HAI TIAN(SH:603288) Guoyuan Securities·2024-09-02 12:00Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company reported a total revenue of 14.156 billion yuan in H1 2024, representing a year-on-year increase of 9.18%, with a net profit attributable to shareholders of 3.453 billion yuan, up 11.52% [3]. - The company has announced an employee stock ownership plan for 2024-2028, with a total of 800 participants and a special incentive fund of 184 million yuan, aiming for a net profit growth of no less than 10.80% in 2024 [3]. - The company experienced robust growth in its online sales, with H1 2024 online revenue increasing by 29.17% year-on-year [3]. Summary by Sections Financial Performance - In H1 2024, the company achieved total revenue of 14.156 billion yuan (+9.18%) and a net profit of 3.453 billion yuan (+11.52%) [3]. - For Q2 2024, total revenue was 6.462 billion yuan (+7.98%) and net profit was 1.534 billion yuan (+11.12%) [3]. - The company’s revenue from soy sauce, seasoning sauce, oyster sauce, and other products in H1 2024 was 7.264 billion, 1.452 billion, 2.322 billion, and 2.146 billion yuan, respectively, with year-on-year growth rates of +6.85%, +8.55%, +5.71%, and +22.31% [3]. Growth Drivers - The company’s offline revenue grew by 8.26% year-on-year in H1 2024, while online revenue surged by 29.17% [3]. - The southern region showed the highest growth rate, with H1 2024 revenue of 2.657 billion yuan (+17.46%) [3]. - The number of distributors increased by 83 in H1 2024, indicating a recovery in distributor numbers [3]. Profitability and Costs - The gross profit margin for H1 2024 was 36.86%, an increase of 0.95 percentage points year-on-year, while the net profit margin was 24.39%, up 0.51 percentage points [3]. - The company’s selling, general, and administrative expenses increased, with the selling expense ratio rising due to higher labor and advertising costs [3]. - Other income contributed positively to profits, with H1 2024 other income ratio at 0.68%, up 0.46 percentage points year-on-year [3]. Future Projections - The company is projected to achieve net profits of 6.235 billion, 6.887 billion, and 7.589 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.81%, 10.46%, and 10.20% [3][4]. - The corresponding price-to-earnings ratios for these years are expected to be 33, 30, and 27 times [3].