海天味业：经营向上恢复，调整效果渐显

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].