HAI TIAN(603288) 国盛证券·2025-04-03 08:23Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 26.901 billion yuan in 2024, a year-on-year increase of 9.53%, and a net profit attributable to shareholders of 6.344 billion yuan, up 12.75% year-on-year [1] - The company is expected to benefit from the recovery in the restaurant industry and has clear overseas expansion goals, with projected net profits for 2025-2027 to grow by 12.9%, 12.1%, and 11.3% respectively [4] Financial Performance - In 2024, the company reported a gross margin of 37.0%, an increase of 2.26 percentage points year-on-year, driven by lower raw material costs and improved cost control [3] - The company’s revenue from soy sauce, seasoning sauce, oyster sauce, and other products in 2024 was 13.8 billion, 2.7 billion, 4.6 billion, and 4.1 billion yuan respectively, with growth rates of 8.9%, 10.0%, 8.6%, and 16.8% [2] - The company’s online sales reached 1.2 billion yuan in 2024, a significant increase of 39.8% year-on-year, while offline sales were 23.9 billion yuan, up 8.9% [2] Future Outlook - The company plans to focus on its core seasoning business and aims to enhance product quality and production efficiency through technological innovation [3] - The company is preparing for a Hong Kong stock listing by the end of 2024, which is expected to contribute additional revenue from overseas markets [4]