HAI TIAN(603288) 开源证券·2025-04-03 14:14Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth and improved profitability year-on-year. The revenue for 2024 was slightly below expectations, while the profit met expectations. The forecast for net profit from 2025 to 2027 is projected to grow by 12.0%, 12.7%, and 10.9% respectively [3][6] - The company is benefiting from cost reductions in raw materials, leading to an increase in gross margin and net profit margin. The net profit margin for 2024 improved by 0.66 percentage points to 23.63% [5][6] Financial Performance Summary - In 2024, the company's revenue and net profit were 26.901 billion and 6.344 billion respectively, representing year-on-year growth of 9.53% and 12.75% [3] - The revenue forecast for 2025 is 29.607 billion, with a year-on-year growth of 10.1% [7] - The projected net profit for 2025 is 7.103 billion, with a year-on-year growth of 12.0% [7] - The gross margin for 2024 was 37.00%, an increase of 2.26 percentage points from the previous year [5] - The company’s total market capitalization is 226.15 billion [1] Business Segment Performance - The company's condiment business has shown steady growth, with soy sauce, seasoning sauce, and oyster sauce revenues increasing by 8.87%, 9.97%, and 8.56% respectively. The online channel revenue grew significantly by 39.78% [4][6] - The company is actively expanding its new retail channels and enhancing its distribution capabilities, which is expected to contribute to continued revenue growth [6] Outlook - The company is expected to maintain a steady growth momentum in 2025, driven by the release of reform dividends and the expansion of its product offerings in the condiment sector [6]