Hanbell(002158) 新浪财经·2025-05-04 12:39Core Insights - The company reported a revenue of 3.674 billion yuan in 2024, a year-on-year decrease of 4.62%, and a net profit attributable to shareholders of 863 million yuan, a slight decrease of 0.28% year-on-year [2] - In Q4 2024, the company achieved a revenue of 818 million yuan, down 14% year-on-year and 20% quarter-on-quarter, with a net profit of 141 million yuan, down 24% year-on-year and 48% quarter-on-quarter [2] - For Q1 2025, the company reported a revenue of 606 million yuan, a decrease of 19% year-on-year, and a net profit of 118 million yuan, down 20% year-on-year [3] Financial Performance - In 2024, the company's gross profit margin was 38.31%, a decrease of 2.01 percentage points year-on-year; the net profit margin was 23.53%, an increase of 1.02 percentage points year-on-year, reaching a historical high [4] - The expense ratio for the period was 11.3%, down 3.1 percentage points year-on-year, with sales, management, R&D, and financial expense ratios at 5.2%, 6.0%, 4.9%, and -1.5% respectively [4] - In Q4 2024, the gross profit margin dropped to 29.80%, down 11.28 percentage points year-on-year and 11.47 percentage points quarter-on-quarter, primarily due to product mix adjustments and accounting changes [4] Business Segments - The compressor business showed stable growth with a revenue of 2.030 billion yuan in 2024, an increase of 4.31% year-on-year, and a gross profit margin of 33.09%, down 0.74 percentage points year-on-year [5] - The vacuum pump segment faced challenges, with a revenue of 1.346 billion yuan, a decrease of 18.04% year-on-year, and a gross profit margin of 45.83%, down 0.85 percentage points year-on-year, mainly due to overcapacity in the photovoltaic downstream [5] - The parts and maintenance segment achieved a revenue of 258 million yuan, an increase of 21.91% year-on-year, with a gross profit margin of 44.46%, up 1.39 percentage points year-on-year, indicating strong growth in maintenance services [5] Market Outlook - The compressor business is expected to maintain steady growth due to product iteration and expansion into new application scenarios, with a focus on energy efficiency and environmental protection [6] - The photovoltaic vacuum pump business is under pressure, while the semiconductor vacuum pump market is anticipated to benefit from domestic substitution, with a projected market size exceeding 5 billion USD in 2024 [6] - The company is positioned as a leader in domestic screw vacuum pumps, with products already recognized by several semiconductor manufacturers, indicating potential for growth as the domestic market expands [6] Revenue Forecast - The company forecasts revenues of 3.143 billion yuan, 3.256 billion yuan, and 3.503 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 676 million yuan, 704 million yuan, and 773 million yuan, reflecting a year-on-year decrease of 22% in 2025, followed by growth in subsequent years [7]