HAERS(SZ:002615) Xin Lang Cai Jing·2025-08-29 09:02Core Viewpoint - The company is experiencing steady growth in both domestic and overseas markets, with expectations for accelerated performance in the second half of the year as overseas production ramps up [1] Investment Highlights - The company has adjusted its profit expectations, maintaining a "Buy" rating. The revised EPS forecasts for 2025-2027 are 0.62, 0.75, and 0.94 yuan, down from previous estimates of 0.76, 0.92, and 1.08 yuan. The target price is adjusted to 11.11 yuan based on an 18x PE for 2025, reflecting the valuation premium from the company's proprietary brand [2] - Both domestic and international sales are showing robust growth, with the OEM and OBM strategies being implemented effectively. In H1 2025, revenue from vacuum vessels and aluminum bottles reached 1.376 billion and 165 million yuan, respectively, representing year-on-year increases of 13.00% and 11.31%. Revenue from overseas and domestic markets was 1.366 billion and 206 million yuan, with year-on-year growth of 14.14% and 4.81% [2] - The company is enhancing its strategic partnerships with core, key, and potential customers to improve customer loyalty and accelerate localized marketing efforts in key regions. The proprietary Hars brand center has undergone a dual upgrade in organizational restructuring and capability enhancement, establishing a complete end-to-end team for market insights, product definition, and shelf placement [2] Profitability and Cost Management - In Q2 2025, the company's gross profit margin was 28.76%, down 2.62 percentage points year-on-year, while the net profit margin was 5.57%, down 5.99 percentage points year-on-year. The decline in profitability is primarily due to increased costs associated with ramping up overseas production capacity [3] - The company's sales, management, R&D, and financial expense ratios were 8.76%, 7.43%, 4.27%, and -0.13%, respectively, with year-on-year increases of 0.47, 1.17, 0.30, and 1.82 percentage points. The increase in financial expenses is mainly due to reduced foreign exchange gains [3] Production Capacity and Future Focus - The company has successfully completed the construction and ramp-up of its second phase in Thailand, accelerating the transfer of new product molds, raw material reserves, and personnel training to mitigate uncertainties in overseas production capacity and ensure high-quality, timely delivery [3] - The company will continue to focus on core supply chain elements, enhancing control over delivery times, costs, and quality while improving production capacity at the Thailand base [5] Industry Position - As the first company in the industry to establish an overseas presence, the company has received positive feedback from several core customers [4]