HAI TIAN(603288) 国海证券·2024-08-31 03:06Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a positive performance in Q2 2024, with all product categories achieving growth despite a challenging restaurant environment. Revenue from soy sauce, seasoning sauce, oyster sauce, and other products reached 3.179 billion, 651 million, 1.041 billion, and 1.08 billion yuan respectively, with year-on-year growth of 3%, 11.3%, 1.2%, and 22.5% [3][4] - The company is enhancing customized services for large clients and has seen a recovery in offline channels, with a total of 6,674 distributors after adding 168 new ones in Q2 2024. Online sales also grew significantly, with a year-on-year increase of 38.2% [3][4] - The company's gross profit margin improved to 36.33% in Q2 2024, up 1.6 percentage points year-on-year, attributed to lower raw material costs and improved operational efficiency [4][5] Summary by Sections Financial Performance - For H1 2024, the company reported revenue of 14.156 billion yuan, a year-on-year increase of 9.18%, and a net profit attributable to shareholders of 3.453 billion yuan, up 11.52% [5][6] - In Q2 2024, revenue was 6.462 billion yuan, with a net profit of 1.534 billion yuan, reflecting year-on-year growth of 7.98% and 11.12% respectively [5][6] Employee Stock Ownership Plan - The company announced an employee stock ownership plan for 2024-2028, targeting a net profit growth of no less than 10.8% year-on-year for unlocking performance targets [6][7] Earnings Forecast - The company is expected to achieve revenues of 27.2 billion, 29.8 billion, and 31.8 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 6.232 billion, 6.799 billion, and 7.548 billion yuan [7][8] - The estimated EPS for the same years is 1.12, 1.22, and 1.36 yuan, with corresponding P/E ratios of 30, 28, and 25 [8][9]