HAI TIAN(603288) 民生证券·2025-04-06 11:24Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved an operating revenue of 26.9 billion yuan in 2024, a year-on-year increase of 9.53%, and a net profit attributable to shareholders of 6.34 billion yuan, up 12.8% year-on-year [1][2]. - The fourth quarter of 2024 saw a revenue of 6.5 billion yuan, reflecting a 10.0% year-on-year growth, and a net profit of 1.53 billion yuan, which is a 17.8% increase year-on-year [1][2]. - The company is expected to continue its growth momentum into 2025, with projected revenues of 29.6 billion yuan, representing a 10.0% increase [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 37.0%, an increase of 2.3 percentage points year-on-year, attributed to lower raw material prices and improved operational efficiency [3]. - The company’s sales expenses in Q4 2024 were 6.6% of revenue, up 1.7 percentage points year-on-year, indicating increased investment in market share [3]. Product and Channel Performance - Revenue from soy sauce reached 13.76 billion yuan, with a volume increase of 11.6% but a price decline of 2.5% [2]. - Online sales grew by 39.8% year-on-year, while offline sales increased by 8.9% [2]. Strategic Outlook - The company is advancing its "Four-Five Plan" aimed at enhancing product, channel, and terminal development, with expectations for increased market share in a competitive landscape [3]. - The report highlights the importance of multi-category development and leveraging technological advantages to meet diverse consumer demands [3].