Hanbell(002158) Xin Lang Cai Jing·2025-05-09 06:40Group 1: Financial Performance - In 2024, the company reported a revenue of 3.674 billion yuan, a year-on-year decrease of 4.62%, and a net profit attributable to shareholders of 863 million yuan, down 0.28% year-on-year [1] - The gross margin and net margin for 2024 were 38.31% and 23.53%, reflecting a year-on-year change of -2.01 and +1.02 percentage points respectively [1] - In Q4 2024, the company achieved a revenue of 818 million yuan, a decline of 13.57% year-on-year, and a net profit of 141 million yuan, down 23.74% year-on-year [1] Group 2: Business Segments - The compressor business showed resilience, with revenue reaching 2.030 billion yuan in 2024, an increase of 4.31% year-on-year, although the gross margin decreased by 0.74 percentage points to 33.09% [1] - The commercial central air conditioning market faced downward fluctuations due to real estate impacts, but the company is expanding its market share through new model development and upgrades, which is expected to sustain growth in the refrigeration compressor segment [2] - The vacuum pump business faced challenges, with revenue of 1.346 billion yuan in 2024, down 18.04% year-on-year, primarily due to a downturn in the photovoltaic industry [2] Group 3: Future Outlook - The company is focusing on the domestic substitution of semiconductor vacuum pumps, which have gained recognition from several domestic wafer fabs and equipment manufacturers, indicating potential growth opportunities [2] - The company aims to enhance its competitiveness in the air compressor market by launching high-end products, particularly oil-free compressors, which have significant domestic replacement potential [2]