HAI TIAN(603288) 新浪财经·2025-04-03 15:13Core Viewpoint - Company reported a stable revenue growth for 2024, with total revenue reaching 26.901 billion yuan, a year-on-year increase of 9.53%, and a net profit attributable to shareholders of 6.344 billion yuan, up 12.75% year-on-year [1] Revenue Performance - For 2024, revenue from soy sauce, seasoning sauce, oyster sauce, and other categories reached 13.758 billion, 2.669 billion, 4.615 billion, and 4.086 billion yuan respectively, with year-on-year growth rates of 8.87%, 9.97%, 8.56%, and 16.75% [2] - In Q4 2024, revenue from soy sauce, seasoning sauce, oyster sauce, and other categories grew by 13.57%, 13.17%, 15.38%, and 7.13% year-on-year [2] - Online and offline channels in Q4 2024 saw year-on-year growth of 59.25% and 11.19% respectively, indicating strong online channel performance [2] - By region in Q4 2024, revenue growth was recorded at 8.64% in the East, 20.52% in the South, 11.99% in the Central, 20.32% in the North, and 12.85% in the West [2] Cash Flow and Profitability - Q4 2024 sales receipts totaled 10.744 billion yuan, a year-on-year increase of 13.14%, while contract liabilities decreased by 0.192 billion yuan to 4.335 billion yuan [3] - The gross profit margin for 2024 improved by 2.26 percentage points to 37.00%, contributing to enhanced profitability [3] - The net profit margin attributable to shareholders increased by 0.67 percentage points to 23.58% for 2024 [3] - The dividend payout ratio rose from 65.06% in 2023 to 75.24% in 2024 [3] Profit Forecast - Company forecasts revenues of 29.787 billion, 32.713 billion, and 35.758 billion yuan for 2025-2027, representing year-on-year growth rates of 10.73%, 9.82%, and 9.31% respectively [4] - Expected net profits attributable to shareholders for the same period are 7.102 billion, 7.804 billion, and 8.533 billion yuan, with year-on-year growth rates of 11.94%, 9.88%, and 9.34% respectively [4] - Earnings per share (EPS) are projected to be 1.28, 1.40, and 1.53 yuan per share for 2025-2027 [4]