HAI TIAN(SH:603288) Guohai Securities·2024-10-29 12:49Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][6][9] Core Views - The company has shown steady growth across all product categories, with significant revenue increases in soy sauce, seasoning sauce, oyster sauce, and others, driven by seasonal consumption and improved market share in the catering sector [2][3] - The company has successfully implemented channel reforms, resulting in a year-on-year revenue growth of 8.12% in offline channels and a remarkable 45.42% growth in online sales for Q3 2024 [2][3] - The new management team is expected to enhance long-term development, with a focus on channel reform and rapid growth in new product categories [4][6] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 20.399 billion, representing a year-on-year increase of 9.38%, and a net profit attributable to shareholders of 4.815 billion, up 11.23% [2][3] - In Q3 2024, the company reported revenue of 6.243 billion, a year-on-year increase of 9.83%, and a net profit of 1.36 billion, reflecting a growth of 10.5% [2][3] - The gross profit margin for Q3 2024 was 36.61%, an increase of 2.07 percentage points year-on-year, attributed to lower raw material costs and improved channel efficiency [3][4] Earnings Forecast - The company is projected to achieve revenues of 27.2 billion, 29.8 billion, and 31.8 billion for 2024, 2025, and 2026 respectively, with net profits expected to be 6.232 billion, 6.799 billion, and 7.549 billion for the same years [6][7][9] - The earnings per share (EPS) are forecasted to be 1.12, 1.22, and 1.36 for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 40, 37, and 33 [6][7][9]