HAI TIAN(SH:603288) Changjiang Securities·2025-05-15 09:14Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a revenue of 8.315 billion yuan in Q1 2025, representing a year-on-year increase of 8.08%. The net profit attributable to shareholders was 2.202 billion yuan, up 14.77% year-on-year, while the net profit excluding non-recurring items was 2.147 billion yuan, reflecting a 15.42% increase year-on-year [2][4] Revenue Breakdown - In Q1 2025, revenue by product category was as follows: soy sauce at 4.42 billion yuan (up 8.2% YoY), seasoning sauce at 913 million yuan (up 13.95% YoY), oyster sauce at 1.36 billion yuan (up 6.1% YoY), and other products at 1.289 billion yuan (up 20.83% YoY) [5] - Revenue by channel showed offline sales at 7.565 billion yuan (up 8.95% YoY) and online sales at 417 million yuan (up 43.2% YoY) [5] - Revenue by region included: Eastern region at 1.64 billion yuan (up 14.17% YoY), Southern region at 1.568 billion yuan (up 16.13% YoY), Central region at 1.764 billion yuan (up 7.9% YoY), Northern region at 1.984 billion yuan (up 5.76% YoY), and Western region at 1.026 billion yuan (up 9.44% YoY) [5] Profitability Improvement - The net profit margin for Q1 2025 increased by 1.54 percentage points to 26.49%, and the gross profit margin rose by 2.73 percentage points to 40.04%. The expense ratio increased by 0.73 percentage points to 8.91% [6] - The improvement in gross margin was primarily due to the decline in prices of key raw materials such as soybeans and packaging materials, along with the company's ongoing efforts in lean production and technological upgrades [6] Future Outlook - The company is expected to continue its steady growth in 2025, with anticipated net profits of 7.119 billion yuan and 7.719 billion yuan for 2025 and 2026, respectively, corresponding to PE ratios of 33 and 31 times [7]