高盛发布海天味业2026年三季报点评，认为在餐饮渠道高度暴露、需求偏弱的背景下，公司收入端仍显韧性，但当季净利润与核心经营利润同比下滑，明显低于该行预期。分品类看，酱油、蚝油等核心调味品销售弱于预期，主要受餐饮需求低迷与竞争加剧压制，蚝油因消费场景较窄承压更明显；风味酱保持相对稳健，特色调味品及其他品类增速放缓。毛利率同比收窄，主因大豆、PET等原材料价格上行，公司目前尚未决定提价但正在评估相关选项。销售费用率与管理费用率同步上升，费用杠杆弱化进一步加剧利润率压力。分区域看，中部区域压力最大，东部次之，南部相对稳健。该行下调2026至2028年收入及净利润预测，并下调A股与H股12个月目标价，H股维持买入评级，A股维持中性，认为H股相对A股折价明显、股息率具吸引力。风险包括餐饮复苏慢于预期、竞争加剧、原材料价格波动及食品安全事件。
Goldman Sachs reviews Foshan Haitian's 3Q26 results: sales were broadly flat year on year and in line with expectations, showing resilient topline despite high on-trade exposure and weak catering demand, while net profit and core operating profit declined year on year and missed forecasts. Soy sauce and oyster sauce sales came in softer than expected on muted catering demand and intensified competition, while flavored sauce held up and specialty condiments slowed. Gross margin contracted on higher soybean and PET costs, with no price hike decided yet although options are under review, and rising selling and admin expense ratios added to margin pressure. Central and east regions were weakest, with the south relatively resilient. The analyst cuts 2026-28 sales and net profit forecasts and lowers 12-month target prices for both A- and H-shares, reiterating Buy on the H-share and Neutral on the A-share given the H-share discount and attractive dividend yield. Key risks include slower cater