HAI TIAN(SH:603288) EBSCN·2025-10-29 11:17Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 21.63 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 6.02%, while the net profit attributable to the parent company was 5.32 billion yuan, up 10.54% year-on-year [5] - In Q3 2025, the company reported a revenue of 6.40 billion yuan, with a year-on-year growth of 2.48%, and a net profit of 1.41 billion yuan, reflecting a 3.40% increase year-on-year [5] - Revenue growth was driven by product innovation and enhanced distribution capabilities, with a diversified revenue source emerging from various product categories [6][8] Revenue Performance - Revenue growth by product category for the first three quarters of 2025: soy sauce +7.9%, oyster sauce +5.9%, seasoning sauce +9.6%, and other products +13.4% [6] - In Q3 2025, revenue growth by product category was: soy sauce +5.0%, oyster sauce +2.0%, seasoning sauce +3.5%, and other products +6.5% [6] - Regional revenue growth for the first three quarters of 2025: Eastern +12.1%, Southern +12.7%, Central +7.2%, Northern +4.9%, and Western +6.9% [6] Profitability and Cost Structure - The gross margin for the first three quarters of 2025 reached 40.0%, an increase of 3.2 percentage points year-on-year, primarily due to sustained cost advantages [7] - The net profit margin for the first three quarters of 2025 was 24.6%, up 1.0 percentage points year-on-year [7] - In Q3 2025, the gross margin was 39.6%, with a net profit margin of 22.0%, reflecting a year-on-year increase of 0.2 percentage points [8] Strategic Initiatives - The company is focusing on product innovation and channel development, including the launch of new products targeting health-conscious consumers [8] - The company is also advancing its globalization strategy to create a second growth curve [8] Earnings Forecast and Valuation - The net profit forecasts for 2025-2027 are adjusted to 6.96 billion yuan, 7.80 billion yuan, and 8.56 billion yuan, respectively [9] - The projected EPS for 2025-2027 is 1.19 yuan, 1.33 yuan, and 1.46 yuan, with corresponding PE ratios of 32x, 29x, and 26x [9]