Investment Rating - The report maintains a "Recommended" investment rating for Haitian Flavor Industry Co., Ltd. (603288.SH) with a current stock price of 41.26 yuan [1]. Core Insights - The company reported a revenue of 8.315 billion yuan for Q1 2025, representing a year-on-year growth of 8.08%. The net profit attributable to shareholders was 2.202 billion yuan, up 14.77% year-on-year, while the net profit excluding non-recurring items was 2.147 billion yuan, reflecting a 15.42% increase [4]. - The gross margin for Q1 2025 improved to 40.04%, up 2.73 percentage points from the previous year, driven by reduced raw material costs and enhanced production efficiency [7]. - The company’s product matrix is diverse, with soy sauce generating 4.420 billion yuan in revenue (up 8.20%), seasoning sauces at 0.913 billion yuan (up 13.95%), and oyster sauce at 1.360 billion yuan (up 6.10%) [7]. - Online sales grew significantly, with a 43.20% increase to 0.417 billion yuan, while offline sales rose by 8.95% to 7.565 billion yuan [7]. Financial Forecast and Valuation - The company is expected to achieve net profits of 7.004 billion yuan, 7.740 billion yuan, and 8.463 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding EPS for these years is projected to be 1.26 yuan, 1.39 yuan, and 1.52 yuan [8]. - The report anticipates a steady growth in revenue, with projections of 29.658 billion yuan, 32.357 billion yuan, and 35.011 billion yuan for 2025, 2026, and 2027, respectively [9]. - The company’s P/E ratios are estimated to decrease from 32.8 in 2025 to 27.1 in 2027, indicating a favorable valuation trend [10].

Investment Rating - The investment rating for the company is maintained at "Outperform" [1]. Core Views - The company reported Q1 2025 revenue of 8.315 billion yuan, 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, exceeding profit expectations [6]. - The company aims to continue its diversified development strategy, enhancing its capabilities in product categories, channels, and international expansion to support its long-term goals [6]. - The company achieved a gross margin of 40.04% in Q1 2025, an increase of 2.73 percentage points year-on-year, primarily due to a decrease in raw material costs [6]. Financial Data and Profit Forecast - Total revenue forecast for 2025 is 29.367 billion yuan, with a year-on-year growth rate of 9.2% [5]. - The net profit attributable to shareholders is projected to be 6.952 billion yuan in 2025, reflecting a year-on-year growth of 9.6% [5]. - Earnings per share are expected to be 1.25 yuan in 2025, with a projected price-to-earnings ratio of 33 [5]. - The company’s revenue from key product categories such as soy sauce, seasoning sauce, and oyster sauce showed growth rates of 8.2%, 14%, and 6% respectively in Q1 2025 [6].

Investment Rating - The report maintains an "Overweight" rating for the company with a target price of 51.20 RMB [7][8]. Core Views - The company's Q1 performance exceeded expectations due to significant cost benefits, with revenue and net profit increasing by 8.1% and 14.8% year-on-year, respectively [1][3]. - The company is expected to continue its steady growth trajectory in the short term, supported by low inventory levels and proactive replenishment by distributors [1][4]. - The competitive landscape is intensifying, prompting the company to increase its marketing expenditures to maintain market share [3][4]. Revenue and Profitability - In Q1 2025, the company achieved a revenue of 83.2 billion RMB, with a gross margin of 40.0%, reflecting a year-on-year increase of 2.7 percentage points due to lower raw material costs [1][3]. - The net profit margin for Q1 2025 was 26.5%, up 1.5 percentage points year-on-year, indicating improved profitability despite rising sales expenses [3]. Product and Channel Performance - Revenue growth in Q1 was driven by downstream replenishment and the introduction of new products, with specific categories like soy sauce and oyster sauce showing strong performance [2]. - The company reported a 43.2% increase in online sales, while offline sales grew by 8.9%, highlighting the effectiveness of its channel strategies [2]. Market Position and Outlook - The company is expected to solidify its leading position in the market through ongoing channel reforms and product expansion strategies [4]. - Earnings per share (EPS) forecasts for 2025-2027 are projected at 1.28, 1.42, and 1.59 RMB, respectively, with a reference PE ratio of 40x for 2025 [4][6].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating a positive outlook for the stock's performance in the near term [1][5][21]. Core Insights - The company reported a total revenue of 8.315 billion yuan for Q1 2025, representing a year-on-year increase of 8.1%, while the net profit attributable to shareholders reached 2.202 billion yuan, up 14.8% year-on-year [1][5]. - The company is expected to achieve close to double-digit growth for the full year 2025, driven by strong performance in new products and effective channel strategies [5][6]. Financial Performance Summary - **Revenue and Profit Growth**: - Total revenue for 2024 is projected at 26.901 billion yuan, with a growth rate of 9.5%. For 2025, revenue is expected to reach 29.595 billion yuan, reflecting a 10.0% growth rate [1][10]. - The net profit attributable to shareholders is forecasted to be 6.344 billion yuan in 2024, growing to 7.163 billion yuan in 2025, with respective growth rates of 12.8% and 12.9% [1][10]. - **Earnings Per Share (EPS)**: - EPS is projected to increase from 1.14 yuan in 2024 to 1.29 yuan in 2025, and further to 1.43 yuan in 2026 [1][10]. - **Valuation Metrics**: - The price-to-earnings (P/E) ratio is expected to decrease from 36 times in 2024 to 32 times in 2025, and further down to 29 times in 2026 [1][10]. - **Market Position**: - The company has shown resilience in its market position, with a notable increase in revenue from new product categories, particularly in the condiment segment, which saw a 10.3% year-on-year growth [5][6]. - **Cash Flow**: - The company reported cash receipts of 6.226 billion yuan in Q1 2025, marking an 8.0% increase year-on-year, indicating strong cash flow management [5][6]. - **Cost Management**: - The gross margin improved to 40.0% in Q1 2025, up 2.7 percentage points year-on-year, benefiting from lower raw material costs and scale effects [5][6]. - **Regional Performance**: - Revenue growth varied by region, with the southern region showing a 16.1% increase, indicating a strengthening market presence [5][6]. - **Future Outlook**: - The company is expected to maintain a positive growth trajectory, supported by strategic initiatives in product development and market expansion [5][6].

Investment Rating - The report assigns a "BUY" rating for the company, indicating a positive outlook for potential price appreciation [5]. Core Insights - The company reported a net profit of 2.2 billion RMB for Q1 2025, reflecting a year-on-year increase of 14.8%, slightly exceeding expectations [6]. - Revenue for Q1 2025 reached 8.32 billion RMB, representing an 8.1% year-on-year growth [6]. - The company is expected to benefit from cost reductions and operational reforms, with projected net profits of 7.13 billion RMB, 7.88 billion RMB, and 8.59 billion RMB for 2025, 2026, and 2027 respectively, showing year-on-year growth rates of 12.4%, 10.5%, and 9.1% [9]. Financial Performance Summary - For Q1 2025, the company achieved revenue of 8.32 billion RMB, with a net profit of 2.2 billion RMB, marking an increase of 14.8% year-on-year [6]. - The gross margin reached a recent high of 40%, up 2.7 percentage points year-on-year, attributed to lower raw material prices and improved operational efficiency [9]. - The company’s revenue breakdown shows soy sauce contributing 55.38%, oyster sauce 17.04%, and other sauces 11.44% to total revenue [2]. Future Projections - The company is projected to maintain a steady growth trajectory, with expected earnings per share (EPS) of 1.28 RMB, 1.42 RMB, and 1.53 RMB for 2025, 2026, and 2027 respectively [9]. - The price-to-earnings (P/E) ratio is expected to be 32x, 29x, and 27x for the years 2025, 2026, and 2027 respectively [9]. - The company plans to continue developing new compound seasoning products while maintaining its competitive advantages in its three main product categories [9].

Investment Rating - The report assigns a "BUY" rating for the company, indicating a positive outlook for investment opportunities [5]. Core Insights - The company has shown a strong performance in Q1 2025, with a net profit of RMB 2.2 billion, reflecting a year-on-year increase of 14.8%, slightly exceeding expectations [6]. - Revenue for Q1 2025 reached RMB 8.32 billion, representing an 8.1% year-on-year growth [6]. - The company is expected to benefit from cost reductions and operational reforms, maintaining its competitive advantage in three major product categories while developing new compound seasoning products [9]. Financial Performance Summary - For the fiscal year ending December 31, 2025, the company is projected to achieve a net profit of RMB 7.13 billion, a year-on-year increase of 12.4% [8]. - Earnings per share (EPS) for 2025 is estimated at RMB 1.28, with a corresponding price-to-earnings (P/E) ratio of 32 times [9]. - The company’s revenue is forecasted to grow from RMB 29.87 billion in 2025 to RMB 35.21 billion by 2027 [12]. Product Composition - The company's product mix includes soy sauce (55.38%), oyster sauce (17.04%), and other sauces (11.44%) [2]. Market Position - The company has a market capitalization of RMB 229.43 billion, with a current share price of RMB 41.26 [1]. - The stock has shown a 10.4% increase over the past year, with a 12-month high of RMB 52.99 and a low of RMB 33.08 [1].

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。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》第十四号— 食品制造的相关规定，现将佛山市海天调味食品股份有限公司 2025 年一季度主要经营数据 （未经审计）公告如下： 一、2025 年一季度主要经营数据 证券代码：603288 证券简称：海天味业 公告编号：2025-019 佛山市海天调味食品股份有限公司 2025 年第一季度主要经营数据公告 1、按照产品类别分类情况 | 地区分部 | 2025 年一季度 | 2024 年一季度 | 同比变动 | | --- | --- | --- | --- | | 东部区域 | 1,640,117,301.32 | 1,436,505,960.83 | 14.17% | | 南部区域 | 1,568,313,573.63 | 1,350,480,708.16 | 16.13% | | 中部区域 | 1,763,722,226.15 | 1,634,519,412.65 | 7.90% | | 北部区域 | 1,983, ...

证券代码：603288 证券简称：海天味业 公告编号：2025-020 佛山市海天调味食品股份有限公司 投资理财进展公告 投资种类：中低风险类理财产品 投资金额：30.80 亿元人民币 履行的审议程序：佛山市海天调味食品股份有限公司（以下简称"本 公司"、"公司"）2025 年 4 月 2 日召开第六届董事会第四次会议审议了 《公司 2025 年度以自有闲置资金进行投资理财的议案》，同意公司为 提高资金使用效率，将部分自有资金用于购买安全性高、流动性好、 风险较低的中低风险类理财产品。投资理财金额不超过等值 100 亿元 人民币，有效期限为公司董事会决议通过之日起一年以内，上述额度 内的资金可以滚动使用。 特别风险提示：公司本次购买的理财产品属于中低风险类理财产品， 产品风险评级为 PR2 及以下，但不排除该项投资会受到市场风险、政 策风险、流动性风险、不可抗力风险等风险因素的影响，从而影响投 资收益。 （一）投资目的 在不影响公司正常经营所需流动资金以及资金安全的前提下，合理利用闲置 资金、提高资金使用效率。 （二）投资金额 本次投资总金额为 30.80 亿元。 本公司董事会及全体董事保证本公告内容不存在任 ...

若广大投资者对本次服务有任何意见或建议，可通过邮件、投资者热线等方 式向公司反馈，感谢广大投资者对公司的关注与支持！ 特此公告。 佛山市海天调味食品股份有限公司董事会 佛山市海天调味食品股份有限公司 关于股东大会开设网络投票提示服务的公告 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"）拟于 2025 年 5 月 9 日 14:00 召开公司 2024 年年度股东大会，本次会议采用现场投票和网络投票相 结合的表决方式。具体内容请见《海天味业关于召开 2024 年年度股东大会的通 知》（公告编号：2025-017）。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 便利投票，公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供 的股东大会提醒服务，委托上证信息通过智能短信等形式，根据股权登记日的股 东名册主动提醒股东参会投票，向每一位投资者主动推送股东大会参会邀请、议 案情况等信息。投资者在收到智能短信后，可根据《上市公司股东会网络投票一 键通服务用户 ...