海天味业（603288）：平稳开局，状态向好

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].