HAITIAN INT'L(HK:01882) Ge Long Hui·2025-05-19 01:34Core Viewpoint - The company reported its 2024 annual results, achieving a revenue of 16.13 billion yuan, a year-on-year increase of 23.4%, and a net profit of 3.08 billion yuan, also up 23.6%, meeting expectations [1] Group 1: Financial Performance - Domestic revenue reached 10.11 billion yuan, growing by 27.7% year-on-year, driven by policies stimulating domestic demand and export growth [1] - Overseas revenue amounted to 6.02 billion yuan, reflecting a year-on-year increase of 16.8%, with significant growth in South America, North America, and Southeast Asia [1] - The gross margin for 2024 was 32.5%, an increase of 0.4 percentage points compared to 2023, while the net margin remained stable at 19.1% [1] Group 2: Product Performance - The Mars series saw a sales increase of 31.2% to 10.47 billion yuan, with a volume growth of 37.5% [1] - The Jupiter series recorded sales of 2.94 billion yuan, up 5.2%, with a volume increase of 12.3% [1] - Electric products generated sales of 1.98 billion yuan, reflecting a year-on-year growth of 20.1% and a volume increase of 30.1% [1] Group 3: Global Capacity Expansion - The company is advancing its global capacity layout with integrated supply chain construction [2] - A manufacturing center in Serbia is under construction, expected to be operational by 2025 [2] - A second production base in India is being established in Chennai, with completion anticipated in 2025 [2] - An additional factory in Niigata, Japan, is also set to be completed by August 2025 [2] Group 4: Future Projections - Revenue projections for 2025-2027 are 18.04 billion, 19.5 billion, and 22.19 billion yuan, respectively, with net profits of 3.46 billion, 3.87 billion, and 4.45 billion yuan [2] - Corresponding price-to-earnings ratios are projected to be 9.45, 8.47, and 7.35 times [2]