HAOYANG(SZ:300833) ZHONGTAI SECURITIES·2024-08-20 07:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Views - The company is expected to benefit from the continuous growth in the global performance market, leading to increased demand for stage lighting equipment. The company's market share is anticipated to continue rising due to its strong brand value and ongoing capacity expansion [3]. - The company has slightly adjusted its profit forecast for 2024-2026, with expected net profits of 4.25 billion, 5.24 billion, and 6.34 billion respectively, reflecting a decrease from previous estimates [3]. Financial Performance Summary - Revenue Forecast: - 2023A: 1,305 million - 2024E: 1,441 million (growth rate of 10%) - 2025E: 1,737 million (growth rate of 21%) [1]. - Net Profit Forecast: - 2023A: 366 million - 2024E: 425 million (growth rate of 16%) - 2025E: 524 million (growth rate of 23%) [1]. - Earnings Per Share (EPS): - 2023A: 2.89 - 2024E: 3.36 - 2025E: 4.15 [1]. - Gross Margin: - The gross margin for the first half of 2024 reached a historical high of 51.85%, an increase of 1.21 percentage points year-on-year [1]. Market and Operational Insights - The company has been actively expanding its global market presence, which has led to increased sales and management expenses. The company is also focusing on enhancing its research and development capabilities [1]. - The company has successfully launched new products, including high-power LED stage lights and laser stage lights, which have improved performance metrics such as control precision and waterproof capabilities [3]. - The company’s OBM (Own Brand Manufacturer) revenue reached 4.33 billion in the first half of 2024, showing a year-on-year growth of 2.30% with a gross margin of 53.08% [3].