HAITIAN INT'L(01882) 东吴证券·2024-07-12 11:31Investment Rating - Buy (首次) [1] Core Views - The company is a global leader in the injection molding machine industry with a 59-year history of stable family management [3] - The global injection molding machine market is valued at over 100 billion RMB with broad downstream applications [4] - The company leads the industry in revenue scale and profitability with a well-established overseas presence [5] - The company's strong R&D capabilities and differentiated product strategies enable it to capture market share across various segments [5] Company Overview - Founded in 1966, the company has grown into a global leader in the injection molding machine industry with a stable family management structure [3] - The company's revenue grew from 9.819 billion RMB in 2019 to 13.074 billion RMB in 2023, with a CAGR of 7.42% [3] - Net profit attributable to shareholders increased from 1.751 billion RMB in 2019 to 2.492 billion RMB in 2023, with a CAGR of 9.22% [3] - The company maintains a high dividend payout ratio of 30-40% and has a strong liquidity position with 11.2 billion RMB in cash and equivalents [3] Industry Overview - The global injection molding machine market grew from 12.5 billion USD in 2013 to 22.05 billion USD in 2022, with a CAGR of 6.5% [4] - The Chinese market grew from 21.16 billion RMB in 2016 to 26.35 billion RMB in 2022, with a CAGR of 3.7% [4] - The top three application scenarios for injection molding machines are general plastics (28%), automotive (26%), and home appliances (25%) [4] Competitive Advantages - The company is the global leader in revenue scale, with 12.31 billion RMB in 2022, surpassing competitors like Engel and Arburg [5] - The company has a well-established overseas presence with 6 regional management centers, 5 manufacturing centers, and 9 application service experience centers across Asia, Europe, North America, and South America [5] - The company's strong R&D capabilities enable it to launch new products every 5 years, with the latest fifth-generation models offering energy savings of 20-40% [5] Financial Projections - Revenue is expected to grow from 15.77 billion RMB in 2024 to 19.175 billion RMB in 2026, with a CAGR of 10.2% [2] - Net profit attributable to shareholders is projected to increase from 2.98 billion RMB in 2024 to 3.676 billion RMB in 2026, with a CAGR of 11.1% [2] - The company's Mars series is expected to grow at a CAGR of 18.7% from 2024 to 2026, driven by demand from the home appliance and daily necessities sectors [49] Valuation - The company's 2024-2026 PE ratios are 11x, 10x, and 9x, respectively, which are slightly lower than the average PE ratios of comparable companies [51] - Comparable companies include Yizumi (300415.SZ) and LK Technology (0558.HK), with average PE ratios of 12x, 10x, and 9x for 2024-2026 [51]