HAI TIAN(603288) 天风证券·2024-11-03 12:32Investment Rating - The report maintains a "Buy" rating for the company, with a target price set above the current price of 44.23 CNY [4]. Core Views - The company has demonstrated steady revenue growth, achieving a revenue of 20.3999 billion CNY and a net profit of 4.815 billion CNY in the first three quarters of 2024, representing year-on-year increases of 9.38% and 11.23% respectively [1]. - In Q3 2024, the company reported revenues of 6.243 billion CNY and a net profit of 1.362 billion CNY, with year-on-year growth rates of 9.83% and 10.50% [1]. - All major product categories have shown growth, with significant increases in soy sauce, seasoning sauce, oyster sauce, and other revenues [1]. - Online sales have surged, with a 45.42% year-on-year increase in online revenue, while offline sales grew by 8.12% [1]. - The company has improved the quality of its distributors, with an average distributor income increase of 10.63% to 860,100 CNY per distributor [1]. Financial Summary - The company’s gross margin and net margin have increased by 2.07 and 0.11 percentage points to 36.61% and 21.84% respectively in Q3 2024 [2]. - The report projects revenue growth of 12% for 2024, with adjusted revenue forecasts of 27.505 billion CNY, 30.385 billion CNY, and 33.425 billion CNY for 2024, 2025, and 2026 respectively [2][3]. - The net profit forecast for the same period is 6.304 billion CNY, 6.995 billion CNY, and 7.741 billion CNY, with corresponding growth rates of 12%, 11%, and 11% [2][3]. - The company’s price-to-earnings (P/E) ratios are projected to be 39, 35, and 31 for 2024, 2025, and 2026 respectively [2][3]. Financial Ratios - The company’s asset-liability ratio is reported at 17.02% [4]. - The return on equity (ROE) is projected to be around 19.75% for 2024 [7]. - The company’s earnings per share (EPS) is expected to be 1.13 CNY in 2024, increasing to 1.39 CNY by 2026 [3][7].