HAI TIAN(SH:603288) Huaan Securities·2025-09-01 06:45Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported steady performance with core categories showing robust growth, particularly in online sales [6] - Significant cost advantages have improved gross margins, leading to enhanced net profit margins [8] - The company emphasizes shareholder returns and has implemented an employee stock ownership plan to boost internal motivation [8] Summary by Sections Financial Performance - For H1 2025, the company achieved revenue of 152.3 billion yuan (up 7.6% YoY) and a net profit of 39.1 billion yuan (up 13.4% YoY) [11] - In Q2 2025, revenue reached 69.2 billion yuan (up 7% YoY) with a net profit of 17.12 billion yuan (up 11.6% YoY) [11] - The company expects revenue for 2025-2027 to be 292 billion, 322 billion, and 360 billion yuan respectively, with net profits of 70 billion, 78 billion, and 87 billion yuan [9] Product and Regional Performance - Revenue growth by product in Q2 2025: soy sauce +10.3%, oyster sauce +9.8%, seasoning sauce +9.6%, and other products +12.7% [6] - Revenue growth by region in Q2 2025: Eastern +12.8%, Southern +11.3%, Central +10.5%, Northern +10.8%, and Western +6% [7] - Online sales grew by 35% YoY, while offline sales increased by 9.2% YoY in Q2 2025 [7] Cost and Profitability - Gross margin improved by 3.9 percentage points YoY, with a net profit margin of 24.8% in Q2 2025, up 1.01 percentage points YoY [8] - The company plans to distribute a cash dividend of 1.52 billion yuan for H1 2025, with a mid-term dividend payout ratio of 38.8% [8] Future Outlook - The company anticipates revenue growth of 9%, 10%, and 12% for the years 2025, 2026, and 2027 respectively [9] - The projected P/E ratios for 2025, 2026, and 2027 are 34, 31, and 28 times respectively [9]