HAI TIAN(603288) 中国银河·2024-10-31 12:01Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a revenue of 20.4 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.4%. The net profit attributable to shareholders was 4.81 billion yuan, up 11.2% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 6.24 billion yuan, a year-on-year growth of 9.8%, with a net profit of 1.36 billion yuan, reflecting a 10.5% increase year-on-year [1][2]. - The company is experiencing continuous operational improvement, driven by internal reforms and the successful launch of new products and channels [2]. Summary by Sections Financial Performance - For Q3 2024, the revenue breakdown by product categories showed soy sauce, seasoning sauce, oyster sauce, and others growing by 8.7%, 10.2%, 7.8%, and 15.1% respectively. The eastern region performed particularly well with a revenue increase of 19.9% [2]. - The gross margin for Q3 2024 was 36.6%, an increase of 2.1 percentage points year-on-year, attributed to lower costs of soybeans and packaging materials [2]. - The net profit margin for Q3 2024 was 21.8%, showing stability with a slight increase of 0.1 percentage points year-on-year [2]. Future Outlook - Short-term expectations for Q4 2024 indicate continued revenue growth due to the ongoing effects of internal reforms and early preparations for the Spring Festival [3]. - Long-term strategies include optimizing customer structure, channel recovery, and exploring health-oriented products such as low-sugar and low-salt seasonings [3]. - The profit forecasts for 2024 to 2026 are adjusted to 6.26 billion, 7.05 billion, and 8.07 billion yuan respectively, with corresponding PE ratios of 39, 35, and 30 times [3][8].