HAI TIAN(603288) 华鑫证券·2024-10-30 07:30Investment Rating - The report maintains a "Buy" investment rating for the company [2] Core Views - The company has demonstrated stable performance with a revenue increase of 9% year-on-year, reaching 20.399 billion yuan in the first three quarters of 2024, and a net profit increase of 11%, totaling 4.815 billion yuan [1][2] - The company is actively promoting internal reforms, leading to steady revenue growth and a net profit margin increase to 21.84% [1] - The company has optimized its supply chain, enhancing manufacturing advantages, and has seen balanced growth across its product lines, with significant increases in online sales [1][2] Summary by Sections Performance Overview - In Q3 2024, the company achieved revenue of 6.243 billion yuan, a 10% increase year-on-year, with a net profit of 1.362 billion yuan, also up by 10% [1] - The gross profit margin improved by 2 percentage points to 36.61%, attributed to a decrease in raw material costs [1] Product and Channel Performance - Revenue from various product categories in Q3 2024: soy sauce (3.075 billion yuan, +9%), seasoning sauce (583 million yuan, +10%), oyster sauce (1.105 billion yuan, +8%), and other categories (1.019 billion yuan, +15%) [1] - Offline and online channel revenues were 5.445 billion yuan (+8%) and 336 million yuan (+45%), respectively, indicating a strong performance in both channels [1] Regional Performance - Revenue by region in Q3 2024: Eastern (1.175 billion yuan, +20%), Southern (1.153 billion yuan, +8%), Central (1.287 billion yuan, +12%), Northern (1.439 billion yuan, +8%), and Western (728 million yuan, -1%) [1] Earnings Forecast - The report slightly adjusts the EPS forecasts for 2024-2026 to 1.12, 1.22, and 1.33 yuan, respectively, with corresponding PE ratios of 40, 37, and 34 times [2]