HAI TIAN(603288) 西南证券·2024-11-01 07:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a steady revenue growth of 9.4% year-on-year, reaching 20.4 billion yuan in the first three quarters of 2024, with a net profit attributable to shareholders of 4.81 billion yuan, up 11.2% year-on-year [1] - In Q3 2024, the company achieved a revenue of 6.24 billion yuan, reflecting a year-on-year increase of 9.8%, and a net profit of 1.36 billion yuan, up 10.5% year-on-year, aligning with market expectations [1] Summary by Sections Revenue and Profitability - The company's main products, including soy sauce, seasoning sauce, oyster sauce, and others, generated revenues of 3.08 billion, 0.58 billion, 1.11 billion, and 1.08 billion yuan in Q3, with year-on-year growth rates of 8.7%, 10.2%, 7.8%, and 15.1% respectively [2] - The overall gross margin for the first three quarters was 36.8%, an increase of 1.3 percentage points year-on-year, with Q3 gross margin rising by 2.1 percentage points to 36.6% [3] - The net profit margin for Q3 was 21.8%, reflecting a year-on-year increase of 0.1 percentage points [3] Market Dynamics and Growth Drivers - The company is focusing on expanding its product categories, including vinegar and cooking wine, while leveraging its platform and channel advantages to increase market share [4] - The recovery in the restaurant channel is expected to support continued performance improvement, and the company has optimized its channel inventory, restoring distributor confidence [4] Financial Forecasts - The company forecasts earnings per share (EPS) of 1.12 yuan, 1.24 yuan, and 1.37 yuan for 2024, 2025, and 2026 respectively, with corresponding dynamic price-to-earnings (PE) ratios of 39, 35, and 32 [4][5] - Revenue projections for 2024 to 2026 are 245.59 billion, 270.03 billion, and 295.07 billion yuan, with growth rates of 9.95%, 9.27%, and 8.51% respectively [5]