Haite(002023) 国元证券·2024-06-18 10:00Investment Rating - The report recommends an "Accumulate" rating for the company, HaiTe High-Tech (002023) [2]. Core Views - The company is advancing its "three-in-one" layout steadily, with a recovery in downstream demand driving performance improvement. HaiTe High-Tech is a high-tech enterprise focusing on high-end core equipment development and support, high-performance integrated circuit design and manufacturing, and aviation engineering technology and services. It is the first private aviation equipment development and technical service company in China and the only private aviation engineering technical service enterprise with various certifications [2][3]. - The recovery of the civil aviation industry has boosted the demand for aviation engineering services, and the company is actively expanding its market presence. The company has signed agreements for aircraft modification projects and is developing new production lines to enhance its service capabilities [3][10]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 1.053 billion yuan, a year-on-year increase of 15.81%. The net profit attributable to shareholders was 47 million yuan, a significant increase of 263.21% compared to the previous year, driven by increased deliveries of aviation seats and major project completions in training systems [3][16]. - The company’s expenses showed a favorable trend, with a total expense ratio of 28.03% in 2023. The sales expense ratio was 1.49%, up by 0.09 percentage points year-on-year, while R&D expenses decreased by 28.20% due to some projects meeting capitalization criteria [3][16]. Business Segments - The aviation engineering technology and services segment generated 756 million yuan in revenue, a year-on-year increase of 12.91%, accounting for 71.80% of total revenue. The gross margin for this segment was 38.93%, slightly up by 0.12 percentage points [3][20]. - The high-end core equipment development and manufacturing segment reported revenue of 239 million yuan, a year-on-year increase of 25.65%, representing 22.72% of total revenue [3][20]. Future Outlook - The company is expected to maintain rapid growth in performance, with projected net profits of 78.4 million yuan, 119.1 million yuan, and 174 million yuan for 2024, 2025, and 2026, respectively. Corresponding EPS is expected to be 0.11, 0.16, and 0.23 yuan per share [2][16]. - The company is actively involved in various R&D projects, including those related to eVTOL and UAV technologies, which are anticipated to contribute to future revenue growth [10][12].