HAI TIAN(SH:603288) Jin Rong Jie·2025-04-02 23:40Core Insights - Haidilao achieved a revenue of 26.901 billion yuan in 2024, representing a year-on-year growth of 9.53%, and a net profit of 6.344 billion yuan, up 12.75% year-on-year, indicating strong performance despite underlying challenges [1] Group 1: Revenue Growth and Market Competition - Revenue growth has slowed down, with a 9.53% increase in 2024 compared to a decline of 4.10% in 2023, but this is significantly lower than the growth rates of 9.71% in 2021 and 15.13% in 2020, suggesting weakened growth momentum in the seasoning market [4] - The company maintains a leading position in traditional categories such as soy sauce, oyster sauce, and seasoning sauces, but faces increasing competition from emerging and regional brands that are gradually eroding market share [4] - The company has not established a clear competitive advantage in the specialty seasoning sector, which may lead to future growth challenges [4] Group 2: R&D Investment and Technological Innovation - In 2024, R&D expenses amounted to 840 million yuan, accounting for 3.12% of total revenue, which, while still leading the industry, represents a decrease from 3.47% in 2023, indicating a reduction in investment in technological innovation [5] - Although the company has made breakthroughs in core fermentation technology, strain selection, and key brewing equipment, the efficiency of converting these technological achievements into marketable products needs improvement [6] - The application of AI bean face recognition technology and "smart nose" sensing systems has improved production efficiency and quality control, but consumer awareness of these technologies remains low, failing to significantly enhance brand premium [6] Group 3: Internationalization Strategy - The company's internationalization strategy has progressed slowly, with limited success in expanding overseas markets, despite plans to enhance international influence through a Hong Kong stock listing [7] - The primary market remains concentrated in China, with overseas revenue accounting for a very small proportion, highlighting a significant gap in brand internationalization and product localization compared to global seasoning giants [7] - Challenges such as cultural differences and policy risks must be effectively addressed to improve the effectiveness of overseas market expansion [7]