HAI TIAN(SH:603288) CMS·2025-08-29 03:07Investment Rating - The report maintains a "Strong Buy" rating for the company [2][4]. Core Views - The company demonstrated resilient performance in Q2 2025 with revenue and net profit increasing by 7.00% and 11.57% year-on-year, respectively, despite a sluggish industry demand [1][4]. - The company is expected to leverage its platform advantages to capture market share and enhance growth, particularly through overseas expansion [1][4]. - The report anticipates EPS for 2025, 2026, and 2027 to be 1.21, 1.32, and 1.43 CNY, respectively, with a corresponding valuation of 33X for 2025 [1][4]. Financial Performance Summary - For H1 2025, the company achieved revenue of 15.23 billion CNY, a year-on-year increase of 7.59%, and a net profit of 3.91 billion CNY, up 13.35% [3][4]. - In Q2 2025, revenue was 6.92 billion CNY, with a net profit of 1.71 billion CNY, reflecting year-on-year growth of 7.00% and 11.57%, respectively [3][4]. - The gross margin improved to 40.21% in Q2 2025, an increase of 3.88 percentage points year-on-year, driven by lower raw material costs and enhanced production efficiency [3][4]. Product and Regional Performance - The main product categories showed steady growth, with soy sauce, oyster sauce, and seasoning sauces reporting revenue increases of 9.14%, 7.74%, and 12.01% year-on-year, respectively, in H1 2025 [3][4]. - Regional performance in H1 2025 indicated that the eastern and southern regions experienced revenue growth of 13.59% and 13.76%, respectively, highlighting the company's strong market position [3][4]. Future Outlook - The report emphasizes the importance of improving consumer demand as a key driver for the industry, with expectations for the company to continue outperforming the market due to its strong brand and distribution channels [1][4]. - The company is also focusing on international expansion, tailoring its product offerings and distribution strategies to meet local market needs [1][4].