HAI TIAN(SH:603288) Changjiang Securities·2025-09-07 14:42Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company achieved a total revenue of 15.23 billion yuan in H1 2025, representing a year-on-year increase of 7.59%. The net profit attributable to shareholders was 3.914 billion yuan, up 13.35% year-on-year [2][4] - The main business of condiments saw a revenue of 14.562 billion yuan in H1 2025, with a year-on-year growth of 10.45% [4] - The company has successfully improved profitability through cost reduction and efficiency enhancement, with a net profit margin increase of 1.31 percentage points to 25.7% in H1 2025 [6] Revenue Breakdown - Revenue from soy sauce reached 7.928 billion yuan in H1 2025, up 9.14% year-on-year; revenue from seasoning sauces was 1.626 billion yuan, up 12.01% year-on-year; and revenue from oyster sauce was 2.502 billion yuan, up 7.74% year-on-year [5] - Online sales accounted for 8.42 billion yuan in H1 2025, a significant increase of 38.97% year-on-year, driven by e-commerce and instant retail channels [5] Profitability Analysis - The gross profit margin improved by 3.26 percentage points to 40.12% in H1 2025, primarily due to a decrease in raw material costs and enhanced efficiency in raw material usage [6] - The company implemented a mid-term cash dividend of approximately 1.519 billion yuan, enhancing shareholder returns [7] Future Outlook - The company expects net profits attributable to shareholders to reach 7.295 billion yuan and 8.028 billion yuan for 2025 and 2026, respectively, corresponding to PE valuations of 32 and 29 times [7]