HAI TIAN(SH:603288) Western Securities·2025-10-30 11:58Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue increase of 6.02% to 21.628 billion yuan and a net profit increase of 10.54% to 5.322 billion yuan for the first three quarters of 2025 [1][6] - In Q3 alone, revenue grew by 2.48% to 6.398 billion yuan, while net profit increased by 3.40% to 1.408 billion yuan, indicating that growth was below expectations [1][3] - The company is focusing on developing multiple small product lines and seeking new growth points, with digital production expected to enhance efficiency [3] Revenue and Profit Analysis - For Q3, the revenue from soy sauce, oyster sauce, seasoning sauce, and other condiments was 3.23 billion, 1.13 billion, 0.60 billion, and 1.09 billion yuan respectively, with year-on-year growth rates of 5.0%, 2.0%, 3.5%, and 6.5% [2] - Regional performance showed that the southern and eastern markets continued to outperform, with revenue growth of 10.4% and 9.0% respectively in these areas [2] - The company had 1,922, 1,417, 973, 1,016, and 1,398 distributors in the northern, central, southern, eastern, and western regions respectively, with a net change of -32, -30, +79, +78, and -76 distributors [2] Cost and Margin Analysis - The gross margin improved, with sales gross margin and net profit margin increasing by 3.0 and 0.2 percentage points to 39.6% and 22.0% respectively [3] - The company increased its sales and management expense ratios to 7.4% and 3.4%, reflecting higher investment in these areas [3] Earnings Forecast - The expected EPS for 2025, 2026, and 2027 is projected to be 1.19, 1.33, and 1.45 yuan respectively [3][11]