HAI TIAN(SH:603288) Ping An Securities·2025-08-29 09:30Investment Rating - The report maintains a "Recommended" investment rating for Haitian Flavor Industry Co., Ltd. (603288.SH) with a current stock price of 40.08 yuan [1]. Core Views - The company continues to demonstrate steady growth in performance, with a 7.59% year-on-year increase in revenue to 15.23 billion yuan and a 13.35% increase in net profit to 3.914 billion yuan for the first half of 2025 [4]. - The gross profit margin for the first half of 2025 improved to 40.12%, up 3.26 percentage points from the previous year, attributed to enhanced supply chain management and alleviated raw material cost pressures [7]. - The company is actively expanding its product categories, with soy sauce revenue reaching 7.928 billion yuan (up 9.14%), oyster sauce at 2.502 billion yuan (up 7.74%), and seasoning sauces at 1.626 billion yuan (up 12.01%) [7]. - The company has established a comprehensive sales channel strategy, achieving 13.72 billion yuan in offline sales (up 9.07%) and 0.842 billion yuan in online sales (up 38.97%) in the first half of 2025 [7]. Financial Forecast and Valuation - The company is projected to achieve net profits of 7.067 billion yuan, 7.817 billion yuan, and 8.568 billion yuan for the years 2025 to 2027, respectively, with corresponding EPS of 1.21 yuan, 1.34 yuan, and 1.46 yuan [8]. - The report anticipates a slight upward adjustment in profit forecasts, maintaining a positive outlook on the company's long-term development due to its competitive advantages in supply chain, channel reach, and product offerings [8]. - The estimated P/E ratios for 2025, 2026, and 2027 are 33.2, 30.0, and 27.4, respectively, indicating a favorable valuation trend [8].