HAI TIAN(SH:603288) HTSC·2025-09-09 09:56Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 48.40 [6][4] Core Views - The company has revised its employee stock ownership plan, aiming for a compound annual growth rate (CAGR) of at least 11% in net profit attributable to shareholders from 2024 to 2026, reflecting strong internal growth expectations [1][2] - The company is expected to achieve a net profit of no less than RMB 7.8 billion by 2026, with a corresponding valuation of 31x for A shares and 24x for H shares [1][2] - The report highlights the company's strong channel management capabilities and ongoing market share gains, supported by cost advantages and supply chain efficiencies [3] Summary by Sections Employee Stock Ownership Plan - The company plans to grant 5 million shares as part of the 2025 employee stock ownership plan, covering up to 800 employees, including senior management [2] - The revised assessment criteria are more ambitious compared to previous targets, indicating the company's confidence in achieving growth [2] Growth Path Analysis - For the first half of 2025, the company reported revenue of RMB 15.23 billion, a year-on-year increase of 7.6%, and a net profit of RMB 3.91 billion, up 13.3% [3] - The company is focusing on new product introductions and expanding into overseas markets, which are expected to contribute to revenue growth [3] - Cost reductions from low raw material prices and enhanced supply chain efficiency are anticipated to support profit growth [3] Profit Forecast and Valuation - The report forecasts earnings per share (EPS) of RMB 1.21, RMB 1.31, and RMB 1.40 for 2025, 2026, and 2027 respectively [4] - The company is assigned a price-to-earnings (PE) ratio of 40x for 2025, reflecting its leading market position and justifying a premium valuation [4][10]