Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a revenue of 20.4 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.4%. The net profit attributable to shareholders was 4.81 billion yuan, up 11.2% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 6.24 billion yuan, a year-on-year growth of 9.8%, with a net profit of 1.36 billion yuan, reflecting a 10.5% increase year-on-year [1][2]. - The company is experiencing continuous operational improvement, driven by internal reforms and the successful launch of new products and channels [2]. Summary by Sections Financial Performance - For Q3 2024, the revenue breakdown by product categories showed soy sauce, seasoning sauce, oyster sauce, and others growing by 8.7%, 10.2%, 7.8%, and 15.1% respectively. The eastern region performed particularly well with a revenue increase of 19.9% [2]. - The gross margin for Q3 2024 was 36.6%, an increase of 2.1 percentage points year-on-year, attributed to lower costs of soybeans and packaging materials [2]. - The net profit margin for Q3 2024 was 21.8%, showing stability with a slight increase of 0.1 percentage points year-on-year [2]. Future Outlook - Short-term expectations for Q4 2024 indicate continued revenue growth due to the ongoing effects of internal reforms and early preparations for the Spring Festival [3]. - Long-term strategies include optimizing customer structure, channel recovery, and exploring health-oriented products such as low-sugar and low-salt seasonings [3]. - The profit forecasts for 2024 to 2026 are adjusted to 6.26 billion, 7.05 billion, and 8.07 billion yuan respectively, with corresponding PE ratios of 39, 35, and 30 times [3][8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 50.4, compared to the last closing price of 45.00 [1]. Core Views - The company has shown a recovery in operations, with adjustments starting to take effect. The Q3 2024 results indicate a revenue of 62.43 billion yuan, a year-on-year increase of 9.83%, and a net profit attributable to shareholders of 13.62 billion yuan, up 10.50% year-on-year [1]. - The overall performance aligns with previous expectations, with sales collection increasing by 12.5% year-on-year and contract liabilities decreasing by 16.2% [1]. - The company has successfully optimized its distribution channels, leading to a notable increase in the number of distributors from 624 to 6722 [1]. Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 204.0 billion yuan, representing a year-on-year growth of 9.38%, and a net profit of 48.15 billion yuan, up 11.23% year-on-year [1]. - The company expects to achieve revenues of 275.1 billion yuan, 301.8 billion yuan, and 333.4 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 12.0%, 9.7%, and 10.5% [1]. - The projected net profits for the same years are 63.0 billion yuan, 69.3 billion yuan, and 77.3 billion yuan, with corresponding growth rates of 11.9%, 10.1%, and 11.5% [1]. Product Performance - In Q3, the company’s revenue from various products was as follows: soy sauce (30.8 billion yuan), seasoning sauce (5.8 billion yuan), oyster sauce (11.1 billion yuan), and others (10.2 billion yuan), with respective year-on-year growth rates of +8.7%, +10.2%, +7.8%, and +15.1% [1]. - The company has seen a recovery across all product categories, with significant improvements in the household segment and a gradual recovery in restaurant demand [1]. Regional Performance - Revenue growth varied by region, with the eastern region seeing a 19.9% increase, southern region 7.8%, central region 11.6%, northern region 8.1%, and western region experiencing a slight decline of 0.8% [1].

佛山市海天调味食品股份有限公司 关于股份回购实施结果暨股份变动的公告 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（以下称"公司"）董事会于 2023 年 10 月 30 日召开第五届董事会第五次会议，审议通过了《关于回购公司股份方案的议案》， 同意公司使用自有资金以集中竞价或法律法规允许的交易方式回购公司已发行的 部分人民币普通股股票。回购的股份拟全部用于员工持股计划或者股权激励，回购 价格不超过 56.60 元/股，回购资金总额不低于人民币 50,000 万元（含）且不超过 人民币 80,000 万元（含），回购期限自公司董事会审议通过本次回购方案之日起 12 个月内。具体内容详见公司于上海证券交易所网站披露的《海天味业回购公司 股份方案公告》《海天味业回购股份报告书》。 二、 回购实施情况 重要内容提示： | 回购方案首次披露日 | 月 日 2023 年 10 31 | | | --- | --- | --- | | 回购方案实施期限 | 自公司董事会审议通过本次回购方案之日起 | 12 ...

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company reported a total revenue of 20.399 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.38%. The net profit attributable to shareholders was 4.815 billion yuan, up 11.23% year-on-year [2]. - The growth in revenue is attributed to steady performance across various product lines and a significant increase in online sales channels, which grew by 34.53% year-on-year [2]. - The company has seen a continuous increase in the number of distributors, indicating robust market expansion [2]. Financial Performance Summary - For Q3 2024, total revenue reached 6.243 billion yuan, reflecting a 9.83% year-on-year growth, while the net profit attributable to shareholders was 1.362 billion yuan, up 10.50% year-on-year [2]. - The revenue from soy sauce, seasoning sauce, oyster sauce, and other products for the first three quarters was 10.338 billion, 2.034 billion, 3.427 billion, and 3.166 billion yuan, respectively, with year-on-year growth rates of 7.40%, 9.01%, 6.38%, and 19.88% [2]. - The gross profit margin for the first three quarters of 2024 was 36.78%, an increase of 1.29 percentage points year-on-year, primarily due to a decrease in raw material costs [2]. Future Earnings Estimates - The company is expected to achieve net profits attributable to shareholders of 6.235 billion, 6.887 billion, and 7.589 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.81%, 10.46%, and 10.20% [2][3]. - The corresponding price-to-earnings (P/E) ratios for these years are projected to be 40, 36, and 33 times [2]. Market Position and Valuation - The company's market capitalization is approximately 250.2 billion yuan [4]. - The report highlights a steady increase in both offline and online sales channels, with online sales growing significantly faster than offline sales [2]. Key Financial Ratios - The return on equity (ROE) for 2024 is projected to be 19.89%, with a gradual increase expected in subsequent years [7]. - The company's debt-to-equity ratio is expected to remain stable, indicating a solid financial position [7].

Investment Rating - The report maintains a "Buy" investment rating for the company [2] Core Views - The company has demonstrated stable performance with a revenue increase of 9% year-on-year, reaching 20.399 billion yuan in the first three quarters of 2024, and a net profit increase of 11%, totaling 4.815 billion yuan [1][2] - The company is actively promoting internal reforms, leading to steady revenue growth and a net profit margin increase to 21.84% [1] - The company has optimized its supply chain, enhancing manufacturing advantages, and has seen balanced growth across its product lines, with significant increases in online sales [1][2] Summary by Sections Performance Overview - In Q3 2024, the company achieved revenue of 6.243 billion yuan, a 10% increase year-on-year, with a net profit of 1.362 billion yuan, also up by 10% [1] - The gross profit margin improved by 2 percentage points to 36.61%, attributed to a decrease in raw material costs [1] Product and Channel Performance - Revenue from various product categories in Q3 2024: soy sauce (3.075 billion yuan, +9%), seasoning sauce (583 million yuan, +10%), oyster sauce (1.105 billion yuan, +8%), and other categories (1.019 billion yuan, +15%) [1] - Offline and online channel revenues were 5.445 billion yuan (+8%) and 336 million yuan (+45%), respectively, indicating a strong performance in both channels [1] Regional Performance - Revenue by region in Q3 2024: Eastern (1.175 billion yuan, +20%), Southern (1.153 billion yuan, +8%), Central (1.287 billion yuan, +12%), Northern (1.439 billion yuan, +8%), and Western (728 million yuan, -1%) [1] Earnings Forecast - The report slightly adjusts the EPS forecasts for 2024-2026 to 1.12, 1.22, and 1.33 yuan, respectively, with corresponding PE ratios of 40, 37, and 34 times [2]

[Table_MainInfo] 公司研究/食品/食品制造 证券研究报告 海天味业（603288）公司季报点评 2024 年 10 月 30 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |----------------------------------------------------------------------|---------------| | 股票数据 | | | 10 [ Table_StockInfo 月 29 日收盘价（元） ] | 45.00 | | 52 周股价波动（元） | 33.02-52.99 | | 总股本 / 流通 A 股（百万股） | 5561/5561 | | 总市值 / 流通市值（百万元） | 250227/250227 | | 相关研究 | | | [Table_ReportInfo] 《 收 入 稳 健 增 长 ， 利 润 率 持 续 改 善 》 | | | 2024.09.01 | | | 《 24Q1 收入稳健增长，利润率小幅修复》 | | | 2024.05.06 | | 市场表现 [Table_Qu ...

2024 年 10 月 29 日 公司研究 业绩稳健增长，改革红利逐步释放 ——海天味业（603288.SH）2024 年三季报点评 要点 事件：海天味业发布 2024 年三季报，前三季度实现营业收入 204 亿元，同比 +9.4%；归母净利润 48.1 亿元，同比+11.2%；扣非归母净利润 46.1 亿元，同 比+11.1%。其中，24Q3 实现营业收入 62.4 亿元，同比+9.8%；归母净利润 13.6 亿元，同比+10.5%；扣非归母净利润 12.9 亿元，同比+9.1%。 主品类稳健增长，其他产品表现亮眼：24 年前三季度，酱油/调味酱/蚝油/其他 产品营收分别同比+7.4%/+9.0%/+6.4%/+19.9%。主品类增长主要原因是公司 通过提升存量产品品质，丰富产品规格以及渠道改革进一步提升行业竞争力，估 计"双节"亦有一定贡献；其他产品收入高增估计主要由于料酒、醋放量增长。 分区域，东部/南部/中部/北部/西部营收同比+11.5% / +14.4%/ +8.2%/ +6.8%/ +5.5%，南部区域延续亮眼表现。截至 24Q3 末，公司共有经销商 6722 家，较 年初净增 131 家，经销 ...

海天味业（603288.SH） 调味发酵品Ⅱ 证券研究报告/公司点评报告 2024 年 10 月 29 日 收入稳健增长，经营向上周期持续验证 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------|-------------------------------------------------------------------------------------------------------------------- ...

食品饮料/调味发酵品Ⅱ 公 司 研 究 龙头韧性凸显，收入利润稳健增长 海天味业（603288.SH） 2024 年 10 月 29 日 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |---------------------------|---------------------------| | | | | 张宇光（分析师） | 方一苇（分析师） | | zhangyuguang@kysec.cn | fangyiwei@kysec.cn | | 证书编号： S0790520030003 | 证书编号： S0790524030001 | 公司披露 2024 年三季报，2024Q3 收入利润符合预期 公司披露 2024 年三季报。2024Q1-Q3 公司营收/归母净利润分别为 203.99/48.15 亿元（同比+9.38%/+11.23%）；其中 2024Q3 营收/归母净利润分别为 62.43/13.62 亿元（同比+9.83%/+10.50%）。收入利润符合预期。我们维持 2024 -2026 年盈利 预 测 ， 预测 2024-2026 年 归 母 净利 润 分别 为 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [4] Core Insights - The company reported a revenue of 20.399 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 9.38%, and a net profit attributable to shareholders of 4.815 billion yuan, up 11.23% year-on-year [2][6] - In Q3 2024, the company achieved a revenue of 6.243 billion yuan, with a year-on-year increase of 9.83%, and a net profit of 1.362 billion yuan, reflecting a growth of 10.50% year-on-year [2][6] - The company's core products showed improved performance, with family-end products maintaining double-digit growth and a significant recovery in the restaurant-end products [6] - The gross profit margin increased by 2.07 percentage points to 36.61% in Q3 2024, driven by raw material cost benefits and supply chain reforms [6] Financial Performance Summary - For 2024, the company is projected to achieve revenues of 26.950 billion yuan, 28.849 billion yuan, and 31.444 billion yuan for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 9.73%, 7.05%, and 8.99% [6][7] - The net profit attributable to shareholders is expected to be 6.243 billion yuan, 6.772 billion yuan, and 7.560 billion yuan for the same years, with growth rates of 10.96%, 8.46%, and 11.64% respectively [6][7] - Earnings per share (EPS) are projected to be 1.12 yuan, 1.22 yuan, and 1.36 yuan for 2024, 2025, and 2026 respectively [6][7]