HAI TIAN(SH:603288) ZHONGTAI SECURITIES·2024-10-30 01:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady revenue growth, with a continued upward operational cycle [1] - The report highlights that the company's main business is steadily growing, with all three major product categories accelerating on a quarter-over-quarter basis [1] - The company achieved a revenue of 20.399 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 9.38% [1] - The net profit attributable to the parent company for the same period was 4.815 billion yuan, reflecting a year-on-year increase of 11.23% [1] Financial Performance Summary - Revenue Forecasts: - 2022A: 25,610 million yuan - 2023A: 24,559 million yuan - 2024E: 27,059 million yuan (10% growth) - 2025E: 29,769 million yuan (10% growth) - 2026E: 32,431 million yuan (9% growth) [1] - Net Profit Forecasts: - 2022A: 6,198 million yuan - 2023A: 5,627 million yuan - 2024E: 6,256 million yuan (11% growth) - 2025E: 6,932 million yuan (11% growth) - 2026E: 7,588 million yuan (9% growth) [1] - Earnings Per Share (EPS): - 2022A: 1.34 yuan - 2023A: 1.01 yuan - 2024E: 1.12 yuan - 2025E: 1.25 yuan - 2026E: 1.36 yuan [1] - Gross Margin: - The gross margin for the company improved year-on-year, primarily due to a decrease in raw material prices [1] - Market Performance: - The company’s stock price as of October 28, 2024, was 45.37 yuan, with a market capitalization of approximately 252.28 billion yuan [1] Segment Performance - Product Categories: - Revenue from soy sauce, seasoning sauce, and oyster sauce for Q3 2024 was 30.75 billion yuan, 5.83 billion yuan, and 11.05 billion yuan, respectively, with year-on-year growth rates of 8.72%, 10.17%, and 20.34% [1] - Regional Performance: - The company achieved revenue growth across various regions, with notable increases in the eastern, southern, central, northern, and western regions [1]