HAI TIAN(603288) 民生证券·2024-10-29 08:00Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company reported a revenue of 20.399 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.38%. The net profit attributable to shareholders reached 4.815 billion yuan, up 11.23% year-on-year [1]. - The third quarter of 2024 saw a revenue of 6.243 billion yuan, with a year-on-year growth of 9.83%, and a net profit of 1.362 billion yuan, reflecting a 10.50% increase year-on-year [1]. - The company has shown steady revenue growth, with effective channel adjustments leading to an increase in sales across all product categories [1]. - The company has a strong brand moat and is expected to continue benefiting from ongoing reforms and a clear growth plan [1]. Financial Performance Summary - For Q3 2024, the company achieved a gross margin of 36.61%, an increase of 2.07 percentage points year-on-year, attributed to the decline in raw material prices and efficiency improvements [1]. - The company’s net profit margin for Q3 2024 was 21.81%, up 0.13 percentage points year-on-year [1]. - The projected revenues for 2024-2026 are 27.53 billion, 30.63 billion, and 33.90 billion yuan, with year-on-year growth rates of 12.1%, 11.3%, and 10.7% respectively [2][4]. - The net profit for the same period is expected to be 6.25 billion, 6.98 billion, and 7.76 billion yuan, with growth rates of 11.0%, 11.7%, and 11.2% respectively [2][4]. Market Position and Strategy - The company has successfully optimized its distribution channels, resulting in a net increase of 48 distributors in Q3 2024, totaling 6,722 distributors [1]. - The company is focusing on comprehensive reforms in products, channels, and terminal construction, which are expected to yield further growth [1]. - The management transition has been smooth, with the new leadership expected to continue the company's growth trajectory [1].