HAI TIAN(SH:603288) Guoxin Securities·2024-10-29 02:10Investment Rating - The investment rating for the company is "Outperform the Market" [3][13]. Core Views - The company reported a revenue growth of 9.83% year-on-year in the third quarter of 2024, with total revenue for the first three quarters reaching 20.399 billion yuan, an increase of 9.38% year-on-year [4][5]. - The company has shown improvements in its soy sauce and offline channel performance, reflecting the effects of previous channel adjustments [5][6]. - Gross margin improved to 36.6%, up 2.1 percentage points year-on-year, primarily due to a decline in the cost of raw materials [5][6]. - The employee stock ownership plan is expected to enhance team cohesion and support long-term development [6]. Financial Performance Summary - For the third quarter of 2024, the company achieved total revenue of 6.243 billion yuan, with a net profit of 1.362 billion yuan, reflecting a year-on-year increase of 10.50% [4][5]. - The company’s net profit margin for the third quarter was 21.8%, maintaining a high level of profitability [5]. - The company’s revenue projections for 2024-2026 are adjusted to 26.890 billion, 29.636 billion, and 32.362 billion yuan, with expected year-on-year growth rates of 9.5%, 10.2%, and 9.2% respectively [8][9]. Earnings Forecast - The forecasted earnings per share (EPS) for 2024-2026 are 1.12, 1.23, and 1.33 yuan, with corresponding price-to-earnings (PE) ratios of 40.4, 36.8, and 34.0 times [8][9]. - The company’s return on equity (ROE) is projected to be 19.7% for 2024, with a slight decline in subsequent years [11]. Market Position - The company’s market capitalization is approximately 252.284 billion yuan, with a closing price of 45.37 yuan [3]. - The company has a competitive position in the seasoning and condiment industry, with a focus on brand and channel strength [6].