HAI TIAN(SH:603288) Huaan Securities·2024-09-01 05:30Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported its 2024 half-year results, with Q2 revenue of 6.462 billion (up 7.98%) and net profit attributable to shareholders of 1.534 billion (up 11.12%) [2] - The performance slightly exceeded expectations, with H1 revenue of 14.156 billion (up 9.18%) and net profit attributable to shareholders of 3.453 billion (up 11.52%) [2] - The employee stock ownership plan boosts confidence, and ongoing reforms are yielding results, with a diversified product line and enhanced channel strategies expected to drive future growth [5] Revenue Summary - Q2 revenue from soy sauce, seasoning sauce, oyster sauce, and others was 3.179 billion, 0.651 billion, 1.041 billion, and 1.080 billion respectively, with year-on-year increases of 3%, 11%, 1%, and 23% [3] - Online channel contribution reached 5.29%, up 1.21 percentage points year-on-year, indicating enhanced channel diversification [3] Profitability Summary - Q2 gross margin was 36.33%, up 1.6 percentage points year-on-year, benefiting from a decline in bulk raw material prices [4] - Q2 net profit margin attributable to shareholders was 22.67%, up 0.46 percentage points year-on-year, with increased sales expenses offsetting cost advantages [4] Earnings Forecast - Projected revenues for 2024-2026 are 27.085 billion, 29.862 billion, and 32.937 billion, reflecting year-on-year growth of 10.3% for each year [5] - Projected net profits for the same period are 6.227 billion, 6.874 billion, and 7.704 billion, with year-on-year growth of 10.7%, 10.4%, and 12.1% respectively [5] - Corresponding P/E ratios are expected to be 30, 28, and 25 [5]