HAOMEI(SZ:002988) Zheng Quan Zhi Xing·2025-06-18 11:30Core Viewpoint - The credit rating agency has assigned a stable outlook to Guangdong Haomei New Materials Co., Ltd. (referred to as "Haomei New Materials"), indicating confidence in the company's ability to maintain its performance despite challenges in the real estate sector and competition in the new energy vehicle market [3][7]. Company Overview - Haomei New Materials primarily engages in the processing of lightweight aluminum profiles for construction, industry, and automotive applications, with a strong focus on the automotive lightweight aluminum segment [3][5]. - The company has a stable customer base, including major automotive brands such as Mercedes-Benz, Toyota, and NIO, which supports its revenue stability [5][16]. Financial Performance - For 2024, the company is projected to achieve a net profit of 209 million yuan, reflecting a year-on-year growth of 15.34% [5]. - The total assets of the company are expected to reach 64.08 billion yuan in 2024, with total debt at 31.41 billion yuan [3][4]. - The operating revenue for 2024 is forecasted at 66.72 billion yuan, up from 59.86 billion yuan in 2023 [3][4]. Market Position - Haomei New Materials ranks among the top players in the aluminum profile industry, with a market share of 5.06% in the automotive lightweight aluminum segment [16][19]. - The company is expanding its production capacity, particularly in the automotive lightweight segment, with 90 new project approvals in 2024, marking a record high for the company [5][19]. Industry Environment - The aluminum processing industry is experiencing pressure from fluctuating aluminum prices, which can impact cash flow and profitability [11][12]. - The demand for building aluminum profiles is under pressure due to a downturn in the real estate market, while industrial aluminum demand is growing, particularly in the new energy and automotive sectors [11][12][19]. - The overall aluminum profile production in China is expected to decline by 1.1% in 2024, with building aluminum production dropping by 19.9% [11][12]. Operational Challenges - The company faces increased working capital pressure and risks related to accounts receivable collection, particularly from clients in the real estate sector [6][18]. - Safety production risks are present due to the nature of the manufacturing processes involved in aluminum profile production [6][18]. Future Outlook - The stable credit rating outlook reflects the company's accumulated technical strength and customer resources, which are expected to support its sales growth [7][18]. - The company is focusing on optimizing its product structure to maintain revenue growth, particularly in the automotive lightweight segment [5][19].