HAI TIAN(603288) 东吴证券·2024-10-28 20:30Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's Q3 2024 performance met expectations, with total revenue of 20.399 billion yuan, a year-on-year increase of 9.4%, and a net profit attributable to shareholders of 4.815 billion yuan, up 11.2% year-on-year [1][2] - The growth in major product categories remains stable, with soy sauce, seasoning sauce, oyster sauce, and other condiments showing year-on-year revenue growth of +8.7%, +10.2%, +7.8%, and +15.1% respectively in Q3 2024 [2] - Online sales have seen significant growth, with a year-on-year increase of 45% in Q3 2024, while offline sales grew by 8.1% [2] - The company's gross profit margin improved to 36.6% in Q3 2024, an increase of 2.1 percentage points year-on-year, attributed to declining raw material prices [3] - The leadership transition was successfully completed, and the company aims for balanced growth in revenue and profit during the 14th Five-Year Plan period [3] Financial Performance Summary - For Q3 2024, the company achieved a gross revenue of 6.243 billion yuan, a year-on-year increase of 9.8%, and a net profit of 1.362 billion yuan, up 10.5% year-on-year [1][2] - The company forecasts revenue for 2024-2026 to be 27.585 billion yuan, 30.570 billion yuan, and 33.683 billion yuan respectively, with year-on-year growth rates of +12%, +11%, and +10% [4] - The net profit attributable to shareholders is projected to be 6.194 billion yuan, 6.969 billion yuan, and 7.708 billion yuan for 2024-2026, with corresponding growth rates of +10%, +13%, and +11% [4]