HAI TIAN(603288) 华鑫证券·2025-04-04 05:05Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 26.901 billion yuan in 2024, representing a 10% year-on-year increase, and a net profit of 6.344 billion yuan, up 13% year-on-year [1] - The gross profit margin improved by 2 percentage points to 37.00% due to declining raw material costs, while the net profit margin increased by 1 percentage point to 23.63% [2] - The company plans to continue increasing its investment in marketing and promotional activities to enhance its product offerings and customer engagement [2] Revenue and Profit Analysis - The revenue from soy sauce reached 13.758 billion yuan, with a sales volume of 2.5655 million tons, reflecting a 9% increase in revenue and a 12% increase in volume [3] - The revenue from other categories, including vinegar and cooking wine, grew by 17% to 4.086 billion yuan, indicating strong performance in smaller product categories [3] Channel Development - Offline channel revenue was 23.885 billion yuan, up 9%, driven by enhanced distribution network density and resource allocation [4] - Online channel revenue surged by 40% to 1.243 billion yuan, showcasing the effectiveness of the company's online operations [4] Profit Forecast - The company is expected to achieve earnings per share (EPS) of 1.24, 1.38, and 1.51 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 33, 30, and 27 times [9]