HAI TIAN(SH:603288) SINOLINK SECURITIES·2025-10-28 15:26Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Views - The company reported a revenue of 21.628 billion yuan for the first three quarters of 2025, a year-on-year increase of 6.02%, and a net profit attributable to shareholders of 5.322 billion yuan, up 10.54% year-on-year [2]. - The company demonstrated resilience in its main sales regions despite a slowdown in seasonal sales, with online revenue growth at 19.9% and offline at 3.6% in Q3 2025 [3]. - The gross margin improved to 39.6% in Q3 2025, an increase of 3.02 percentage points year-on-year, driven by internal efficiency improvements and declining costs of raw materials [4]. - The company is expected to achieve net profits of 6.99 billion yuan in 2025, with a growth rate of 10.09% [10]. Summary by Sections Performance Review - For Q3 2025, the company achieved a revenue of 6.398 billion yuan, a year-on-year increase of 2.48%, and a net profit of 1.408 billion yuan, up 3.40% year-on-year [2]. Operational Analysis - Product-wise revenue for Q3 2025: soy sauce at 3.228 billion yuan (+4.9%), seasoning sauce at 603 million yuan (+3.5%), oyster sauce at 1.127 billion yuan (+2.0%), and other products at 1.085 billion yuan (+6.5%) [3]. - The company added 45 new distributors in Q3 2025, mainly in the eastern and southern regions, indicating a focus on enhancing distribution networks [3]. Cost and Profitability - The company’s net profit margin for Q3 2025 was 22.01%, reflecting a year-on-year increase of 0.20 percentage points [4]. - The financial expense ratio decreased by 0.93 percentage points, primarily due to reduced interest income [4]. Profit Forecast and Valuation - The projected net profits for the company from 2025 to 2027 are 6.985 billion yuan, 7.893 billion yuan, and 8.710 billion yuan, respectively, with corresponding P/E ratios of 32x, 28x, and 26x [5].