HAI TIAN(SH:603288) Shenwan Hongyuan Securities·2025-10-28 14:43Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported a revenue of 21.63 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 6%. The net profit attributable to the parent company was 5.32 billion yuan, up 10.5% year-on-year. However, the revenue growth for Q3 was only 2.5%, which was below expectations [7] - Despite external pressures, the company has maintained steady revenue growth and increased market share, solidifying its position as a leading player in the condiment industry [7] - The report highlights that the slowdown in revenue growth in Q3 is primarily due to weakened consumer demand and intensified competition, as well as restrictions in dining scenarios [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 29.37 billion yuan, with a year-on-year growth rate of 9.2%. The net profit attributable to the parent company is forecasted to be 7.04 billion yuan, reflecting an 11% increase [6] - The gross profit margin for Q3 was reported at 39.63%, an increase of 3% year-on-year, attributed to declining costs. The net profit margin for Q3 was 22%, showing a slight increase of 0.2 percentage points year-on-year [7] - The report provides a detailed financial forecast for 2025-2027, with expected net profits of 7.04 billion yuan, 7.80 billion yuan, and 8.57 billion yuan respectively, indicating a consistent growth trajectory [6][9]