HAI TIAN(SH:603288) Southwest Securities·2024-09-02 05:52Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported strong Q2 performance with revenue of 64.6 billion yuan, up 8% year-on-year, and a net profit of 15.3 billion yuan, up 11.1% year-on-year, exceeding market expectations [2] - The employee stock ownership plan for 2024-2028 is expected to boost confidence among employees and align their interests with the company's performance [3] - The company has effectively managed channel inventory, leading to significant revenue growth despite a weak external demand environment [2][3] Summary by Sections Financial Performance - For H1 2024, the company achieved revenue of 141.6 billion yuan, a year-on-year increase of 9.2%, and a net profit of 34.5 billion yuan, up 11.5% [2] - Q2 revenue breakdown: soy sauce (31.8 billion yuan, +3%), seasoning sauce (6.5 billion yuan, +11.3%), oyster sauce (10.4 billion yuan, +1.2%), and other products (10.8 billion yuan, +22.5%) [2] - The overall gross margin for H1 2024 was 36.9%, an increase of 0.9 percentage points year-on-year, with Q2 gross margin at 36.3%, up 1.6 percentage points year-on-year [2] Market Strategy - The company is focusing on expanding its product categories, including vinegar and cooking wine, while maintaining its core products like soy sauce and oyster sauce [3] - The B-end performance is expected to recover due to the resurgence of the catering channel, while the C-end is accelerating the introduction of new products with no additives [3] Earnings Forecast - EPS is projected to be 1.12 yuan, 1.24 yuan, and 1.37 yuan for 2024, 2025, and 2026 respectively, with corresponding dynamic PE ratios of 33x, 30x, and 27x [3][4]