研報掘金丨海通國際:維持海天味業“優於大市”評級,目標價50.4元
海通國際研報指出,海天味業(603288.SH)經典品類迭代升級與新品快速滲透爲業績增長提供抓手。供應鏈柔性變革與銷售網絡強化下沉提升長期競爭力。考慮到醬油產品釀造週期爲1-2個季度,預計公司成本紅利有望延續。港股上市爲國際化戰略奠定基礎。公司有序推進海外佈局,中長期公司業績有望受益於消費基礎良好、調味品需求旺盛的海外市場。在拓展節奏上,公司延續此前風格,穩紮穩打,實施本地化經營戰略,穩步探索、開發差異化核心單品、精準把握海外市場增長機會。根據公司在生產規模優勢、渠道掌控優勢,以及股東結構,給予公司40XPE,對應目標價50.40元(原爲42.8元,2024年35X PE ,+18%),維持“優於大市”評級。
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