Investment Rating - The report initiates coverage on Haopeng Technology with a "Buy" rating, citing significant undervaluation based on projected PE ratios of 22.4x, 8.3x, and 6.0x for 2024-2026 [1][26] Core Views - Haopeng Technology, established in 2002, has evolved into a leading consumer battery supplier with core businesses in pouch lithium-ion batteries, cylindrical lithium-ion batteries, and nickel-metal hydride batteries [1][7] - The company achieved revenue of 4.541 billion yuan in 2023, a 29.53% YoY increase, with Q1 2024 revenue reaching 994 million yuan, up 34.19% YoY [1] - The AIPC revolution is expected to drive demand, with global AIPC shipments projected to reach 48 million units in 2024, accounting for 18% of total PC shipments [1] - The global tech consumer goods industry is forecast to return to positive growth in 2024, with an estimated 3% increase in overall market size [1] Business Strategy - The company has established strong partnerships with global brands including HP, Dell, MSI, Acer, Asus, Microsoft, Sony, BYD, and Xiaomi [1][22] - Its strategic focus on major clients provides stable orders and high entry barriers, ensuring sustained high-quality development [1] - Haopeng Technology has diversified its product portfolio across multiple applications, including laptops, smartphones, personal care devices, and wireless speakers [1][33] Financial Performance - Revenue grew from 2.071 billion yuan in 2019 to 4.541 billion yuan in 2023, representing a CAGR of 21.69% [23] - Net profit margin is expected to improve as capacity consolidation nears completion, with projected net profits of 151 million, 408 million, and 563 million yuan for 2024-2026 [26] - The company's gross margin remained stable at 19.24% in 2023 and 19.11% in Q1 2024 [23] Industry Outlook - The AIPC replacement cycle and economic recovery are expected to drive growth in the consumer battery market [1] - The company is well-positioned to benefit from the AIPC revolution and the recovery in downstream demand [26] Valuation Comparison - Haopeng Technology's 2024-2026 PE ratios of 22.39x, 8.29x, and 6.01x are significantly lower than industry peers such as Zhuhai CosMX (21.22x, 14.46x, 10.99x) and Sunwoda (21.36x, 16.35x, 13.68x) [38]
豪鹏科技首次覆盖报告：消费电池多元化布局，厚积薄发展新篇