HAERS(SZ:002615) Xin Lang Cai Jing·2026-02-09 04:38Investment Logic - The company collaborates with well-known IPs to explore a new paradigm of co-branding, leveraging its advantages in materials, cup design, and manufacturing processes to create high-quality products combined with the high added value and strong influence of IP brands, aiming to develop a "hit product" model [1] Company Developments - Since 2020, the company has partnered with Huawei to launch the HarmonyOS Smart Water Cup, which won an international CMF design award and offers features like smart drinking reminders and personalized health management through the Huawei Smart Life App, establishing itself as a leader in the smart water cup industry [2] - In 2022, the SIGG sub-brand collaborated with Pop Mart to launch a limited edition Swiss Adventure series, featuring products like the reverse clock bouncing straw cup and cotton candy silicone cup lid, available on major online platforms [2] - By the end of 2025, the company aims to establish a brand ecosystem with "哈尔斯&尔滨," launching six products that blend cultural significance with practical value, enhancing consumer experience [2] - The company has built a diverse IP collaboration matrix, with partnerships including Coca-Cola, MAIMAI, China Aerospace, The Smurfs, and Palace Museum culture, and is expanding its IP collaboration breadth and depth [2] Financial Forecast and Valuation - The company forecasts revenues of 3.45 billion, 4.38 billion, and 5.30 billion yuan for 2025-2027, representing year-on-year growth of +3.67%, +26.87%, and +21.04% respectively, while net profit is projected at 144 million, 284 million, and 397 million yuan, with a significant drop of -49.65% in 2025 followed by recoveries of +96.84% and +39.90% in subsequent years [3] - The 2025 performance is expected to be under pressure due to production ramp-up challenges in Thailand, supply chain setup, localization team building, and depreciation costs, alongside short-term adjustments from ODM/OEM clients and initial investments in proprietary brands affecting short-term profits [3] - As production capacity stabilizes in 2026 and domestic sales mature, the revenue outlook is expected to improve, with a target PE of 15X for 2026, leading to a "buy" rating [3]