HAI TIAN(SH:603288)2025-05-27 13:30Investment Rating - The report maintains an "Outperform" rating for the company with a target price of Rmb50.40, indicating an expected upside from the current price of Rmb44.78 [2][5]. Core Insights - The company is expected to achieve stable short-term operations while solidifying its long-term competitive strength through product upgrades and new product penetration [3][10]. - Revenue projections for 2025, 2026, and 2027 are Rmb29.7 billion, Rmb32.8 billion, and Rmb36.3 billion, respectively, with year-on-year growth rates of 10%, 11%, and 11% [13]. Summary by Sections Revenue and Profit Forecast - Revenue for the fiscal year ending December 2024 is projected at Rmb26.9 billion, with a growth rate of 9.5%. For 2025, revenue is expected to increase to Rmb29.7 billion, reflecting a 10.4% growth [8]. - Net profit for 2024 is estimated at Rmb6.4 billion, with a growth rate of 12.8%. The net profit is projected to reach Rmb7.0 billion in 2025, representing a 10.6% increase [8]. Product Development and Market Strategy - The company will focus on upgrading classic product categories such as soy sauce and oyster sauce while expanding into health-oriented products like organic and low-salt options. New product categories have shown significant growth, with revenue increases of 16.8% and 20.8% for cooking wine and vinegar, respectively [3][9]. - The company is transitioning from extensive development to refined operations, aiming for full category coverage [9]. Supply Chain and Sales Network - A flexible supply chain transformation is underway to adapt to diverse channel demands, enhancing the company's market share through improved cost control and responsiveness to customized demands [10][11]. - Online sales channels have shown remarkable growth, achieving Rmb1.24 billion in revenue for 2024, a year-on-year increase of 39.8%, which is significantly better than the overall company performance [10]. International Expansion - The company's listing on the Hong Kong Stock Exchange supports its internationalization strategy, with a focus on steady overseas market expansion and localized business strategies [12][5]. Financial Metrics - The projected diluted EPS for 2025 is Rmb1.26, with a P/E ratio of 36X, decreasing to 29X by 2027 [8][13].