HAI TIAN(SH:603288) Changjiang Securities·2024-09-09 06:10Investment Rating - The investment rating for the company is "Buy" and is maintained [5] Core Views - The company reported a total revenue of 14.156 billion yuan for H1 2024, representing a year-on-year increase of 9.18%, and a net profit attributable to shareholders of 3.453 billion yuan, up 11.52% year-on-year [6][7] - The company has launched an employee stock ownership plan for 2024-2028, targeting up to 800 management and key employees, with a performance target of at least 10.7% growth in net profit for the year [6][8] - The company expects net profits of 6.315 billion yuan and 6.828 billion yuan for 2024 and 2025, respectively, with corresponding EPS of 1.14 yuan and 1.23 yuan, maintaining a PE valuation of 31 and 29 times [8] Summary by Sections Financial Performance - For H1 2024, total revenue was 14.156 billion yuan, with a net profit of 3.453 billion yuan and a non-recurring net profit of 3.325 billion yuan [6][7] - In Q2 2024, total revenue was 6.462 billion yuan, with a net profit of 1.534 billion yuan and a non-recurring net profit of 1.465 billion yuan [6][7] Product and Channel Analysis - Revenue from soy sauce was 7.264 billion yuan (up 6.85% year-on-year), from seasoning sauces was 1.452 billion yuan (up 8.55%), and from oyster sauce was 2.322 billion yuan (up 5.71%) for H1 2024 [7] - Online channel revenue increased by 29.17% year-on-year, while offline channel revenue grew by 8.26% [7] Cost and Profitability - The company's net profit margin improved by 0.51 percentage points to 24.39% in H1 2024, with a gross margin increase of 0.95 percentage points to 36.86% [7][8] - Cost improvements in raw materials contributed to the enhancement of gross margins, while increased marketing investments bolstered market competitiveness [7][8] Strategic Initiatives - The company is focusing on expanding its product lines and increasing the number of distribution channels, with a total of 6,674 distributors by the end of H1 2024, an increase of 168 from the previous quarter [7][8] - The implementation of the employee stock ownership plan is expected to enhance strategic execution and employee motivation [8]