HAI TIAN(SH:603288) Huaxin Securities·2024-09-01 12:15Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The company has shown a dual increase in revenue and profit, with H1 2024 revenue reaching 14.156 billion yuan (up 9% year-on-year) and net profit attributable to shareholders at 3.453 billion yuan (up 12% year-on-year) [6] - The introduction of an employee stock ownership plan aims to enhance team motivation and align employee interests with company performance [8] - The company is focusing on optimizing its distribution channels and has seen positive results from new product development, with significant growth in various product categories [7] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 141.56 billion yuan, with a net profit of 34.53 billion yuan, reflecting a 12% increase [6] - The gross margin improved to 36.33% in Q2 2024, an increase of 2 percentage points, due to a decline in raw material costs [6] Product and Channel Development - Revenue from soy sauce, seasoning sauce, oyster sauce, and other categories in Q2 2024 was 3.179 billion, 651 million, 1.041 billion, and 1.080 billion yuan respectively, with notable growth in seasoning sauce and other categories [7] - The company has streamlined its offline distribution channels, resulting in a net increase of 83 distributors, totaling 6,674 by the end of H1 2024 [7] Employee Incentives - The employee stock ownership plan for 2024-2028 involves up to 800 participants, with a funding source of 184.35 million yuan from the company's incentive fund [8] Earnings Forecast - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to 1.12, 1.21, and 1.30 yuan respectively, with corresponding price-to-earnings (PE) ratios of 33, 31, and 29 times [9]