HAI TIAN(603288) 国泰君安·2024-10-29 13:50Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company's performance meets expectations, and it is expected to continue gaining market share amid supply chain reforms, aiming for a compound double-digit growth target in the "Four Five" plan [3][5]. Financial Summary - For Q3 2024, the company achieved revenue of 20.399 billion yuan, a year-on-year increase of 9.38%, and a net profit attributable to shareholders of 4.815 billion yuan, up 11.23% year-on-year [5]. - The Q3 single-quarter revenue was 6.243 billion yuan, with a year-on-year growth of 9.83%, and a net profit of 1.362 billion yuan, reflecting a 10.5% increase year-on-year [5]. - The gross margin for Q3 was 36.61%, an increase of 2.07% year-on-year, primarily due to the decline in raw material prices [5]. - The company expects EPS for 2024-2026 to be 1.12, 1.29, and 1.51 yuan, representing year-on-year growth of 10.8%, 14.9%, and 17.3% respectively [5]. Product and Channel Performance - Revenue growth for Q3 2024 by product category includes soy sauce (+8.7%), seasoning sauce (+10.2%), oyster sauce (+7.8%), and other categories (+15.1%) [5]. - Offline and online channel revenues grew by 8.1% and 45.4% year-on-year, respectively, with online growth attributed to supply chain reforms enhancing new retail capabilities [5]. Market Position and Strategy - The company is focusing on enhancing its overall supply chain capabilities, aiming to reduce costs and improve efficiency while aligning products with consumer trends [5]. - The number of distributors reached 6,722 by the end of Q3 2024, with a net increase of 48 distributors in the quarter [5].