海天国际 20250408 摘要 海天国际在 2025 年第一季度的业务表现如何？ 2025 年第一季度，海天国际的整体业务表现强劲。三月份订单同比小单位数下 降，但环比双位数增加，显示出较好的市场需求。内贸同比小双位数下降，而 外贸则同比双位数增加。整个一季度来看，内贸小单位数增加，外贸双位数增 加，总体同比低个位数增长。这表明产业链转移对外贸收益有明显促进作用。 • 海天国际一季度内贸小幅增长，外贸实现双位数增长，受益于产业链转移。 北美市场销售占比 13.9%，墨西哥占比显著提升，但 3 月下旬起墨西哥客 户订单节奏放缓，受关税政策影响观望情绪浓厚。 • 尽管短期关税政策带来不确定性，海天国际全年指引和内部考核目标暂未 改变，将继续推进日本和塞尔维亚工厂建设，预计 2025 年下半年落成，以 规避国内风险，多点布局。 • 海天国际不太可能在美国建立产能，因美国人工和原料成本较高，政策环 境复杂。东南亚市场客户结构与国内相似，印度市场偏向中低端。 • 直接从中国出口到美国的设备受关税影响，但出口到其他国家不受影响。 越南未被美国加征关税，产业链转移至越南的趋势可能增强。客户所在国 是否被加征关税将影响其产 ...

Summary of Haitai International Conference Call Company Overview - **Company**: Haitai International - **Fiscal Year**: 2024 - **Revenue**: 16.1283 billion CNY, a year-on-year increase of 23.4%, marking a historical high [3][5][6] Key Performance Drivers - **Domestic Market Growth**: 27.7% increase, driven by events such as the Olympics, e-commerce exports, and overseas inventory replenishment [3][5] - **Overseas Market Growth**: 17% increase, with significant contributions from Southeast Asia and Mexico [3][13] - **Product Line Performance**: - Fastest growth in the Ma series injection molding machines, up 31.2% - Electric motor series grew by 20% - Consumer goods and daily necessities accounted for nearly 50% of orders, while the automotive sector accounted for about 20% [5][12] Financial Metrics - **Gross Margin**: 32.5%, up from 32.1% in 2023, attributed to low raw material prices and economies of scale [6][17] - **Net Margin**: Maintained at 19.1% [6] - **Average Selling Price (ASP)**: Decreased by 8.5% in 2024, but expected to stabilize or increase in 2025 due to rising demand for larger tonnage machines [3][18] Future Outlook - **2025 Growth Projections**: - Overall growth expected to exceed 10% - Overseas market growth projected to exceed 15% - Domestic market growth targeted at 8% to 10% [3][7] - **Order Trends**: Orders in January and February 2025 increased by over 20%, with domestic orders up over 10% and foreign orders exceeding 30% [8] Market Dynamics - **Impact of US Tariffs**: Minimal direct impact on total revenue (approximately 1% from the US market). The company mitigates tariff effects through channels in Mexico and Japan [9][10] - **Regional Performance**: - Southeast Asia showed the best performance, with over 50% growth - European market underperformed, contributing 28% to overseas revenue [13][14] Inventory and Supply Chain - **Inventory Increase**: Approximately 1 billion CNY increase in inventory, primarily due to overseas market contributions and preparation for peak demand periods [21] - **Delivery Timelines**: Overseas orders have a delivery timeline exceeding three months, while domestic orders are delivered within 1 to 2 months [16] Strategic Initiatives - **Market Share Goals**: - Domestic market share remains between 30% to 40% - Overseas market share currently at 15% to 20%, with a long-term goal of reaching 30% [26] - **Capital Expenditure**: Expected to exceed 1 billion CNY in 2025, including new factory constructions in Serbia and Malaysia [28] Challenges and Considerations - **Geopolitical Risks**: Uncertainties in geopolitical factors and domestic policies may affect the second half of 2025 [7] - **High-End Market Competition**: The company faces competition in the high-end market, particularly from Japanese brands in the electric motor sector [23][32] Conclusion Haitai International is positioned for continued growth in both domestic and international markets, driven by strong demand across various product lines and strategic initiatives to enhance market share. However, external factors such as geopolitical risks and competition in high-end markets remain critical considerations for future performance.

Investment Rating - The report maintains a "Buy" rating for the company [4][5] Core Views - The company is expected to benefit from the recovery in downstream demand, equipment upgrades, and overseas exports, leading to continued performance improvement [2][3][4] - The company's revenue for 2024 is projected to be 16.13 billion RMB, a year-on-year increase of 23.4%, with a net profit of 3.08 billion RMB, also up 23.6% [1][4] - The company’s comprehensive gross margin for 2024 is 32.5%, an increase of 0.4 percentage points year-on-year, while the net profit margin remains stable at 19.1% [1] Summary by Sections Revenue and Profitability - The company achieved a revenue of 161.3 billion RMB in 2024, with a net profit of 30.8 billion RMB, reflecting strong growth driven by global supply chain restructuring and increased exports [1] - The operating cash flow for 2024 was 21.0 billion RMB, a 4.4% increase year-on-year [1] Sales Performance - Sales revenue from injection molding machines reached 154.1 billion RMB in 2024, up 23.8% year-on-year, while parts and services generated 7.2 billion RMB, a 16.2% increase [2] - The demand recovery in consumer goods, home appliances, and 3C products has significantly boosted sales of the company's Mars and electric series injection molding machines [2] Market Expansion - Domestic revenue grew by 27.7% to 101.1 billion RMB, while overseas revenue increased by 16.8% to 60.2 billion RMB, benefiting from structural adjustments in the global supply chain [3] - The company is advancing its "Five-Five" overseas strategy, with new factories in Japan and Serbia expected to release capacity in 2025 [3] Future Projections - The net profit forecasts for 2025 and 2026 have been raised by 9.3% and 11.0% to 3.5 billion RMB and 3.91 billion RMB, respectively, with an introduction of a 2027 net profit forecast of 4.27 billion RMB [4] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 2.19 RMB, 2.45 RMB, and 2.67 RMB, respectively [4]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 30.00, representing a potential upside of 29% from the current price of HKD 23.25 [3]. Core Insights - The company has achieved a record high in performance, with total revenue reaching RMB 16.128 billion in 2024, a year-on-year increase of 23.4%. The gross margin slightly improved to 32.5%, and net profit rose by 23.6% to RMB 3.08 billion [5]. - The main product lines, particularly the Mars series, saw significant sales growth, with units sold increasing by 37.5% to 47,527 units and revenue rising by 31.2% to RMB 10.47 billion. The company is also benefiting from a recovery in consumer demand and has maintained stable gross margins due to lower raw material costs [5]. - The domestic market revenue surged by 27.7% to RMB 10.11 billion, driven by demand from daily consumer goods and the automotive sector. The overseas market also experienced stable growth, with revenue increasing by 16.8% to RMB 6.02 billion [5]. Financial Summary - Revenue projections for the company are set at RMB 17.918 billion for 2025, with a growth rate of 11.1% year-on-year. The net profit is expected to reach RMB 3.374 billion, reflecting a 9.5% increase [2][14]. - The company maintains a strong balance sheet with net cash of RMB 4.12 billion at year-end, and plans to distribute a dividend of HKD 0.73 per share [5]. - The earnings per share (EPS) is projected to grow from RMB 1.93 in 2024 to RMB 2.11 in 2025, indicating a year-on-year growth of 9.5% [2][14].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a robust revenue growth of 23.37% year-on-year in 2024, reaching 16.128 billion yuan, driven by strong demand in both domestic and overseas markets [2][12] - The company benefits from a structural adjustment in the global supply chain and has established a strong presence in Southeast Asia, North America, and South America [2][12] - The introduction of new products, including the fifth-generation injection molding machine, enhances the company's competitiveness in high-end markets [6][22] Revenue and Profitability - In 2024, the company reported total revenue of 16.128 billion yuan, with a gross profit of 5.236 billion yuan, reflecting a gross margin of 32.46%, up 0.32 percentage points year-on-year [4][12] - The net profit attributable to shareholders reached 3.08 billion yuan, marking a year-on-year increase of 23.63% [2][12] - The domestic revenue was 10.112 billion yuan, up 27.73%, while overseas revenue was 6.016 billion yuan, up 16.76% [3][12] Business Segmentation - The injection molding machine segment generated revenue of 15.405 billion yuan, a growth of 23.77%, while components and services contributed 723 million yuan, growing by 16.18% [3][12] - The Mars series injection molding machines saw significant sales growth due to the recovery in the daily consumer goods sector, while the Changfeiya series electric injection molding machines benefited from the 3C product industry's recovery [3][22] Financial Metrics - The company’s operating cash flow was 2.101 billion yuan, a year-on-year increase of 4.41%, indicating improved cash flow management [5][18] - Accounts receivable increased by 7.96% to 3.706 billion yuan, while inventory rose by 29.31% to 4.576 billion yuan, reflecting strong order fulfillment [5][18] Future Outlook - The company has adjusted its net profit forecasts for 2025 and 2026 to 3.522 billion yuan and 3.908 billion yuan, respectively, with a projected net profit of 4.294 billion yuan for 2027 [24] - The current market valuation corresponds to a price-to-earnings ratio of approximately 9 for 2025 and 8 for 2026, indicating a favorable investment opportunity [24]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 161.28 billion yuan in 2024, representing a year-on-year increase of 23.37%. Gross profit reached 52.36 billion yuan, up 24.65%, and net profit attributable to shareholders was 30.80 billion yuan, an increase of 23.63% [2][12] - The domestic market showed strong demand in the first half of 2024, particularly in daily consumer goods, while the automotive supply chain demand is expected to recover in the second half. The overseas market benefits from structural adjustments in the global supply chain and the company's early investments in Southeast Asia, North America, and South America [2][12] - The company has launched new products, including the fifth-generation injection molding machine, enhancing its competitiveness in high-end markets while also targeting lower-tier markets with the SE series [6][22] Revenue and Profitability - In 2024, the injection molding machine segment generated revenue of 154.05 billion yuan, a year-on-year increase of 23.77%, while components and services contributed 7.23 billion yuan, up 16.18% [3][13] - The gross margin for 2024 was 32.46%, an increase of 0.32 percentage points year-on-year, attributed to full order books and improved capacity utilization [4][14] - The net profit margin for 2024 was 19.10%, remaining stable year-on-year despite foreign exchange losses [4][16] Cash Flow and Working Capital - As of the end of 2024, accounts receivable stood at 3.706 billion yuan, a year-on-year increase of 7.96%, while inventory rose to 4.576 billion yuan, up 29.31% [5][18] - The net cash generated from operating activities was 2.101 billion yuan, reflecting a year-on-year increase of 4.41%, indicating improved cash flow from accounts receivable recovery [5][18] Market Position and Future Outlook - The company has established a comprehensive global layout with six regional management centers, five manufacturing centers, and nine application service experience centers, positioning itself well for future growth in overseas markets [6][23] - The report projects net profit for 2025 and 2026 to be 35.22 billion yuan and 39.08 billion yuan, respectively, with a forecast for 2027 at 42.94 billion yuan, maintaining a favorable price-to-earnings ratio [24]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a robust revenue growth of 23.37% year-on-year in 2024, reaching 16.128 billion yuan, driven by strong demand in the domestic market and strategic overseas expansion [2][12] - The gross profit margin slightly improved to 32.46%, attributed to increased order fulfillment and lower raw material costs [4][14] - The company is well-positioned for future growth due to its strong product competitiveness and comprehensive global layout [6][22] Revenue and Profitability - Total revenue for 2024 is projected at 16.128 billion yuan, with a year-on-year growth of 23.37% [2][12] - The net profit attributable to shareholders is expected to reach 3.08 billion yuan, reflecting a year-on-year increase of 23.63% [2][12] - The gross profit for 2024 is estimated at 5.236 billion yuan, up 24.65% from the previous year [2][12] Business Segmentation - The injection molding machine segment generated revenue of 15.405 billion yuan, a year-on-year increase of 23.77% [3][13] - Domestic revenue reached 10.112 billion yuan, growing by 27.73%, while overseas revenue was 6.016 billion yuan, up 16.76% [3][13] Financial Metrics - The company’s earnings per share (EPS) for 2024 is projected at 1.93 yuan, with a price-to-earnings (P/E) ratio of 10.82 [1][24] - The operating profit for 2024 is estimated at 2.918 billion yuan, with a net profit margin of 19.10% [4][24] Cash Flow and Working Capital - As of the end of 2024, accounts receivable increased to 3.706 billion yuan, up 7.96% year-on-year, while inventory rose to 4.576 billion yuan, a 29.31% increase [5][18] - The net cash generated from operating activities is projected at 2.101 billion yuan, reflecting a year-on-year growth of 4.41% [5][18] Product Development and Market Expansion - The company launched a new generation of injection molding machines, enhancing its competitiveness in both high-end and value-oriented markets [6][22] - The global market for injection molding machines is significantly larger than the domestic market, providing ample growth opportunities for the company [23][24]

Investment Rating - The report maintains an "Outperform" rating for Haitian International [2] Core Views - Haitian International achieved a revenue of RMB 16.13 billion in 2024, representing a year-on-year increase of 23.4%, with a net profit of RMB 3.08 billion, up 23.6% year-on-year [3][11] - The company is focused on enhancing its global market share through multi-dimensional market strategies and active globalization efforts [5][14] - The target price is set at HKD 26.3, with a projected P/E ratio of 12 for 2025 [5][15] Revenue and Profit Growth - The company reported a gross margin of 32.5% for 2024, an increase of 0.4 percentage points from the previous year, driven by lower raw material prices and improved economies of scale [3][11] - In the second half of 2024, revenue reached RMB 8.11 billion, a 21.2% increase year-on-year, with net profit attributable to shareholders of RMB 1.56 billion, up 26.4% year-on-year [3][11] Regional Performance - Domestic revenue for 2024 was RMB 10.11 billion, a 27.7% increase year-on-year, while overseas revenue was RMB 6.02 billion, up 16.8% year-on-year [4][12] - The company experienced significant growth in the Mars and Zhafir series of injection molding machines, benefiting from demand recovery in consumer goods and home appliances [4][13] Future Outlook - The company plans to continue benefiting from the recovery of global manufacturing and domestic consumption demand, aiming to expand into both mature and emerging markets [5][14] - Factories in Japan and Serbia are expected to be completed in 2025, enhancing the localization of the supply chain [5][14] Earnings Forecast and Valuation - The revenue forecast for 2025 is RMB 17.1 billion, with a net profit of RMB 3.24 billion, and for 2026, revenue is projected at RMB 15.8 billion with a net profit of RMB 2.88 billion [5][15]

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue reached RMB 16,128.3 million, representing a 23.4% increase compared to RMB 13,069.3 million in 2023[2]. - The gross profit for the same period was RMB 5,235.8 million, with a gross margin of 32.5%, up from 32.1% in 2023[4]. - The profit attributable to shareholders was RMB 3,080.3 million, reflecting a growth of 23.6% from RMB 2,491.5 million in the previous year[4]. - Basic earnings per share increased to RMB 1.93, a rise of 23.7% compared to RMB 1.56 in 2023[4]. - The net profit margin for the fiscal year was maintained at 19.1%, consistent with the previous year[4]. - The total comprehensive income for the year was RMB 2,985.3 million, compared to RMB 2,576.99 million in 2023[7]. - The company's net profit for the year was RMB 3,080,332 thousand, compared to RMB 2,491,528 thousand in 2023, reflecting a growth of 23.66%[12]. - Operating profit for the year 2024 was RMB 3,080,332 thousand, an increase of 23.6% compared to RMB 2,491,528 thousand in 2023[31]. - The company's net profit attributable to shareholders for 2024 reached approximately RMB 3,080.3 million, reflecting a growth of 23.6% compared to the previous year[60]. Dividends - The board declared a second interim dividend of HKD 0.73 per share, up from HKD 0.66 per share in 2023, marking a 10.6% increase[4]. - The board declared a second interim dividend of HKD 0.73 per share for the fiscal year, compared to HKD 0.66 per share in 2023[42]. - The board has declared a second interim dividend of HKD 0.73 per share for the year ending December 31, 2024, compared to HKD 0.66 per share in 2023, totaling approximately RMB 1,074.69 million[69]. Assets and Liabilities - Total assets increased to RMB 31,145,511 thousand in 2024 from RMB 29,093,858 thousand in 2023, representing a growth of 7.06%[9]. - Total liabilities amounted to RMB 10,276,036 thousand in 2024, slightly up from RMB 10,251,578 thousand in 2023, a marginal increase of 0.24%[10]. - The company's retained earnings reached RMB 17,017,154 thousand in 2024, compared to RMB 14,949,403 thousand in 2023, showing an increase of 13.83%[12]. - The total equity value increased to RMB 20,869,475 thousand in 2024 from RMB 18,842,280 thousand in 2023, a growth of 10.76%[12]. - Trade payables and notes payable totaled RMB 4,576,533 thousand as of December 31, 2024, compared to RMB 4,023,120 thousand in 2023, indicating an increase in liabilities[38]. Cash Flow and Financing - Cash and cash equivalents decreased to RMB 2,745,387 thousand at the end of 2024 from RMB 5,445,649 thousand at the end of 2023, a decline of 49.67%[13]. - Operating cash flow net amount was RMB 2,101,403 thousand in 2024, compared to RMB 2,012,591 thousand in 2023, an increase of 4.41%[13]. - The company reported a net financing income of RMB 173.4 million, down from RMB 234.1 million in the previous year[6]. - The company reported a net interest expense of RMB 61,295 thousand in 2024, down from RMB 73,936 thousand in 2023, a reduction of 17.2%[28]. - The net financing income for 2024 was approximately RMB 173.4 million, a decrease from RMB 234.1 million in 2023, attributed to lower interest income and foreign exchange losses[57]. Sales and Market Performance - The sales revenue of injection molding machines and related products for 2024 was RMB 16,128,328, an increase of 23.5% from RMB 13,069,307 in 2023[24]. - Sales from mainland China amounted to RMB 10,112,300 in 2024, up from RMB 7,916,831 in 2023, representing a growth of 27.5%[24]. - Domestic sales amounted to approximately RMB 10,112.3 million, a year-on-year increase of 27.7%, while overseas sales reached RMB 6,016.0 million, up 16.8%[43][45]. - Injection molding machine sales increased by 23.8% to approximately RMB 15,405.1 million, while parts and services sales rose by 16.2% to approximately RMB 723.2 million[46]. - The total revenue from external customers in 2024 was RMB 16,128,328, with a significant contribution from both domestic and international markets[24]. Investments and Expenditures - The company reported a net cash outflow from investing activities of RMB 3,079,675 thousand in 2024, compared to RMB 701,957 thousand in 2023, indicating a significant increase in investment expenditures[13]. - Capital expenditures for 2024 were RMB 1,056,634 thousand, a decrease of 10.1% from RMB 1,175,872 thousand in 2023[34]. - The company has a capital commitment of RMB 766,473 thousand for property, plant, and equipment as of December 31, 2024, down from RMB 1,066,225 thousand in 2023[38]. Corporate Governance and Compliance - The company has committed to maintaining high standards of corporate governance and has complied with applicable codes[74]. - The audit committee has reviewed the group's financial reporting procedures and internal controls for the year ending December 31, 2024[75]. - The company has adopted a standard code of conduct for securities trading by directors, ensuring compliance during the reporting period[76]. - The annual performance figures for the year ending December 31, 2024, have been verified by Ernst & Young, ensuring consistency with the audited consolidated financial statements[77]. - The company and its subsidiaries did not engage in any purchases, sales, or redemptions of the company's listed securities during the reporting period[78]. Future Outlook - The company anticipates continued economic growth in 2025, particularly in developing economies benefiting from manufacturing supply chain restructuring[47]. - The company plans to leverage technological innovation and green transformation as new drivers of economic growth[47]. - The company aims to deepen its global investment layout, with new factories in Japan and Serbia expected to be operational by 2025[51]. - The company will continue to implement a strategy of standardized production of components while meeting personalized customer needs[52].

Summary of Conference Call Company and Industry Overview - The conference call involved Haitong International analysts and the IR director of Haitai International, discussing the recent updates of the company and the industry [1][2]. Key Points and Arguments Order Trends - In Q3, the company reported a year-on-year growth of approximately 30% in orders, with overseas orders performing better than domestic ones [1][2]. - The growth rate in October was also around 30%, with a stable month-on-month comparison to September [2][3]. - The domestic market showed signs of slowing down, attributed to various factors including unexpected events and inventory replenishment [3][4]. Industry Performance - Consumer goods accounted for 50% of total orders, with automotive and home appliances making up 20% and 10% respectively [4][5]. - The automotive sector showed signs of acceleration in orders in October, indicating a positive trend [5][8]. - The company noted that the demand for electric motors and specific models like Mars and Chang Fei Ya was strong, while the Jupiter model faced challenges due to industry impacts [5][6]. Pricing and Margins - The company has not reduced prices this year, maintaining pricing strategies established in previous years despite fluctuations in raw material costs [6][7]. - The gross margin is expected to remain stable, with slight improvements anticipated due to a higher proportion of overseas revenue and lower raw material costs [13][14]. Domestic and Overseas Market Dynamics - Domestic demand showed improvement in October compared to previous months, with expectations for continued growth driven by government policies [12][13]. - The overseas market, particularly in North America and Mexico, has seen consistent revenue growth, with a focus on localizing supply chains [10][11]. - The company has a significant presence in Southeast Asia, with Vietnam being a standout market [12]. Competitive Landscape - The competitive environment is shifting, with increased focus on product line expansion and differentiation in response to market changes [17][18]. - The company is adapting its strategies to compete with both established players and emerging competitors in the market [33][34]. Shareholder Actions - There has been a reduction in shareholding by major shareholders, attributed to personal financial decisions and trust management [20][21]. Future Outlook - The company anticipates a better performance in 2025 compared to 2024, driven by domestic demand recovery and overseas market expansion [15][16]. - The focus will be on enhancing product offerings, particularly in high-end and cost-effective models, to meet diverse market needs [29][30]. Additional Important Information - The company is actively developing new products, including industry-specific machines and cost-effective models, to cater to market demands [29][30]. - The sales strategy involves a mix of direct sales and agency models, with an emphasis on local market understanding and customer service [36][38]. This summary encapsulates the key insights from the conference call, highlighting the company's performance, market dynamics, and strategic outlook.