HAI TIAN(SH:603288) KAIYUAN SECURITIES·2024-08-31 03:10Investment Rating - Investment rating: Buy (maintained) [2] Core Views - The company reported stable revenue and profit performance in Q2 2024, with a year-on-year revenue growth of 9.2% and net profit growth of 11.5% in H1 2024 [2][3] - The introduction of an employee stock ownership plan is expected to enhance employee motivation and engagement [5] Revenue and Profit Performance - In H1 2024, revenue from soy sauce, seasoning sauce, and oyster sauce grew by 6.9%, 8.6%, and 5.7% respectively, while revenue from vinegar and compound seasonings increased by 22.3% [3] - Revenue growth by region in H1 2024: Southern region up 17.5%, Eastern region up 8.0%, Central region up 6.7%, Northern region up 6.2%, and Western region up 8.4% [3] - Online channel revenue grew by 29.2% in H1 2024, while offline channel revenue increased by 8.3% [3] Cost and Profitability - In Q2 2024, the company's gross margin and net margin were 36.3% and 23.8% respectively, reflecting year-on-year increases of 1.6 percentage points and 0.7 percentage points [4] - The improvement in gross margin was primarily due to a decrease in raw material costs, such as soybeans [4] Employee Stock Ownership Plan - The employee stock ownership plan covers up to 800 individuals, with a total holding ratio for directors, supervisors, and senior management not exceeding 15% [5] - The funding for the 2024 plan is sourced from a special incentive fund of 184.35 million yuan [5] - The plan's performance target for 2024 is a year-on-year net profit growth of no less than 10.8% [5]