佛山市海天调味食品股份有限公司（下称"公司"）第五届监事会任期将于 2025年12月8日届满，结合公司的发展规划，根据《中华人民共和国公司法》（以 下称"《公司法》"）、《中华人民共和国证券法》、《上海证券交易所股票上市规则》 等有关法律法规、规范性文件及《佛山市海天调味食品股份有限公司章程》（以 下简称"《公司章程》"）的相关规定，公司进行了监事会换届选举工作。 证券代码：603288 证券简称：海天味业 公告编号：2024-036 佛山市海天调味食品股份有限公司 关于职工代表监事完成换届选举的公告 本公司监事会及全体监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。 2024年9月19日，公司召开第二届第十九次职工代表大会，选举何涛先生为 公司第六届监事会职工代表监事（简历附后），与公司2024年第一次临时股东大 会选举产生的两名非职工代表监事共同组成公司第六届监事会，任期自公司2024 年第一次临时股东大会审议通过之日起三年。 特此公告。 佛山市海天调味食品股份有限公司监事会 二〇二四年九月二十日 1 何涛，男，1980 年 9 月出生，本科 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has returned to stable growth with ongoing internal reforms [1] - The company reported a revenue of 14.156 billion yuan for the first half of 2024, a year-on-year increase of 9.18%, and a net profit attributable to shareholders of 3.453 billion yuan, up 11.52% year-on-year [2] - The company is expected to achieve net profits of 6.27 billion yuan, 6.93 billion yuan, and 7.61 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 11%, 10.7%, and 9% [2][3] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a gross margin of 36.86%, an increase of 0.95 percentage points year-on-year, primarily due to a decrease in raw material costs and improved economies of scale [2] - The revenue from soy sauce, seasoning sauce, oyster sauce, and other products for the first half of 2024 was 7.264 billion yuan, 1.452 billion yuan, 2.322 billion yuan, and 2.146 billion yuan respectively, with year-on-year growth rates of +6.85%, +8.55%, +5.71%, and +22.31% [2] - The company’s total market capitalization is approximately 199.79 billion yuan, with a current price-to-earnings ratio of 33.39 and a price-to-book ratio of 7.13 [2] Market Position and Strategy - The company is actively responding to changes in the external consumption environment, with ongoing product and channel reforms [2] - The number of distributors increased to 6,674 by the end of the first half of 2024, reflecting successful adjustments and optimizations in the distributor team [2] - The company has launched an employee stock ownership plan for 2024-2028, which aims to enhance internal motivation and confidence in achieving higher quality growth [2]

%% %% 丨证券研究报告丨 公司研究丨点评报告丨海天味业（603288.SH） [Table_Title] 海天味业2024 年中报业绩点评：渠道重回扩张， 稳健成长延续，员工激励增强 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 海天味业披露 2024 年半年报： 2024H1 营业总收入 141.56 亿元（同比 +9.18% ）；归母净利润 | | | 34.53 亿元（同比 +11.52% ），扣非净利润 33.25 亿元（同比 +11.95% ）。单看 2024Q2 ，公司营 业总收入 64.62 亿元（同比 +7.98% ）；归母净利润 1 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Views - The company has shown a recovery in growth since the first quarter of 2024, with a year-on-year increase in revenue and net profit [2][3]. - The company aims for a revenue target of 27.51 billion yuan in 2024, representing a year-on-year growth of 12.02%, and a net profit target of 6.23 billion yuan, reflecting a growth of 10.72% [3][4]. - The company has implemented an employee stock ownership plan to enhance employee motivation, with a target of at least 10.8% growth in net profit for 2024 [3]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of 14.156 billion yuan, up 9.18% year-on-year, and a net profit of 3.453 billion yuan, up 11.52% year-on-year [2]. - For Q2 2024, revenue was 6.462 billion yuan, an increase of 7.98% year-on-year, with net profit reaching 1.534 billion yuan, up 11.12% year-on-year [2]. - The company’s gross margin improved to 36.86%, a year-on-year increase of 0.95 percentage points, primarily due to declining raw material prices [2]. Product Performance - The revenue from soy sauce in the first half of 2024 was 7.264 billion yuan, up 6.85% year-on-year, while other products like seasoning sauces and oyster sauce also showed positive growth [2]. - The company’s multi-category strategy has yielded results, with products like cooking wine contributing to high growth in other categories [2]. Channel and Regional Performance - Online sales have rebounded, with Q2 online growth reaching 38.16%, while offline channels remained stable with slight growth [2]. - The southern region led growth with an increase of 13.27%, while other regions achieved single-digit growth [2]. Future Outlook - The company expects to maintain stable profit margins and continue to benefit from its strong channel, product, and brand advantages [3]. - Forecasts for net profit from 2024 to 2026 are 6.296 billion yuan, 6.885 billion yuan, and 7.436 billion yuan, respectively, indicating growth rates of 11.90%, 9.35%, and 8.00% [3][4].

[Table_Title] 评级：买入（维持） 市场价格：35.95 分析师：熊欣慰 执业证书编号：S0740519080002 电话：021-20315733 Email：xiongxw@ zts.com.cn 分析师：范劲松 执业证书编号：S0740517030001 Email：fanjs@zts.com.cn 分析师：晏诗雨 执业证书编号：S0740523070003 Email：yansy@zts.com.cn | --- | --- | |---------------------------|---------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 5,561 | | 流通股本 ( 百万股 ) | 5,561 | | 市价 ( 元 ) | 35.95 | | 市值 ( 百万元 ) | 199,904 | | 流通市值 ( 百万元 ) | 199,904 | [Table_QuotePic] 股价与行业-市场走势对比 公司持有该股票比例 相关报告 1 海天味业（603288.SH）_点评报告： 23Q4+24Q1 表现平稳，期待 2024 ...

证券研究报告 调味品 海天味业（603288.SH） 增持-A(维持) 需求处恢复通道 利润端同步改善 2024 年 9 月 4 日 公司研究/公司快报 公司近一年市场表现 事件描述 事件：公司发布 2024 年半年报，实现营业收入 141.56 亿元，同比增长 9.18%，归母净利润 34.53 亿元，同比增长 11.52%。其中 24Q2 实现营业收入 64.62 亿元，同比增长 7.98%，归母净利润 15.34 亿元，同比增长 11.12%。 事件点评 市场数据：2024 年 9 月 3 日 收盘价（元）： 36.08 年内最高/最低（元）： 42.60/33.02 流通 A 股/总股本（亿 股）： 55.61/55.61 流通 A 股市值（亿元）： 2,006.26 总市值（亿元）： 2,006.26 需求仍处恢复通道，营收平稳增长。24H1/24Q2 公司营收分别为 141.56/64.62 亿元，同比+9.18%/+7.98%。1）分品类看，酱油/调味酱/蚝油/ 其他调味品 24H1 分别实现营业收入 72.64/14.52/23.22/21.46 亿元，同比 +6.8%/+8.5%/+5.7% ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 41.8, up from the last closing price of 37.00 [1]. Core Insights - The company demonstrated resilient growth in Q2 2024, with revenue reaching 64.62 billion yuan, a year-on-year increase of 7.98%, and a net profit of 15.34 billion yuan, up 11.12% year-on-year [2][4]. - The company has effectively adjusted its channels, leading to improved revenue performance despite industry challenges [2][4]. - The gross margin increased to 36.33% in Q2, driven by lower raw material costs, contributing to a stable rise in profitability [2][4]. Summary by Sections Financial Performance - For H1 2024, the company reported revenue of 141.56 billion yuan, a 9.18% increase year-on-year, and a net profit of 34.53 billion yuan, up 11.52% year-on-year [2][4]. - Q2 revenue breakdown includes soy sauce at 31.8 billion yuan (+3.0%), seasoning sauce at 6.5 billion yuan (+11.4%), oyster sauce at 10.4 billion yuan (+1.2%), and other products at 10.8 billion yuan (+22.5%) [2][4]. - The company’s gross margin for H1 2024 was 36.86%, reflecting a 0.95 percentage point increase year-on-year [2][4]. Market Strategy - The company is focusing on channel diversification and product innovation to adapt to market trends, with a new employee stock ownership plan aimed at stabilizing growth [2][4]. - The number of distributors decreased by 1.21% year-on-year to 6,674, but there was a net increase of 168 distributors since the beginning of the year [2][4]. Future Projections - Revenue forecasts for 2024-2026 are 270.2 billion yuan, 297.8 billion yuan, and 329.0 billion yuan, with expected year-on-year growth rates of 10.0%, 10.2%, and 10.5% respectively [2][4]. - Projected net profits for the same period are 61.2 billion yuan, 66.7 billion yuan, and 72.9 billion yuan, with growth rates of 8.7%, 9.0%, and 9.4% respectively [2][4].

证券研究报告 非金融公司|公司点评|海天味业（603288） 经营稳健，员工持股提升积极性 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月02日 证券研究报告 |报告要点 海天味业 2024Q2 实现收入 64.62 亿元，同比增长 7.98%；归母净利润为 15.34 亿元，同比增 长 11.12%。 |分析师及联系人 刘景瑜 邓洁 SAC：S0590524030005 SAC：S0590524040002 请务必阅读报告末页的重要声明 1 / 5 2023/9 2024/1 2024/5 2024/8 非金融公司|公司点评 glzqdatemark2 2024年09月02日 海天味业(603288) 经营稳健，员工持股提升积极性 | --- | --- | |----------------------------|------------------------| | | | | 行 业： | 食品饮料 / 调味发酵品Ⅱ | | 投资评级： | 增持（维持） | | 当前价格： | 37.00 元 | | 基本数据 | | | 总股本/流通股本 (百万股) | 5,560.6 ...

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 [Table_Invest]买入|维持 [Table_TargetPrice] 海天味业(603288)公司点评报告 2024 年 09 月 02 日 [Table_Title]H1 业绩+12%，线上高速增长 ——海天味业 2024 年中报点评 [Table_Summary] 报告要点： 事件 公司公告 2024 年中报。2024H1，公司实现总收入 141.56 亿元（+9.18%）， 归母净利 34.53 亿元（+11.52%），扣非归母净利 33.25 亿元（+11.95%）。 2024Q2，公司实现总收入 64.62 亿元（+7.98%），归母净利 15.34 亿元 （+11.12%），扣非归母净利 14.65 亿元（+10.24%）。公司公告 2024-2028 年员工持股计划草案，持股计划参与对象为董监高、中层管理人员及骨干人 员，其中 2024 年员工持股计划总人数不超 800 人，计提的专项激励基金为 1.84 亿元，业绩考核指标为 2024 年归母净利同比增速不低于 10.80%（剔 除本计划股份支付费用及并购重 ...

编号：20240902 证券代码：603288 证券简称：海天味业 佛山市海天调味食品股份有限公司投资者关系活动记录表 | --- | --- | --- | |--------------|------------------------------------|----------------------------------------------------------| | | □ 特定对象调研 □分析师会议 | | | | □ 媒体采访 ■业绩说明会 | | | 投资者关系活 | □ 新闻发布会 □路演活动 | | | 动类别 | □ 现场参观 □电话会议 | | | | □ 其他 （请文字说明其他活动内容） | | | 参与单位名称 | 上证服务通行证注册投资者、网友 | | | 及人员姓名 | | | | 时间 | 2024 年 9 月 2 日 | | | 地点 | 通过上证路演中心平台举行 | | | 上市公司接待 | | 公司董事长庞康先生、公司独立董事沈洪涛女士、公司财务负责 | | 人员 | 人李军先生、公司董事会秘书张欣女士 | | | 投资者关系活 | 与投资者文字互动问答交流 ...