-on-year [5][6] - The company continues to expand its product categories and maintain robust growth in key regions, particularly in the eastern and southern markets [6][7] - The gross profit margin improved to 40.04%, an increase of 2.73 percentage points year-on-year, driven by cost reductions and enhanced production efficiency [6][7] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 83.15 billion yuan and a net profit of 22.02 billion yuan, with a year-on-year growth of 8.1% and 14.8% respectively [5] - The company’s revenue and net profit for Q4 2024 and Q1 2025 combined showed a year-on-year increase of 8.9% and 16.0% respectively [5] Product and Regional Growth - Revenue growth by product category in Q1 2025: soy sauce +8.20%, seasoning sauce +13.95%, oyster sauce +6.10%, and other products +20.83% [6] - Revenue growth by region in Q1 2025: eastern +14.17%, southern +16.13%, central +7.90%, northern +5.76%, and western +9.44% [6] Cost and Profitability - The company’s gross profit margin reached 40.04%, benefiting from economies of scale, lower raw material costs, and improved production efficiency [6][7] - The net profit margin for Q1 2025 was 26.49%, an increase of 1.54 percentage points year-on-year [7] Future Outlook - The company is expected to continue its steady growth in 2025 through channel expansion, product innovation, and efficiency improvements [7][8] - The profit forecasts for 2025-2027 have been slightly adjusted upwards, with expected net profits of 71.02 billion yuan, 78.89 billion yuan, and 86.89 billion yuan respectively [8]

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - The company demonstrated strong resilience in performance, with continuous release of profitability [5] - The first quarter of 2025 saw total revenue of 8.315 billion yuan, an increase of 8% year-on-year, and a net profit attributable to shareholders of 2.202 billion yuan, up 15% year-on-year [4][5] Summary by Relevant Sections Financial Performance - In Q1 2025, the gross margin increased by 3 percentage points to 40.04%, primarily due to declining raw material prices [5] - The net profit margin rose by 1 percentage point to 26.54%, indicating improved profitability [5] Product Segments - Soy sauce revenue reached 4.42 billion yuan in Q1 2025, growing by 8% year-on-year, with plans for customized business expansion and new product penetration to enhance average transaction value [6] - Revenue from seasoning sauces, oyster sauce, and other products was 0.913 billion, 1.360 billion, and 1.289 billion yuan respectively, with growth rates of 14%, 6%, and 21% [6] Channel Strategy - Offline channel revenue was 7.565 billion yuan, up 9% year-on-year, while online channel revenue surged by 43% to 0.417 billion yuan [7] - The company is optimizing its distributor network, with a total of 6,668 distributors as of the end of Q1 2025, a net decrease of 39 from the beginning of the year [7] Earnings Forecast - The earnings per share (EPS) for 2025-2027 are adjusted to 1.27, 1.41, and 1.54 yuan respectively, with corresponding price-to-earnings (PE) ratios of 33, 30, and 28 times [8]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has released its Q1 2025 report, showing a significant improvement in profitability due to the release of cost benefits [7] - The company achieved a total revenue of 8.315 billion yuan in Q1 2025, representing a year-on-year increase of 8.1%, and a net profit attributable to shareholders of 2.202 billion yuan, up 14.8% year-on-year [7] - The report highlights steady growth across major product categories and strong performance in online channels, with online revenue increasing by 43% year-on-year [7] - The company is expected to continue benefiting from both cost and reform dividends, driving market share growth through B2B and B2C strategies [7] Financial Performance Summary - Revenue projections for 2025-2027 are set at 29.7 billion, 32.8 billion, and 36.3 billion yuan, with year-on-year growth rates of 10%, 11%, and 11% respectively [7] - Net profit forecasts for the same period are 7 billion, 7.8 billion, and 8.6 billion yuan, with consistent growth rates of 11% [7] - The report indicates an expected increase in diluted EPS from 1.26 yuan in 2025 to 1.55 yuan in 2027, reflecting a positive trend in earnings [7]

Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Insights - The company had a strong start in Q1 2025, with revenue reaching 8.315 billion yuan, a year-on-year increase of 8.08%, and a net profit of 2.202 billion yuan, up 14.77% year-on-year [6]. - The main business showed steady performance, with significant growth in online channels. Revenue from soy sauce, seasoning sauce, oyster sauce, and other categories reached 4.420 billion yuan, 0.913 billion yuan, 1.360 billion yuan, and 1.289 billion yuan respectively, with year-on-year growth rates of +8.20%, +13.95%, +6.10%, and +20.83% [6]. - The company's gross margin improved by 2.73 percentage points to 40.04% in Q1 2025, benefiting from lower raw material prices [6]. - The report projects earnings per share of 1.27 yuan and 1.40 yuan for 2025 and 2026, respectively, with corresponding PE ratios of 32 times and 29 times [6][7]. Financial Summary - As of April 28, 2025, the company's closing price was 41.26 yuan, with a total market capitalization of 229.43 billion yuan and a total share capital of 5.561 billion shares [3]. - The return on equity (ROE) for the trailing twelve months (TTM) stands at 20.02% [3]. - The company forecasts total revenue of 29.591 billion yuan for 2025, with a net profit of 7.099 billion yuan, reflecting a growth trajectory [7].