HAI TIAN(603288) 中泰证券·2024-04-29 02:00Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 38.84 [1]. Core Views - The report indicates that the company achieved a revenue of 24.56 billion yuan in 2023, a year-on-year decrease of 4.10%, and a net profit of 5.63 billion yuan, down 9.21% year-on-year. The report anticipates a rebound in performance in 2024, with expectations for revenue growth driven by improved consumer demand and internal reforms [5][6]. Summary by Sections Financial Performance - Total shares outstanding: 5,561 million - Market capitalization: 215,974 million yuan - Revenue forecast for 2024 is 26.57 billion yuan, with a projected growth rate of 8% [2][5]. - Net profit for 2024 is expected to be 6.12 billion yuan, reflecting a year-on-year growth of 9% [5]. Revenue Breakdown - In 2023, the company’s soy sauce revenue was 12.64 billion yuan, down 8.83% year-on-year. Oyster sauce revenue was 4.25 billion yuan, down 3.74%, while other seasoning products saw a revenue increase of 19.35% [5]. - The company reported a total revenue of 136.03 billion yuan for Q4 2023 and Q1 2024 combined, with a slight year-on-year growth of 0.79% [5]. Cost and Margin Analysis - The gross margin for the company decreased by 0.96 percentage points to 36.15% in 2023. However, the gross margin for soy sauce improved by 2.34 percentage points due to lower raw material costs [5]. - The report highlights a decrease in sales and management expense ratios, indicating improved operational efficiency [5]. Future Outlook - The company is expected to see a recovery in demand, with revenue projections for 2024-2026 set at 26.57 billion, 28.81 billion, and 30.96 billion yuan respectively [6]. - The report maintains a "Buy" rating based on anticipated improvements in the consumer environment and internal operational enhancements [6].