HAITIAN INT'L(HK:01882) Ge Long Hui·2025-05-19 01:34Core 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].