香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 佈 全 部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 HAITIAN INTERNATIONAL HOLDINGS LIMITED 海天國際控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） 於 本 公 佈 日 期，本 公 司 執 行 董 事 為 張 劍 鳴 先 生、張 斌 先 生、張 劍 峰 先 生、 陳 蔚 群 先 生 及 陳 露 女 士；非 執 行 董 事 為 郭 明 光 先 生 及 劉 劍 波 先 生；及 獨 立 非 執 行 董 事 為 樓 百 均 先 生、郭 永 輝 先 生、餘 俊 仙 女 士 及 盧 志 超 先 生。 承董事會命 海天國際控股有限公司 公司秘書 李嘉文 香 港，二 零 二 五 年 八 月 六 日 （股 份 代 號：1882） 董事會會議召開日期 海天國際控股有限公司（「本公司」）董事會（「董事會」）宣 佈，董 事 會 會 議 將 於 二 零二五年八月十 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 海天國際控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01882 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 5,000,000,000 | | HKD | 0.1 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | 0.1 | HKD | | 500,000,000 | 本月底 ...

Core Viewpoint - Haitan International, a leading company in the injection molding machine industry with over 50 years of experience, is advancing its international layout and focusing on technological innovation and globalization to enhance its market competitiveness [1][4]. Company Overview - Haitan International has established two main product systems: electric injection molding (Changfeiya series for optical and medical applications) and servo hydraulic (MA, JU series for automotive and home appliance markets) [1]. - The injection molding business accounts for over 95% of the company's revenue from 2018 to 2024, with the MA series contributing more than 59% of revenue during 2018-2022 [1]. - The company is projected to achieve a revenue of 16.128 billion yuan in 2024, representing a year-on-year growth of 23.41%, with a CAGR of 6.83% from 2018 to 2024 [1]. - The net profit attributable to the parent company is expected to reach 3.08 billion yuan in 2024, with a year-on-year increase of 23.63% and a CAGR of 8.23% from 2018 to 2024 [1]. - The company's overseas sales accounted for 37.3% in 2024, moving towards a "50-50 strategy" for domestic and international sales [1]. Industry Dynamics - The injection molding machine is a core equipment for plastic forming, widely used in various sectors such as new energy vehicles, medical, and 3C electronics, which supports stable demand growth [2]. - In 2023, the Chinese plastic machinery industry, consisting of 680 large-scale enterprises, reported a main revenue of approximately 94.1 billion yuan, with a year-on-year growth of 3.0% and a CAGR of about 6.5% from 2011 to 2023 [3]. - The demand for injection molding machines is significantly increasing due to the accelerated overseas factory establishment by downstream manufacturers and the release of potential demand in emerging markets [3]. - By 2025, China's injection molding machine exports to Southeast Asia are expected to grow significantly, with an export growth rate of 138.7%, accounting for 42.9% of total exports [3]. - China maintains its position as the world's largest exporter of injection molding machines, with a trade surplus expected to expand to 1.652 billion USD in 2024 [3]. Competitive Positioning - Haitan International demonstrates significant competitive advantages compared to peers like Zhenxiong Group and Tairui Machinery, leading in core financial metrics [4]. - The Changfeiya series electric injection molding machines have been deployed in over 30,000 units across approximately 60 countries, showcasing their capability to meet diverse market needs [4]. - The company is accelerating its globalization efforts, with foreign sales increasing from nearly 30% in 2020 to nearly 40% in 2024, and is establishing production capacities in India and Mexico, with new facilities in Serbia and Japan expected to commence operations in 2025 [4].

Investment Rating - The investment rating for the company is "Buy" [10] Core Views - The company has been deeply engaged in the injection molding machine industry for over 50 years, leveraging a "technology + globalization" dual-driven strategy to maintain its leading position in the industry [2][6] - The company is experiencing significant growth in domestic and overseas markets, with a notable increase in export demand for injection molding machines due to the acceleration of overseas factory setups by downstream manufacturers [6][7] - The company plans to continue enhancing its technological research and global layout to strengthen its competitiveness in both domestic and international markets [6][8] Summary by Sections Company Overview - The company has established a comprehensive product solution system with electric injection (Changfei series) and servo hydraulic (MA, JU series) solutions, serving various sectors including automotive and medical [6][17] - Injection molding machines are the primary source of revenue, consistently accounting for over 95% of total revenue from 2018 to 2024, with the MA series contributing over 59% of revenue during this period [6][19] Financial Performance - In 2024, the company achieved a revenue of 16.128 billion yuan, a year-on-year increase of 23.41%, and a net profit of 3.08 billion yuan, up 23.63% year-on-year [6][19] - The compound annual growth rate (CAGR) for revenue from 2018 to 2024 is 6.83%, while the CAGR for net profit is 8.23% [22][20] - The company has maintained a stable gross margin between 31% and 35% from 2018 to 2024, with a slight increase in net margin from 17.66% to 19.10% [28][30] Market Dynamics - The global injection molding equipment market is expected to reach 16.69 billion USD in 2024, with a projected CAGR of 4.7% until 2030 [50] - China is currently the largest consumer market for injection molding equipment, accounting for 52% of the global market share in 2023 [52] International Expansion - The company is actively pursuing a "50-50 strategy" to balance domestic and international sales, with overseas sales accounting for 37.3% of total revenue in 2024 [6][31] - The company has established production capacities in India and Mexico, with new facilities expected to be operational in Serbia and Japan by 2025 [8][19] Competitive Position - The company has a stable shareholding structure, with significant family control, and a management team with deep industry experience [33][37] - The company is recognized for its strong financial metrics compared to peers, with a leading position in the high-performance injection molding machine sector [8][19]

Summary of Key Points from the Conference Call Industry Overview - The mechanical industry has seen significant growth in the first half of 2025, with a nearly 14% increase, ranking sixth among all A-share sectors [2] - The industry is influenced by themes such as robotics, reducers, and hard technology, with a focus on undervalued assets [1][5] Core Insights and Arguments - **Investment Trends**: The mechanical sector's investment opportunities are concentrated in hard technology (e.g., giant wheel intelligence, controllable nuclear fusion) and undervalued assets [1][5] - **Domestic Demand**: The recovery in domestic demand for engineering machinery is moderate, primarily driven by equipment upgrades. Excavator sales slowed in Q2, but large excavators continue to perform well [1][6][7] - **External Demand**: The external demand for engineering machinery is strong, particularly in Asia, Africa, and Latin America, with potential growth in the European and American markets [1][9] - **Industrial Control Sector**: The industrial control sector reversed its downward trend in Q1 2025, showing a 2.35% year-on-year growth, with rapid growth in HVAC and industrial robots [1][10] Important but Overlooked Content - **Overseas Expansion**: China's manufacturing direct investment abroad has grown from $19.108 billion in 2018 to $27.342 billion in 2023, with a CAGR of 7.43%. ASEAN's share in this investment is increasing [4] - **Market Dynamics**: The mechanical industry is closely tied to the performance of the manufacturing, real estate, and infrastructure sectors, which are currently showing signs of weakness [3] - **Future Outlook**: The second half of 2025 is expected to see a focus on hard technology and high-dividend, low-valuation stocks, particularly in the Hong Kong market due to ample supply and global capital inflow [5][52] Recommendations - **Key Companies**: Recommended companies in the mechanical sector include Haitan International, Sany International, and Jerry Holdings, among others, with a focus on hard technology firms like Aobi Zhongguang and Sikang Technology [53] - **Investment Opportunities**: Investors are advised to pay attention to the controllable nuclear fusion sector, which is expected to see significant investment opportunities in the latter half of 2025 [50][51]

Core Viewpoint - The company has achieved steady growth in performance, driven by global expansion and recovery in downstream industry demand, particularly in the injection molding machine sector [1][2][3]. Financial Performance - In H1 2024, the company reported revenue of 8.02 billion RMB, a year-on-year increase of 25.7%, and a net profit attributable to shareholders of 1.52 billion RMB, up 23.5%. Earnings per share stood at 0.95 RMB [1]. - The overall gross margin for H1 2024 was 32.3%, reflecting a 0.3 percentage point increase year-on-year, while the net profit margin was 19.0%, down 0.3 percentage points [1]. Injection Molding Machine Sales - The sales revenue from injection molding machines increased by 26.2% year-on-year to 7.70 billion RMB, with parts and service sales rising by 14.9% to 320 million RMB [2]. - The recovery in demand from downstream industries such as daily consumer goods, home appliances, and 3C products has significantly boosted sales, particularly for the Mars and Changfei series [2]. - The Jupiter series also saw stable growth due to investments in the overseas production capacity of the global automotive supply chain, especially in the new energy vehicle sector [2]. Global Market Expansion - Domestic revenue reached 5.18 billion RMB in H1 2024, a 33.7% increase, driven by the recovery in the daily consumer goods sector and the introduction of more energy-efficient and intelligent fifth-generation machines [3]. - Overseas revenue amounted to 2.84 billion RMB, up 13.2%, benefiting from structural adjustments in the global supply chain and the company's long-term investments in overseas markets [3]. - The company is committed to its "Five-Five" strategy, enhancing its global market presence across Asia, Europe, North America, and South America, with new factories under construction, including a manufacturing base in Serbia [3]. Future Outlook - The company has raised its net profit forecasts for 2024-2026 by 4.2%, 1.4%, and 0.1% to 3.00 billion, 3.25 billion, and 3.53 billion RMB, respectively, with corresponding EPS estimates of 1.88, 2.03, and 2.21 RMB [3]. - The ongoing equipment upgrades and increased overseas exports are expected to further enhance the company's performance [3].

Core Viewpoint - The injection molding machine industry is experiencing high demand and growth, with the company reporting better-than-expected revenue growth in H1 2024, driven by global supply chain restructuring and increased exports in certain downstream industries [1][2]. Revenue and Profitability - In H1 2024, the company achieved revenue of 8.018 billion yuan, a year-on-year increase of 25.67%, with gross profit of 2.592 billion yuan, up 26.88%, and net profit attributable to shareholders of 1.521 billion yuan, an increase of 23.50% [1]. - The revenue from injection molding machines reached 7.703 billion yuan, a year-on-year increase of 26.15%, while components and services generated 315 million yuan, up 14.86% [2]. - The domestic revenue was 5.183 billion yuan, a year-on-year increase of 33.70%, and overseas revenue was 2.835 billion yuan, up 13.24% [2]. Margin Analysis - The gross margin for H1 2024 was 32.32%, an increase of 0.31 percentage points year-on-year, attributed to full order books and improved capacity utilization [3]. - The net profit margin attributable to shareholders was 18.97%, a slight decrease of 0.33 percentage points, primarily due to foreign exchange losses [3]. Working Capital and Cash Flow - Accounts receivable increased to 4.297 billion yuan, up 25.18% year-on-year, while inventory rose to 3.953 billion yuan, an increase of 11.69% [4]. - The net cash flow from operating activities was 1.205 billion yuan, a decrease of 5.86% year-on-year, influenced by the rise in accounts receivable [4]. Product Development and Market Position - The company launched a new generation of injection molding machines, enhancing competitiveness in high-end markets and targeting lower-tier markets with cost-effective models [4]. - The company has established a comprehensive global presence with six regional management centers, five manufacturing centers, and nine application service experience centers, positioning itself for continued growth in overseas markets [4]. Profit Forecast - The company's net profit forecasts for 2024-2026 have been adjusted upwards to 2.992 billion yuan, 3.250 billion yuan, and 3.678 billion yuan, respectively, with corresponding price-to-earnings ratios of 11, 11, and 9 times [5].

Core Viewpoint - Haitian International has been deeply engaged in the injection molding machine industry for over 50 years, holding the largest global market share with a comprehensive product range. The domestic injection molding machine industry is expected to maintain its prosperity, with an ongoing optimization of the competitive landscape and an increasing market share for leading companies. Internationally, greenfield investments are rising, indicating sustained overseas demand for injection molding machines for over five years, benefiting from the global manufacturing capacity redistribution trend [1][3]. Domestic Market Overview - The domestic injection molding machine market is valued at approximately 25 billion RMB, with the industry expected to remain in a prosperous phase. The downstream sectors, primarily home appliances, automotive, and daily necessities, are benefiting from consumer upgrades and strong export performance, leading to sustained capital expenditure from downstream enterprises [2]. - The competitive landscape is continuously improving, with leading companies like Haitian International and Yizumi expected to increase their combined market share from nearly 40% in 2023 to over 50% in 2024, outperforming the industry due to scale effects and heightened quality demands from customers [2]. International Market Trends - Overseas demand for injection molding machines is projected to remain strong for over five years, with Haitian International poised to benefit significantly. Greenfield investments have increased from 37% in 2015 to 104% in 2023, indicating a robust demand for new production capacity that is not diminishing despite global investment fluctuations [3]. - Regions experiencing rapid growth in injection molding machine exports, such as Vietnam and Mexico, are in a manufacturing development phase similar to China's manufacturing boom from 1992 to 2011, suggesting a sustained growth trajectory for injection molding machine demand [3]. - Haitian International is transitioning from a capital-importing to a capital-exporting country, actively expanding its global footprint to mitigate trade friction impacts. The company has established five overseas factories and has subsidiaries in nine countries, with sales and service partners in over 60 countries, achieving an overseas revenue share of 40% in 2023 [3]. Profit Forecast and Investment Recommendation - Haitian International is expected to achieve net profits of 3.072 billion, 3.459 billion, and 3.949 billion RMB from 2024 to 2026, with year-on-year growth rates of 23.31%, 12.58%, and 14.17%, respectively. The corresponding price-to-earnings ratios are projected to be 11, 10, and 9 times [4].

Group 1 - The company has downgraded its rating to "Accumulate" and reduced the target price to HK$25.12 due to nearing peak domestic demand and uncertain overseas demand, limiting growth possibilities for 2025 [1] - The company's net profit forecasts for 2025-2027 have been decreased to RMB3,309 million (-0.9%), RMB3,198 million (-7.2%), and RMB3,611 million respectively, with earnings per share projected at RMB2.073 (-0.9%), RMB2.004 (-7.2%), and RMB3.198 [1] - Revenue for 2024 was RMB16,128 million, exceeding expectations by 6.6%, while net profit was RMB3,080 million (+0.2%), attributed to an expansionary sales approach to clear obsolete inventory [1] Group 2 - The company is expected to have its overseas production bases operational by the end of 2025, which will allow for local production of PIMMs and competitive pricing by avoiding tariffs [2] - The company has three overseas plants in production: Chenai India, Ruma Serbia, and Niigata Japan, expected to be operational by December 2025, December 2025, and August 2025 respectively [2] - Capital expenditure is projected to remain high at approximately RMB100 million for 2025 to equip the new plants, with revenue growth anticipated through increased market share starting in early 2026 [2]

Core Viewpoint - The company's 2024 performance aligns with expectations, showing significant growth in revenue and net profit driven by strong demand for small machine models and effective cost control [1][2]. Financial Performance - The company reported a revenue of 16.128 billion yuan in 2024, a year-on-year increase of 23.41%, and a net profit of 3.08 billion yuan, up 23.63% year-on-year [1]. - In the second half of 2024, revenue reached 8.111 billion yuan, growing by 21.2%, with a net profit of 1.56 billion yuan, reflecting a 23.8% increase [1]. - Domestic sales amounted to 10.112 billion yuan, a 27.73% increase, driven by demand from small enterprises and inventory replenishment in consumer goods [2]. - Overseas sales were 6.016 billion yuan, up 16.76%, with significant growth in Southeast Asia, North America, and parts of South America [2]. Profitability and Cost Control - The company's gross margin for 2024 was 32.46%, an increase of 0.32 percentage points, attributed to low raw material prices and economies of scale [2]. - The overall expense ratios for sales, management, and financial costs were 7.91%, 6.43%, and -1.08%, respectively, showing a reduction in expense ratios [2]. - The net profit margin stood at 19.10%, reflecting a slight increase of 0.04 percentage points [2]. Strategic Development - The company is pursuing a "50-50" strategy for domestic and overseas markets, aiming to increase overseas revenue to 50% in the long term [2]. - New product development is underway to enhance competitiveness and customer penetration in the domestic market [2]. - The establishment of factories in Serbia and India is expected to accelerate the growth of overseas revenue [2]. Earnings Forecast and Valuation - The earnings forecast for 2025 has been slightly raised by 4.2% to 3.640 billion yuan, with a projected net profit of 4.067 billion yuan for 2026 [2]. - The current stock price corresponds to a P/E ratio of 9.6x for 2025 and 8.5x for 2026, with a target price of 29.50 HKD, indicating a potential upside of 27% [2].