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研報掘金丨天風證券:海天味業Q1增長穩健,維持“買入”評級

天風證券研報指出,海天味業(603288.SH)25Q1增長穩健,其他品類快速增長。25Q1線下/線上收入分別爲75.65/4.17億元(同比+8.95%/+43.20%),線上實現快速增長,收入佔比提升至5.22%。25Q1末經銷商同比+162家至6668家,平均經銷商收入同比+7.65%至119.70萬元/家,25Q1經銷商量質齊增。展望25年,三大主力產品有望維持穩健增長,其他品類有望繼續實現較快增長。同時公司在港股籌劃上市和出海動作有望爲公司帶來品牌提升和銷量新增量。維持“買入”評級。

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