HAI TIAN(SH:603288) Tianfeng Securities·2025-05-20 05:23Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4] Core Views - The company has shown steady revenue growth with Q1 2025 revenue and net profit reaching 83.15 billion and 22.02 billion yuan respectively, representing year-on-year increases of 8.08% and 14.77% [1] - The main product categories, including soy sauce, seasoning sauce, and oyster sauce, have experienced robust growth, with revenue increases of 8.20%, 13.95%, and 6.10% respectively in Q1 2025 [1] - Online sales have surged, with a year-on-year growth of 43.20%, contributing to an increase in the online revenue share to 5.22% [1] - The company is planning a listing in Hong Kong and expanding internationally, which is expected to enhance brand recognition and drive sales growth [2] Financial Performance Summary - Revenue projections for 2025-2027 are 296 billion, 325 billion, and 355 billion yuan, with growth rates of 10%, 10%, and 9% respectively [2] - Net profit estimates for the same period are 70 billion, 78 billion, and 86 billion yuan, with growth rates of 11%, 11%, and 10% respectively [2] - The company's gross margin and net margin improved to 40.04% and 26.54% respectively in Q1 2025, reflecting a year-on-year increase of 2.73 and 1.48 percentage points [2] - The company’s earnings per share (EPS) is projected to grow from 1.01 yuan in 2023 to 1.54 yuan in 2027 [3] Valuation Metrics - The price-to-earnings (P/E) ratio is expected to decrease from 42.41 in 2023 to 27.84 in 2027 [3] - The price-to-book (P/B) ratio is projected to decline from 8.36 in 2023 to 5.58 in 2027 [3] - The enterprise value to EBITDA (EV/EBITDA) ratio is forecasted to decrease from 24.07 in 2023 to 18.49 in 2027 [3]