HAI TIAN(603288) 首创证券·2024-09-13 10:03Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has returned to stable growth with ongoing internal reforms [1] - The company reported a revenue of 14.156 billion yuan for the first half of 2024, 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 [2] - The company is expected to achieve net profits of 6.27 billion yuan, 6.93 billion yuan, and 7.61 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 11%, 10.7%, and 9% [2][3] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a gross margin of 36.86%, an increase of 0.95 percentage points year-on-year, primarily due to a decrease in raw material costs and improved economies of scale [2] - The revenue from soy sauce, seasoning sauce, oyster sauce, and other products for the first half of 2024 was 7.264 billion yuan, 1.452 billion yuan, 2.322 billion yuan, and 2.146 billion yuan respectively, with year-on-year growth rates of +6.85%, +8.55%, +5.71%, and +22.31% [2] - The company’s total market capitalization is approximately 199.79 billion yuan, with a current price-to-earnings ratio of 33.39 and a price-to-book ratio of 7.13 [2] Market Position and Strategy - The company is actively responding to changes in the external consumption environment, with ongoing product and channel reforms [2] - The number of distributors increased to 6,674 by the end of the first half of 2024, reflecting successful adjustments and optimizations in the distributor team [2] - The company has launched an employee stock ownership plan for 2024-2028, which aims to enhance internal motivation and confidence in achieving higher quality growth [2]