freebingogamesdownloadforfun| The profits of "No. 1 Soy Sauce Brother" have declined for two consecutive years, and a target of increasing income and profits has been set in 2024.

The sea and sky flavor industry is facing.FreebingogamesdownloadforfunThe pressure on earnings growth eased in the first quarter of 2024.

April 26th, "Brother Soy Sauce" Haitian Flavor Industry (603288Freebingogamesdownloadforfun.SH) issue of the 2023 annual report. In 2023, the company realized operating income of about 24.559 billion yuan, down 4.1% from the same period last year; net profit belonging to shareholders of listed companies was about 5.627 billion yuan, down 9.21% from the same period last year.

Although Haitian Flavor has declined its net profit for two consecutive years in 2022 and 2023, it has set a big target in its annual report for 2024. In 2024, the company plans to have an operating income target of 27.51 billion yuan and a net profit target of 6.23 billion yuan. In 2024 and throughout the fourth five-year Plan period, the company will strive to cultivate more high-quality products, large items, lead each category of faster and better development, with personalized, diversified, high-quality products, embrace the trend to win increment.

Haitian is a leading enterprise in the condiment industry, covering more than 200 specifications and varieties of eight series, such as soy sauce, oyster sauce, vinegar, sauce, chicken essence, monosodium glutamate, oil, small condiments and so on. However, the revenue of all kinds of main products of Haitian flavor industry has declined to varying degrees in 2023.

According to the financial report, in 2023, the business income of soy sauce, seasoning sauce and oyster sauce in Haitian flavor industry was about 12.637 billion yuan, 2.427 billion yuan and 4.251 billion yuan respectively, down 8.83%, 6.08% and 3.74% respectively from the same period last year. The gross profit margins of soy sauce, seasoning sauce and oyster sauce were 42.63%, 35.49% and 29% respectively, of which the gross profit margin of soy sauce increased slightly compared with the same period last year, while that of seasoning sauce and oyster sauce decreased.

As for the decline in revenue and gross profit margin, Haitian Flavor said it was mainly due to the decline in sales scale and the impact of category structure. The company also said that 2023 is a year in great need of endurance and stamina, and the innovation of business models, the acceleration of technological innovation and the restructuring of consumers are all taking place.

From the perspective of sales channels, Haitian Flavor Industry promoted the integrated development of online and offline in 2023, and the business revenue of online channels was about 889 million yuan, down 10.06% from the same period last year, mainly due to the optimization of the product matrix of online channels. Offline channels achieved business revenue of about 21.926 billion yuan, down 3.86% from the same period last year.

At the end of 2021, the Haitian flavor industry raised the ex-factory prices of some products such as soy sauce, oyster sauce and sauces, and the adjustment range of the main products varied from 3% to 7%. However, from the perspective of financial performance, the price increase over the past two years to boost the performance is not obvious, and even the performance is not as good as before the price increase.

As early as November 2023, when Haitian Flavor Industry released its three-quarter report, the relevant management of the company analyzed the challenges faced by the company: "the condiment industry is a fully competitive industry, which has been affected by the external environment and the economic cycle in recent years. The development of the industry has also been affected to a certain extent, but as an industry with rigid demand for people's livelihood, with the gradual recovery of economy and consumption, the industry is still expected to maintain growth." The management also said that the price increase takes into account a variety of factors, such as cost changes, sales strategy, and sustainable development of the enterprise, and the effect of the price increase on gross profit and profit is not significant, mainly due to the higher-than-expected increase in cost in recent years. "

However, the growth pressure on the Haitian flavor industry eased in the first quarter of 2024.

The first quarterly report for 2024, released at the same time as the annual report, showed that the company achieved operating income of 7.694 billion yuan, an increase of 10.21% over the same period last year, and a net profit of 1.919 billion yuan belonging to shareholders of listed companies, an increase of 11.85% over the same period last year.

The rebound in performance in the first quarter has a lot to do with the expansion of product categories in the Haitian flavor industry. It has already been reflected in the financial results of 2023. While revenue from main products such as soy sauce, sauce and oyster sauce declined, revenue from "other products" increased by 19.35%.

Since 2020, Haitian flavor industry began to add vinegar, cooking wine, grains, drinks, hot pot products and other categories in addition to the three main categories (soy sauce, seasoning sauce, oyster sauce). In 2020, Haitian flavor industry launched "hot pot @ ME" hot pot ingredients. In 2021, Haitian flavor industry launched the edible oil brand "Oil Commander". In addition, Haitian flavor industry has also launched a soy sauce-flavored ice cream product. Since 2023, Haitian has launched a series of "Universal Sauce" for kitchen rookies, as well as 100 small-volume products such as mini 0 Gold Standard Sauce, 200ml Straw Mushroom Sauce and 160g Haitian Tomato Sauce.

The company said in its annual report that the condiment industry has a long history and is in line with the national industrial policy as a livelihood industry. under the background of macroeconomic pressure, the condiment industry temporarily presents certain rigid demand characteristics, but there are also some challenges facing the future. In particular, consumers gradually upgrade their consumption demand for nutrition and health, and specific groups of people have subdivided demand because of their own characteristics, and also have subdivided demand under specific use scenarios. Market demand is changing, and established enterprises must also change with time, keenly grasp the new growth points brought about by new trends, in order to constantly create new products that respond to market demand in time and seize new market opportunities.

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