HAI TIAN(SH:603288) Guoxin Securities·2025-05-01 01:20Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][16] Core Views - The company achieved a total revenue of 8.315 billion yuan in Q1 2025, representing a year-on-year growth of 8.08%, and a net profit attributable to the parent company of 2.202 billion yuan, up 14.77% year-on-year [1][8] - The company maintains a strong growth trajectory in soy sauce and other products, with online sales showing significant growth after improvements in 2024 [1][2] - The company’s gross profit margin reached 40.0% in Q1 2025, an increase of 2.7 percentage points year-on-year, indicating effective cost management [2][9] Summary by Sections Financial Performance - In Q1 2025, the company reported a net profit margin of 25.8%, the highest quarterly figure since Q1 2022, with a year-on-year increase of 1.6 percentage points [2][9] - The company’s revenue from soy sauce, oyster sauce, seasoning sauce, and others was 4.42 billion, 1.36 billion, 0.91 billion, and 1.29 billion yuan respectively, with growth rates of 8%, 6%, 14%, and 21% year-on-year [1][8] Revenue and Profit Forecast - The company is expected to achieve total revenues of 29.675 billion, 32.440 billion, and 35.152 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 10.3%, 9.3%, and 8.4% [3][14] - The forecast for net profit attributable to the parent company is 7.141 billion, 7.790 billion, and 8.462 billion yuan for the same years, with growth rates of 12.6%, 9.1%, and 8.6% [3][14] Market Position and Strategy - The company’s strong brand and channel management capabilities are expected to continue driving performance, with a stable dealer network across various regions [2][11] - The company has effectively managed costs and maintained a healthy investment in expenses, reflecting its robust channel control capabilities [2][11]