HAI TIAN(SH:603288) Tianfeng Securities·2025-09-12 03:44Investment Rating - The investment rating for the company is "Buy" with a target price set to achieve a relative return of over 20% within six months [5]. Core Views - The company has shown steady revenue growth, with a 7.59% increase in revenue and a 13.35% increase in net profit attributable to shareholders in the first half of 2025. The second quarter of 2025 also reflected a 7.00% increase in revenue and an 11.57% increase in net profit [1][2]. - The company plans to implement an employee stock ownership plan, targeting core management and key employees, with a performance goal of achieving a year-on-year net profit growth of no less than 10.8% in 2025 [3]. - The company is expected to maintain steady growth in its three main product lines, with other categories anticipated to continue achieving rapid growth. The planned listing in Hong Kong and international expansion are expected to enhance brand recognition and sales [3]. Financial Performance - For the first half of 2025, the company reported revenues of 152.30 billion yuan and a net profit of 39.14 billion yuan. The second quarter revenues were 69.15 billion yuan, with a net profit of 17.12 billion yuan [1]. - The company’s revenue from various product categories in the second quarter of 2025 included soy sauce (35.08 billion yuan), seasoning sauce (11.42 billion yuan), oyster sauce (7.13 billion yuan), and other revenues (12.17 billion yuan), all showing double-digit growth [1][2]. - The company’s gross margin and net margin improved significantly, with gross margin increasing by 3.88 percentage points to 40.21% and net margin increasing by 1.01 percentage points to 24.80% in the second quarter of 2025 [2]. Regional Performance - Revenue growth was observed across all regions in the second quarter of 2025, with the eastern region generating 12.20 billion yuan, southern region 14.54 billion yuan, central region 14.19 billion yuan, northern region 16.64 billion yuan, and western region 8.23 billion yuan, reflecting year-on-year growth rates of 13%, 11%, 11%, 11%, and 6% respectively [2]. Future Projections - The revenue projections for 2025 to 2027 are set at 293 billion yuan, 319 billion yuan, and 347 billion yuan respectively, with an expected growth rate of 9% for each year. The net profit projections for the same period are 70 billion yuan, 78 billion yuan, and 85 billion yuan, with growth rates of 11%, 10%, and 9% respectively [3][4].