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研報掘金丨中信建投:海天味業Q4經營環比Q3進一步提速,2024年度分紅率提升至75%
格隆匯 04-14 14:51
中信建投證券研報指出,海天味業(603288.SH)Q4經營環比Q3進一步提速,營收同比增長10.03%,歸母淨利潤同比增長17.82%。分產品看,醬油、調味醬、蠔油在Q4單季分別增長13.57%/13.17%/15.38%, 而其他調味品增速(7.13%)相對放緩。全年成本改善,Q4毛利率同比提升5.33pcts,而競爭加劇公司增加市場費用,銷售費用率增加1.72pcts,歸母淨利率提升1.56pcts。2024年度分紅率進一步提升至75%,展現公司對股東穩定回報的重視。公司作為行業龍頭企業,短期經歷經營陣痛後加速內部調整,以消費者需求為起點,產銷端同步推進系統性變革。產品方面,圍繞用户對質價比及健康便捷的需求,加快一系列新品的推出;渠道端則在強化原有渠道網絡基礎上,加強在電商、團購、工業等渠道的拓展力度;同時,引入數字化技術進一步提升內部運營效率,不斷打磨精益運營能力。
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