HAI TIAN(SH:603288) Guoxin Securities·2025-08-29 09:31Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][16] Core Views - The company achieved a total revenue of 15.23 billion yuan in the first half of 2025, representing a year-on-year growth of 7.59%. The net profit attributable to shareholders was 3.914 billion yuan, up 13.35% year-on-year [1][7] - The second quarter of 2025 saw a total revenue of 6.915 billion yuan, with a year-on-year increase of 7.00%. The net profit attributable to shareholders reached 1.712 billion yuan, growing 11.57% year-on-year [1][7] - The company has implemented an employee stock ownership plan for 2025, with a total amount of 564 million yuan, and plans to distribute a mid-term cash dividend of 2.60 yuan per 10 shares, totaling 1.52 billion yuan, corresponding to a dividend payout ratio of 39% [2][10][14] Financial Performance Summary - The company’s revenue forecast for 2025-2027 is adjusted to 28.925 billion, 30.942 billion, and 32.891 billion yuan, with year-on-year growth rates of 7.5%, 7.0%, and 6.3% respectively [3][14] - The net profit forecast for the same period is 7.219 billion, 7.888 billion, and 8.615 billion yuan, with year-on-year growth rates of 13.8%, 9.3%, and 9.2% respectively [3][14] - The earnings per share (EPS) are projected to be 1.23, 1.35, and 1.47 yuan for 2025, 2026, and 2027 respectively [3][14] Revenue and Profitability Metrics - The company’s gross margin for the second quarter of 2025 was 40.2%, reflecting a year-on-year increase of 3.9 percentage points [2][8] - The sales and management expense ratios were 7.0% and 2.3% respectively, with slight increases due to higher labor costs [2][8] - The net profit margin for the second quarter was 24.1%, up 1.4 percentage points year-on-year [2][8]