Investment Rating - The investment rating for the company is maintained at "Outperform" [1] Core Views - The company achieved a revenue of 26.901 billion yuan in 2024, representing a year-on-year growth of 9.53%, and a net profit of 6.344 billion yuan, up 12.75% year-on-year. The Q4 revenue was 6.502 billion yuan, with a year-on-year increase of 10.03% and a net profit of 1.529 billion yuan, growing 17.82% year-on-year [6] - The company plans to distribute a cash dividend of 4.773 billion yuan, with a dividend payout ratio of 75.24% [6] - The company is expected to continue its diversified development strategy, enhancing its capabilities in product categories, channels, and international markets to support its long-term goals [6] Financial Data and Profit Forecast - The projected total revenue for the company from 2023 to 2027 is as follows: - 2023: 24.559 billion yuan - 2024: 26.901 billion yuan - 2025E: 29.367 billion yuan - 2026E: 31.803 billion yuan - 2027E: 34.132 billion yuan - The year-on-year growth rates for revenue are projected to be -4.1% in 2023, 9.5% in 2024, 9.2% in 2025, 8.3% in 2026, and 7.3% in 2027 [5] - The net profit forecast for the same period is: - 2023: 5.627 billion yuan - 2024: 6.344 billion yuan - 2025E: 6.952 billion yuan - 2026E: 7.620 billion yuan - 2027E: 8.387 billion yuan - The projected year-on-year growth rates for net profit are -9.2% in 2023, 12.8% in 2024, 9.6% in 2025, 9.6% in 2026, and 10.1% in 2027 [5][6] - The company’s gross margin is expected to improve from 34.7% in 2023 to 38.0% in 2027, driven by cost reductions [5][6] Revenue Breakdown - In 2024, the revenue from different product categories was as follows: - Soy sauce: 13.758 billion yuan (up 8.87%) - Seasoning sauce: 2.669 billion yuan (up 9.97%) - Oyster sauce: 4.615 billion yuan (up 8.56%) - Other products: 4.086 billion yuan (up 16.75%) [6] - The company’s sales volume for soy sauce, seasoning sauce, and oyster sauce increased by 11.63%, 13.47%, and 8.1% respectively in 2024 [6] - Revenue growth was primarily driven by volume increases, with the company increasing market investments to gain market share [6] Cost and Profitability - The company’s gross margin improved to 37% in 2024, up 2.3 percentage points year-on-year, mainly due to cost reductions across major product categories [6] - The sales and management expense ratios were 6.05% and 2.19% respectively in 2024, indicating an increase in sales expenses by 25% year-on-year [6]

证券研究报告 | 2025年04月06日 海天味业（603288.SH） 优于大市 2024 年改革势能释放，2025 年经营周期有望向上 公司 2024 年收入同比增长 9.53%。海天味业公布 2024 年业绩，全年实现营 业总收入 269.01 亿元，同比增长 9.53%；实现归母净利润 63.44 亿元，同比 增长 12.75%；实现扣非归母净利润 60.69 亿元，同比增长 12.51%；2024Q4 实现营业总收入 65.02 亿元，同比增长 10.03%；实现归母净利润 15.29 亿元， 同比增长 17.82%；实现扣非归母净利润 14.55 亿元，同比增长 17.07%。 酱油品类增速恢复，线上渠道实现高增。2024 年酱油/蚝油/调味酱/其他产 品（醋、料酒等）分别实现营收 137.6/46.2/26.7/40.9 亿元，同比增长 8.9%/ 8.6%/9.9%/16.8%，公司酱油、蚝油产品收入增速均逐步实现改善，体现公 司对于渠道强大把控能力。分渠道看，线下/线上渠道实现营收 238.9/12.4 亿元，同比+8.9%/+39.8%，线上高增主因公司 24 年电商运营水平提升，线 下渠 ...

长江商报消息 ●长江商报记者 江楚雅 "酱油茅"海天味业（603288.SH）业绩重返增长快车道。 4月3日，海天味业发布2024年年度报告。报告显示，公司2024年实现营收269.01亿元，同比增长 9.53%；归母净利润63.44亿元，同比增长12.75%；扣除非经常性损益后，净利润为60.69亿元，同比增 长12.51%。 值得一提的是，受材料采购成本下降、精益管理及科技驱动成本控制等多重因素影响，海天味业2024年 毛利率达37%，较上年同期提升2.26个百分点，出现明显回暖。 海天味业将业绩的提升归因于内部变革、研发投入、多品类布局及线上渠道协同等多方面因素。为进一 步提升企业的综合实力及国际影响力，公司正积极推进国际化战略，筹划H股上市，加速布局海外市 场。随着海外市场的逐步开拓，海天味业有望在全球调味品市场中占据重要地位，进一步提升公司的盈 利能力和市场竞争力。 在销售渠道方面，海天味业继续深化渠道下沉和市场拓展策略。线下渠道实现营业收入248.18亿元，同 比增长8.26%；线上渠道实现营业收入20.83亿元，同比增长29.17%。线上渠道的快速增长，体现了公司 在数字化营销和电商平台布局方面 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][11][13] Core Views - The company is expected to release reform momentum in 2024, with a projected revenue growth of 9.53% year-on-year, reaching 26.901 billion yuan, and a net profit growth of 12.75%, totaling 6.344 billion yuan [1][8] - The recovery in the soy sauce category and strong online channel growth are key drivers, with soy sauce, oyster sauce, and other products showing revenue growth rates of 8.9%, 8.6%, and 16.8% respectively [2][8] - The company is actively returning value to shareholders with a projected dividend of 4.77 billion yuan for 2024, increasing the dividend payout ratio to 75% [3][9] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 26.901 billion yuan, a year-on-year increase of 9.53%, and a net profit of 6.344 billion yuan, up 12.75% [1][8] - The fourth quarter of 2024 saw a revenue of 6.502 billion yuan, growing 10.03% year-on-year, with a net profit of 1.529 billion yuan, reflecting a 17.82% increase [1][8] Product Performance - Revenue from soy sauce, oyster sauce, seasoning sauce, and other products reached 13.76 billion, 4.62 billion, 2.67 billion, and 4.09 billion yuan respectively, with growth rates of 8.9%, 8.6%, 9.9%, and 16.8% [2][8] - Online sales grew significantly by 39.8%, attributed to improved e-commerce operations, while offline sales increased by 8.9% [2][8] Profitability - The gross profit margin for 2024 was 37.0%, an increase of 2.3 percentage points, driven by declining raw material costs [2][9] - The net profit margin improved to 23.6%, up 0.7 percentage points, indicating enhanced profitability [9] Dividend Policy - The company plans to distribute a dividend of 4.77 billion yuan for 2024, raising the payout ratio to 75% from approximately 65% in 2023 [3][9] Future Projections - Revenue forecasts for 2025-2027 are set at 29.68 billion, 32.44 billion, and 35.15 billion yuan, with expected growth rates of 10.3%, 9.3%, and 8.4% respectively [4][11] - Projected net profits for the same period are 7.02 billion, 7.65 billion, and 8.32 billion yuan, with growth rates of 10.6%, 9.1%, and 8.7% [4][11]

2025 年 04 月 03 日 公司点评 买入/维持 海天味业(603288) 目标价: 47.88 昨收盘:40.67 海天味业：2024 年领先行业增长，来年稳增可期 走势比较 (20%) (8%) 4% 16% 28% 40% 24/4/3 24/6/15 24/8/27 24/11/8 25/1/20 25/4/3 | 总股本/流通(亿股) | 55.61/55.61 | | --- | --- | | 总市值/流通(亿元) | 2,261.5/2,261 | | | .5 | | 12 个月内最高/最低价 | 52.99/33.08 | | (元) | | 相关研究报告 <<海天味业：经营向上恢复，调整效 果渐显>>--2024-10-30 <<海天味业：2024Q2 经营韧性增长， 业绩超预期>>--2024-09-03 <<海天味业：2024Q1 开门红略超预 期，经营稳步恢复>>--2024-04-30 证券分析师：郭梦婕 电话： E-MAIL：guomj@tpyzq.com 分析师登记编号：S1190523080002 证券分析师：肖依琳 电话： E-MAIL：xiaoyl@tpyzq.c ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved an operating revenue of 26.9 billion yuan in 2024, a year-on-year increase of 9.53%, and a net profit attributable to shareholders of 6.34 billion yuan, up 12.8% year-on-year [1][2]. - The fourth quarter of 2024 saw a revenue of 6.5 billion yuan, reflecting a 10.0% year-on-year growth, and a net profit of 1.53 billion yuan, which is a 17.8% increase year-on-year [1][2]. - The company is expected to continue its growth momentum into 2025, with projected revenues of 29.6 billion yuan, representing a 10.0% increase [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 37.0%, an increase of 2.3 percentage points year-on-year, attributed to lower raw material prices and improved operational efficiency [3]. - The company’s sales expenses in Q4 2024 were 6.6% of revenue, up 1.7 percentage points year-on-year, indicating increased investment in market share [3]. Product and Channel Performance - Revenue from soy sauce reached 13.76 billion yuan, with a volume increase of 11.6% but a price decline of 2.5% [2]. - Online sales grew by 39.8% year-on-year, while offline sales increased by 8.9% [2]. Strategic Outlook - The company is advancing its "Four-Five Plan" aimed at enhancing product, channel, and terminal development, with expectations for increased market share in a competitive landscape [3]. - The report highlights the importance of multi-category development and leveraging technological advantages to meet diverse consumer demands [3].

盈利预测：公司十四五计划的第一年实现圆满收官，全年净利润顺利达成员工持股业绩考核目标，即 2024 年归母净利润同比增长不低于10.8%。目前公司库存水平保持较良性水平，渠道调整到位，经销商 数量由优化、减少转稳步扩张，销售团队人员同步扩招，市场份额提升明显，未来有望继续领先行业增 长。展望2025 年，公司有望继续保持收入、利润双位数的增长趋势。我们预计2025-2027 年实现收入 295.6/323.4/353.4 亿元，同比增长9.9%/9.4%/9.3%，实现归母净利润70.2/77.4/84.6 亿元，同比增长 10.6%/10.3%/9.3%，对应PE 为32/29/27X。我们按照2025 年业绩给38 倍PE，一年目标价47.88 元，维 持"买入"评级。 风险提示：食品安全风险；行业竞争加剧；原材料成本上涨风险；餐饮需求恢复不及预期；渠道调整效 果不及预期。 成本红利释放+内部持续提效，全年盈利水平稳中有升。2024 公司毛利率同比+2.3pct 至37.0%，主因大 豆、PET 包材等原材料成本下降，公司持续优化生产、研发及管理环节，内部效率稳步提升。费用方 面，2024 年销售/管理费 ...

海天味业近期交出年报，2024年实现营收269.01亿元、净利润63.44亿元，同比分别增长9.53%和 12.75%，业绩重回增长轨道。值得关注的是，尽管业绩表现亮眼，但公司在增长过程中仍面临一些潜 在问题，其营收未达预期目标、国际化进程缓慢，海外收入占比不足10%。同时，新规禁止"零添加"标 识的政策落地，或对其近年高速增长的"零添加"产品线造成冲击。业内认为，海天味业需在品质竞争与 健康化转型中寻找新增长点。 营收、净利双增长 与2023年营收净利双双下滑的业绩对比，海天味业2024年业绩可谓"破局"，实现总营收269.01亿元，同 比增长9.53%，净利润为63.44亿元，同比增长12.75%，实现营收净利双增的局面。海天味业称，2024年 是公司四五规划的开局首年，是承压破局的一年。面对外部环境的不确定性，公司坚守产品品质优先， 坚持刀刃向内的变革，以用户至上的价值导向牵引各业务快速转型。 不过，虽然海天味业营收规模再创新高，净利润也重回双位数增长，但在2023年财报中，公司制定2024 年要实现"营收275.1亿元，净利62.3亿元"的全年目标，目前来看，营收未达预期，盈利方面则是超额达 成。 值 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 26.901 billion yuan in 2024, representing a 10% year-on-year increase, and a net profit of 6.344 billion yuan, up 13% year-on-year [1] - The gross profit margin improved by 2 percentage points to 37.00% due to declining raw material costs, while the net profit margin increased by 1 percentage point to 23.63% [2] - The company plans to continue increasing its investment in marketing and promotional activities to enhance its product offerings and customer engagement [2] Revenue and Profit Analysis - The revenue from soy sauce reached 13.758 billion yuan, with a sales volume of 2.5655 million tons, reflecting a 9% increase in revenue and a 12% increase in volume [3] - The revenue from other categories, including vinegar and cooking wine, grew by 17% to 4.086 billion yuan, indicating strong performance in smaller product categories [3] Channel Development - Offline channel revenue was 23.885 billion yuan, up 9%, driven by enhanced distribution network density and resource allocation [4] - Online channel revenue surged by 40% to 1.243 billion yuan, showcasing the effectiveness of the company's online operations [4] Profit Forecast - The company is expected to achieve earnings per share (EPS) of 1.24, 1.38, and 1.51 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 33, 30, and 27 times [9]

Company Performance - Haitian Flavor Industry reported a revenue of 26.901 billion yuan for 2024, representing a year-on-year growth of 9.53%, and a net profit of 6.344 billion yuan, up 12.75% year-on-year [1] - In Q4 2024, Haitian's revenue reached 6.502 billion yuan, with a year-on-year increase of 10.03%, and a net profit of 1.529 billion yuan, growing 17.82% year-on-year [1] - The growth in Haitian's performance may be influenced by a decline in average prices, as the company expanded into the catering and lower-tier markets, which pressured prices [1] Product Breakdown - For 2024, revenue from Haitian's soy sauce, seasoning sauce, oyster sauce, and other products was 13.76 billion, 2.67 billion, 4.62 billion, and 4.09 billion yuan respectively, with year-on-year growth rates of 8.9%, 10.0%, 8.6%, and 16.8% [1] - In Q4, the revenue growth for soy sauce, seasoning sauce, oyster sauce, and other products was 13.6%, 13.2%, 15.4%, and 7.1% respectively [1] Margin and Cost Factors - Despite a 2.5% decline in the price per ton of soy sauce, the volume sold increased by 11.6%, indicating a strategic focus on market share over pricing [1] - The gross margin for Haitian improved by 2.3 percentage points to 37.0% due to a decrease in raw material prices and economies of scale [1] Competitive Landscape - In contrast, Qianhe Flavor Industry faced operational pressures, with a revenue of 2.288 billion yuan for the first three quarters of 2024, down 1.85% year-on-year, and a net profit of 0.352 billion yuan, down 9.19% [4] - Qianhe's soy sauce revenue declined by 2.44% to 1.435 billion yuan, attributed to intensified price competition leading to proactive inventory management and price restructuring [4] Market Trends - The performance disparity between Haitian and Qianhe may be more related to the trend of cost-effectiveness rather than public perception [5]