HAI TIAN(SH:603288) EBSCN·2024-10-30 01:20Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company has shown steady revenue growth, with a 9.4% year-on-year increase in revenue to 20.4 billion yuan and an 11.2% increase in net profit to 4.81 billion yuan for the first three quarters of 2024 [1]. - The main product categories, including soy sauce, seasoning sauce, and oyster sauce, have demonstrated stable growth, attributed to improved product quality and channel reforms [1]. - The company is expanding its dealer network, with a total of 6,722 dealers as of Q3 2024, an increase of 131 from the beginning of the year [1]. - Online sales have surged by 34.5% year-on-year, indicating a strong performance in e-commerce channels [1]. - The gross profit margin has improved, reaching 36.8% for the first three quarters of 2024, driven by lower raw material costs [1]. - The management transition completed in September 2024 is expected to gradually release reform dividends, enhancing product competitiveness and market strength [1]. Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 6.24 billion yuan, a 9.8% increase year-on-year, and a net profit of 1.36 billion yuan, up 10.5% [1]. - The revenue growth for major product categories in the first three quarters of 2024 was as follows: soy sauce (+7.4%), seasoning sauce (+9.0%), oyster sauce (+6.4%), and other products (+19.9%) [1]. - The company’s revenue by region showed strong performance in the southern region, with a 14.4% year-on-year increase [1]. Cost and Profitability - The gross profit margin for the first three quarters of 2024 was 36.8%, reflecting a 1.3 percentage point increase year-on-year [1]. - The company’s net profit margin for the first three quarters was 23.6%, an increase of 0.4 percentage points year-on-year [1]. Management and Strategy - The management transition in September 2024 is expected to enhance the company's reform efforts and product competitiveness [1]. - Future strategies include improving product quality, expanding product specifications, and innovating raw materials to develop new products [1]. Earnings Forecast and Valuation - The company’s revenue forecasts for 2024-2026 are 26.82 billion yuan, 29.28 billion yuan, and 32.10 billion yuan, respectively, with net profits projected at 6.24 billion yuan, 6.91 billion yuan, and 7.69 billion yuan [1]. - The current stock price corresponds to a PE ratio of 40x for 2024, 36x for 2025, and 33x for 2026 [1].