HAI TIAN(SH:603288) 贝塔投资智库·2025-06-12 04:15Key Points - The article discusses the upcoming IPO of Haitian Flavor Industry Co., Ltd., detailing the offering size, pricing, and investor interest [1][3]. - The company is positioned as a leading condiment manufacturer in Hong Kong, with a significant market presence and a diverse product portfolio [5][8]. Offering Details - IPO Timeline: June 11-16, 2025 for subscription, with listing on June 19, 2025 [1]. - Total shares offered: 263.24 million, with 6% for public offering in Hong Kong and 94% for international offering [1]. - Price range: HKD 35-36.3 per share, with a minimum entry fee of HKD 3,666.62 for 100 shares [1]. - Strong demand indicated by a subscription rate of 238 times, triggering a maximum clawback of 21% [3]. Financial Performance - Revenue for 2022, 2023, and 2024 was approximately RMB 256.10 billion, RMB 245.59 billion, and RMB 269.01 billion, respectively, with a projected growth rate of 9.53% for 2024 [6][9]. - Gross profit for the same years was RMB 89.31 billion, RMB 83.37 billion, and RMB 97.25 billion, with a gross margin of 36.15% in 2024 [6][9]. - Net profit figures were RMB 62.03 billion, RMB 56.42 billion, and RMB 63.56 billion, with a net margin of 23.63% in 2024 [6][9]. Competitive Advantages - The company has a low customer and supplier concentration, with less than 3% of revenue coming from the top five customers [7]. - Haitian holds a 4.8% market share in China, significantly higher than its closest competitor at 2.2%, and is the fifth-largest condiment manufacturer globally [8]. - The company has a robust product lineup with over 1,450 SKUs and a strong presence in high-revenue product categories [8]. Cost and Cash Flow Management - The company benefits from favorable commodity prices, with significant decreases in soybean, sugar, and glass prices [11]. - As of March 31, 2025, Haitian had cash and cash equivalents of RMB 9.1 billion, indicating strong liquidity [12]. - The company has a history of high dividend payouts, with a cumulative cash dividend of RMB 31.19 billion over ten years [12][19]. Market Position and Future Outlook - The company is expected to maintain its leading position despite regulatory changes affecting the "zero additives" market, as it has a broader product line [14]. - The company plans to enhance its direct-to-consumer sales strategy, which currently represents a small portion of total revenue [22]. - The stock is set to be removed from the SSE 50 index, which may impact liquidity but historically has not significantly affected stock performance [23].