Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company's performance meets expectations, and it is expected to continue gaining market share amid supply chain reforms, aiming for a compound double-digit growth target in the "Four Five" plan [3][5]. Financial Summary - For Q3 2024, the company achieved revenue of 20.399 billion yuan, a year-on-year increase of 9.38%, and a net profit attributable to shareholders of 4.815 billion yuan, up 11.23% year-on-year [5]. - The Q3 single-quarter revenue was 6.243 billion yuan, with a year-on-year growth of 9.83%, and a net profit of 1.362 billion yuan, reflecting a 10.5% increase year-on-year [5]. - The gross margin for Q3 was 36.61%, an increase of 2.07% year-on-year, primarily due to the decline in raw material prices [5]. - The company expects EPS for 2024-2026 to be 1.12, 1.29, and 1.51 yuan, representing year-on-year growth of 10.8%, 14.9%, and 17.3% respectively [5]. Product and Channel Performance - Revenue growth for Q3 2024 by product category includes soy sauce (+8.7%), seasoning sauce (+10.2%), oyster sauce (+7.8%), and other categories (+15.1%) [5]. - Offline and online channel revenues grew by 8.1% and 45.4% year-on-year, respectively, with online growth attributed to supply chain reforms enhancing new retail capabilities [5]. Market Position and Strategy - The company is focusing on enhancing its overall supply chain capabilities, aiming to reduce costs and improve efficiency while aligning products with consumer trends [5]. - The number of distributors reached 6,722 by the end of Q3 2024, with a net increase of 48 distributors in the quarter [5].

日均成交额（百万） 693.84 2024 年 10 月 29 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 刘洁铭 S0350521110006 liujm@ghzq.com.cn 证券分析师： 秦一方 S0350523120001 qinyf@ghzq.com.cn 联系人 ： 景皓 S0350124030009 jingh@ghzq.com.cn [Table_Title] Q3 稳健向好，龙头实力彰显 ——海天味业（603288）2024 年三季报点评 铭，秦一方》——2024-05-04 事件: 最近一年走势 全品类增势良好，渠道改革成效持续兑现。2024Q3 酱油/调味酱/蚝 油/其他分别实现营收 30.75/5.83/11.05/10.19 亿元，分别同比增长 8.72%/10.17%/7.83%/15.08%，全品类延续增长趋势，其中主要品 类酱油、蚝油增长环比提速，我们认为主要系双节拉动餐饮消费， 同时公司在餐饮端市场份额较高；同时受益于 2024 年以来行业 C 端景气度回暖，调味酱及其他品类实现高增。渠道端，线下基本盘 通过多项改革措施增速持续回升，2024Q3 同比+8.1 ...

32.00 36.00 40.00 44.00 48.00 52.00 56.00 成交金额 海天味业 沪深300 海天味业 (603288.SH) 买入（维持评级） 业绩简评 10 月 28 日公司发布三季报，24Q1-Q3 实现营收 203.99 亿元，同 比+9.38%；实现归母净利润 48.15 亿元，同比+11.23%；扣非归母 净利润 46.15 亿元，同比+11.14%。其中，24Q3 实现营收 62.43 亿 元，同比+9.83%；实现归母净利润 13.62 亿元，同比+10.50%；扣 非归母净利润 12.89 亿元，同比+9.11%。业绩符合预期。 经营分析 复苏势能延续，Q3 核心品类提速。1）分产品来看，24Q3 酱油/调 味酱/蚝油/其他产品分别实现收 30.75/11.05/10.19/5.83 亿元， 同比+8.8%/+10.2%/+7.9%/+15.1%。其中酱油、蚝油相较 Q2 明显 提速，我们推测系定制化需求增长所致、餐饮端取得增量，此外料 酒等其他产品低基数下维持高增。2）分渠道来看，24Q3 线上/线 下收入增速分别为 45.3%/8.1%，公司顺应渠道碎片化趋势，持续 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company reported a 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 reached 4.815 billion yuan, up 11.23% year-on-year [1]. - The third quarter of 2024 saw a revenue of 6.243 billion yuan, with a year-on-year growth of 9.83%, and a net profit of 1.362 billion yuan, reflecting a 10.50% increase year-on-year [1]. - The company has shown steady revenue growth, with effective channel adjustments leading to an increase in sales across all product categories [1]. - The company has a strong brand moat and is expected to continue benefiting from ongoing reforms and a clear growth plan [1]. Financial Performance Summary - For Q3 2024, the company achieved a gross margin of 36.61%, an increase of 2.07 percentage points year-on-year, attributed to the decline in raw material prices and efficiency improvements [1]. - The company’s net profit margin for Q3 2024 was 21.81%, up 0.13 percentage points year-on-year [1]. - The projected revenues for 2024-2026 are 27.53 billion, 30.63 billion, and 33.90 billion yuan, with year-on-year growth rates of 12.1%, 11.3%, and 10.7% respectively [2][4]. - The net profit for the same period is expected to be 6.25 billion, 6.98 billion, and 7.76 billion yuan, with growth rates of 11.0%, 11.7%, and 11.2% respectively [2][4]. Market Position and Strategy - The company has successfully optimized its distribution channels, resulting in a net increase of 48 distributors in Q3 2024, totaling 6,722 distributors [1]. - The company is focusing on comprehensive reforms in products, channels, and terminal construction, which are expected to yield further growth [1]. - The management transition has been smooth, with the new leadership expected to continue the company's growth trajectory [1].

阿 .................................................... 接续下页 ............................................................... 2024 年 10 月 29 日 顾向君 H70420@capitalcom.tw 目标价(元) 48 | --- | --- | --- | --- | |-----------------------|----------|----------------|------------------------------------| | 公司基本资讯 | | | | | 产业别 | | | 食品饮料 | | A 股价(2024/10/28) | | | 45.37 | | 上证指数 (2024/10/28) | | | 3322.20 | | 股价 12 个月高/低 | | | 52.99/32.41 | | 总发行股数(百万 | ) | | 5560.60 | | A 股数(百万 ) | | | 5560.60 | | A 市值(亿元) | | | 2522.8 ...

证 券 研 究 报 告 海天味业（603288）2024 年三季报点评 推荐（维持） 势能延续，经营向上 目标价：50 元 事项： ❖ 公司发布 2024 年三季报，前三季度实现营收 204.0 亿，同比增长 9.4%；归母 净利润 48.2 亿，同比增长 11.2%。单 2024Q3 实现营收 62.4 亿，同比增长 9.8%； 归母净利润 13.62 亿，同比增长 10.5%。 评论： ❖ 经营状态向好，加上国庆备货拉动，Q3 营收同比+9.8％、环比提速。单 Q3 公 司营收同比+9.8％，一是公司增长势能延续，新品、线上贡献增量，二是国庆 假期经销商提前备货拉动，单 Q3 公司收到现金同比+12.5％，合同负债环比 +2.3 亿。分产品来看，单 Q3 公司酱油/调味酱/蚝油/其他调味品分别同比+8.7％ /+10.2％/+7.8％/+15.1％，新品在料酒、醋、凉拌汁等带动下延续较快增长。分 渠道来看，公司顺应消费趋势推出调料组合套装，线上增长进一步加快，单 Q3 营收同比+45.4％，而线下同比+8.1％，同样维持较好经营秩序。分区域来看， 除西部稍有回落同比-0.8％外，东部/南部/中部/北部分别 ...

食品饮料 证 券 研 究 报 告 2024 年 10 月 28 日 海天味业 (603288) ——24Q3 符合预期 维持稳健增长 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 28 日 | | 收盘价（元） | 45.37 | | 一年内最高/最低（元） | 52.99/33.02 | | 市净率 | 9.0 | | 息率（分红/股价） | 1.45 | | 流通 A 股市值（百万元） | 252,284 | | 上证指数/深证成指 | 3,322.20/10,685.89 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 5.28 | | | | | 资产负债率 % | 17.02 ...

公 司 季 报 点 评 证 券 研 究 报 告 公 司 报 告 海天味业(603288.SH) 经营稳健，强者恒强 推荐 ( 维持) 事项： 股价:45.37元 | --- | --- | |------------------------|-----------------------------------------------| | 行业 | 食品饮料 | | 公司网址 | www.haitian-food.com | | 大股东 / 持股 | 广东海天集团股份有限公司 /58.26% | | 实际控制人 | 庞康 , 程雪 , 管江华 , 陈军阳 , 文志州 , 廖长 | | | 辉 | | 总股本 ( 百万股 ) | 5,561 | | 流通 A 股 ( 百万股 ) | 5,561 | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 2,523 | | 流通 A 股市值 ( 亿元 ) | 2,523 | | 每股净资产 ( 元 ) | 5.28 | | 资产负债率 (%) | 17.0 | | 行情走势图 | | | | | 证券分析师 投资咨询资格编号 S106052 ...

证券研究报告 | 2024年10月29日 海天味业（603288.SH） 优于大市 第三季度收入同比增长 9.83%，渠道调整效果逐渐体现 2024 年第三季度收入同比增长 9.83%。海天味业 2024 前三季度实现营业总 收入 203.99 亿元，同比增长 9.38%；实现归母净利润 48.15 亿元，同比增长 11.23%；实现扣非归母净利润 46.15 亿元，同比增长 11.14%；2024 第三季 度实现营业总收入 62.43 亿元，同比增长 9.83%；实现归母净利润 13.62 亿 元，同比增长 10.50%；实现扣非归母净利润 12.89 亿元，同比增长 9.11%。 酱油品类与线下渠道边际改善，渠道调整效果体现。2024 第三季度酱油/蚝 油 / 调 味 酱 / 其 他 分 别 实 现 营 收 30.7/11.1/5.8/10.2 亿 元 ， 同 比 +9%/+8%/+10%/+15%，线下/线上渠道分别实现营收 54.4/3.4 亿元，同比 +8%/+45%，酱油品类和线下渠道在线下餐饮疲软的背景下增速环比 2024 第 二季度改善明显，体现前期渠道调整效果，其他品类（料酒、醋等）也保持 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's Q3 2024 performance met expectations, with total revenue of 20.399 billion yuan, a year-on-year increase of 9.4%, and a net profit attributable to shareholders of 4.815 billion yuan, up 11.2% year-on-year [1][2] - The growth in major product categories remains stable, with soy sauce, seasoning sauce, oyster sauce, and other condiments showing year-on-year revenue growth of +8.7%, +10.2%, +7.8%, and +15.1% respectively in Q3 2024 [2] - Online sales have seen significant growth, with a year-on-year increase of 45% in Q3 2024, while offline sales grew by 8.1% [2] - The company's gross profit margin improved to 36.6% in Q3 2024, an increase of 2.1 percentage points year-on-year, attributed to declining raw material prices [3] - The leadership transition was successfully completed, and the company aims for balanced growth in revenue and profit during the 14th Five-Year Plan period [3] Financial Performance Summary - For Q3 2024, the company achieved a gross revenue of 6.243 billion yuan, a year-on-year increase of 9.8%, and a net profit of 1.362 billion yuan, up 10.5% year-on-year [1][2] - The company forecasts revenue for 2024-2026 to be 27.585 billion yuan, 30.570 billion yuan, and 33.683 billion yuan respectively, with year-on-year growth rates of +12%, +11%, and +10% [4] - The net profit attributable to shareholders is projected to be 6.194 billion yuan, 6.969 billion yuan, and 7.708 billion yuan for 2024-2026, with corresponding growth rates of +10%, +13%, and +11% [4]