Gelonghui, May 17 | Changjiang Securities Research Report indicates that Haitian Flavour Industry (603288.SH) has been under heavy performance pressure during the inventory removal phase for more than a year, but it has reached a turning point in 2024Q1. At the same time, cost pressure on raw and auxiliary ingredients for condiments has weakened marginally since the second half of 2023, and is expected to continue to bring about profit improvements in 2024. The business plan formulated by the company (revenue of 27.51 billion yuan, profit of 6.23 billion yuan) still adheres to the double-digit growth target. Furthermore, the company's dividend ratio in 2023 increased to 65% compared to about 50% in the past 4 years, and shareholder returns have increased dramatically, and the value is outstanding. The company's net profit for 2024/2025 is estimated to be 63.15/6.828 billion yuan, respectively, 1.14/1.23 yuan for EPS, and 35/32 times for PE, respectively, to maintain a “buy” rating. Currently, the B-side recovery of condiments continues to maintain its gradual characteristics, while the C-side consumption upgrade shows a preference for cost performance (high quality+preferential price).