HAI TIAN(SH:603288) Huachuang Securities·2025-04-03 03:35Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 50 yuan [1][5]. Core Views - The company achieved a total operating revenue of 26.901 billion yuan in 2024, representing a year-on-year increase of 9.5%. The net profit attributable to shareholders reached 6.344 billion yuan, up 12.8% year-on-year. The fourth quarter of 2024 saw a revenue of 6.502 billion yuan, with a 10.0% year-on-year growth and a net profit of 1.529 billion yuan, increasing by 17.8% year-on-year [5][6]. - The company plans to distribute a cash dividend of 8.6 yuan per 10 shares, totaling 4.773 billion yuan, which corresponds to a dividend yield of 2.1% [5]. - The company is expected to continue its upward trend in 2025, with revenue growth projected to remain close to double digits, driven by improvements in management, channels, products, and strategies [5][6]. Financial Summary - Total revenue for 2024 is projected at 26.901 billion yuan, with a year-on-year growth rate of 9.5%. For 2025, revenue is expected to reach 29.595 billion yuan, reflecting a growth rate of 10.0% [6]. - The net profit for 2024 is estimated at 6.344 billion yuan, with a growth rate of 12.8%. The forecast for 2025 is a net profit of 7.031 billion yuan, indicating a growth rate of 10.8% [6]. - The earnings per share (EPS) for 2024 is projected at 1.14 yuan, with estimates of 1.26 yuan for 2025 and 1.39 yuan for 2026 [6][7]. Market Performance - The company has shown resilience in a challenging market environment, with significant growth in both offline and online sales channels. Offline revenue grew by 8.9%, while online sales surged by 39.8% year-on-year [5][6]. - The company has successfully increased its number of distributors, adding 116 new distributors to reach a total of 6,707, indicating a recovery in its expansion strategy [5][6]. Cost and Profitability - The gross profit margin for 2024 was 37.0%, an increase of 2.3 percentage points year-on-year, attributed to lower raw material costs and improved production efficiency [5][6]. - The net profit margin for 2024 was recorded at 23.6%, reflecting a year-on-year increase of 0.7 percentage points [5][6].