HAI TIAN(SH:603288) Soochow Securities·2025-05-13 10:45Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to maintain steady growth in revenue and profit margins due to strategic planning and operational stability. The revenue forecast for 2025 is projected at 29.69 billion RMB, with a year-on-year growth of 10.37% [1][7] - The company is focusing on expanding its product categories and channels, aiming for a comprehensive coverage in the market. This includes strengthening its core products like soy sauce and oyster sauce while also venturing into new categories such as vinegar and cooking wine [7] - Cost advantages and supply chain optimization are anticipated to enhance profitability. The company expects to benefit from reduced raw material costs and improved supply chain management, leading to a stable increase in net profit margins [7] - The company is adopting a cautious approach to competition and is gradually expanding its overseas presence, emphasizing local adaptation and product differentiation [7] - The upcoming Hong Kong listing is expected to enhance the company's internal resources and international competitiveness, benefiting long-term growth and shareholder returns [7] Financial Summary - Total revenue for 2023 is projected at 24.56 billion RMB, with a decline of 4.10% year-on-year. The net profit for the same year is expected to be 5.63 billion RMB, down 9.21% year-on-year [1] - The earnings per share (EPS) for 2023 is estimated at 1.01 RMB, with a price-to-earnings (P/E) ratio of 41.56 [1] - The company forecasts a steady increase in revenue and net profit from 2024 to 2027, with revenue reaching 36.33 billion RMB and net profit at 8.65 billion RMB by 2027, both reflecting a growth rate of approximately 10% annually [1][8]