HAI TIAN(603288) 东吴证券·2025-04-03 10:05Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance in 2024 met expectations, driven by dual benefits from cost reductions and reform dividends [7] - The company achieved a total revenue of 26.9 billion yuan in 2024, representing a year-on-year growth of 9.5%, and a net profit attributable to shareholders of 6.344 billion yuan, up 12.8% year-on-year [7] - The company is expected to continue benefiting from reform dividends in 2025, with stable growth anticipated [7] Financial Performance Summary - In 2024, the company reported total revenue of 26,901 million yuan, with a year-on-year growth of 9.53% [1] - The net profit attributable to shareholders for 2024 was 6,344 million yuan, reflecting a year-on-year increase of 12.75% [1] - The earnings per share (EPS) for 2024 is projected at 1.14 yuan, with a price-to-earnings (P/E) ratio of 35.80 [1] - The gross profit margin improved by 2.3 percentage points to 37% in 2024, with a significant increase in Q4 gross margin to 37.7% [7] - The company expects revenue growth of 10% to 11% for the years 2025 to 2027, with net profit growth also projected at 11% for the same period [7] Product and Channel Performance - The company saw strong performance across various product categories in 2024, with soy sauce, oyster sauce, and seasoning sauces growing by 8.9%, 8.6%, and 10% respectively [7] - Online sales surged by 59% year-on-year in Q4 2024, while offline sales grew by 11% [7] - The company reduced its distributor count to 6,707 as part of its channel reform strategy [7] Cost and Profitability Analysis - The company benefited from cost reductions, with direct material costs for soy sauce, oyster sauce, and seasoning sauces decreasing by 6.8%, 7.6%, and 6.5% respectively [7] - The net profit margin for 2024 increased by 1.56 percentage points, indicating improved profitability [7]