HAI TIAN(SH:603288) Guoxin Securities·2024-08-31 13:03Investment Rating - The investment rating for the company is "Outperform the Market" [4][10] Core Views - The company reported a revenue growth of 11.52% year-on-year for the first half of 2024, with total revenue reaching 14.156 billion yuan [5][10] - The second quarter revenue increased by 7.98% year-on-year, with total revenue of 6.462 billion yuan [5][10] - The company is implementing an employee stock ownership plan for 2024-2028 to support long-term development [6][10] Financial Performance - For the first half of 2024, the company achieved a net profit of 3.453 billion yuan, a year-on-year increase of 11.52% [5][10] - The gross profit margin for Q2 2024 was 36.33%, an increase of 1.60 percentage points year-on-year [5][10] - The net profit margin for Q2 2024 was 23.7%, up by 0.7 percentage points year-on-year [5][10] Revenue Breakdown - In Q2 2024, revenue from soy sauce, seasoning sauce, oyster sauce, and others was 3.18 billion, 0.65 billion, 1.04 billion, and 1.08 billion yuan respectively, with year-on-year growth rates of +3.0%, +11.3%, +1.3%, and +22.6% [5][10] - Offline and online channels generated revenues of 5.63 billion and 0.31 billion yuan respectively, with year-on-year growth rates of +5.3% and +38.1% [5][10] Future Projections - The company expects to achieve total revenue of 27.52 billion yuan in 2024, with a year-on-year growth of 12.0% [10] - The projected net profit for 2024 is 6.382 billion yuan, reflecting a year-on-year increase of 13.4% [10] - The earnings per share (EPS) for 2024 is estimated at 1.15 yuan, with corresponding price-to-earnings (PE) ratios of 29.6, 27.0, and 24.9 for 2024, 2025, and 2026 respectively [10][11]