HAITIAN INT'L(01882) 东吴证券·2024-08-28 05:07Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved revenue of 8.018 billion yuan in H1 2024, representing a year-on-year increase of 25.67%, driven by the recovery in demand for injection molding machines and global supply chain restructuring [3][8] - The gross profit margin slightly increased to 32.32%, while the net profit margin for shareholders decreased to 18.97% due to foreign exchange losses [4][11] - The company is enhancing its competitiveness through new product iterations, including the launch of a new generation of machines targeting both high-end and budget markets [14] - The overseas market presents significant growth potential, with the company having established a comprehensive global presence [14] Revenue and Profit Forecast - The company’s total revenue is projected to reach 16.33 billion yuan in 2024, with a net profit forecast of 2.992 billion yuan, reflecting a growth rate of 20.07% [2][15] - The earnings per share (EPS) is expected to increase from 1.56 yuan in 2023 to 1.87 yuan in 2024 [2][15] Financial Performance - In H1 2024, the company reported a gross profit of 2.592 billion yuan, with a year-on-year increase of 26.88% [3][8] - The company’s operating cash flow remained stable at 1.205 billion yuan, despite a 5.86% decline year-on-year [12][14] Market Position and Strategy - The company is positioned as a leader in the injection molding machine industry, with a strong focus on product innovation and market expansion [14][15] - The global injection molding machine market is significantly larger than the domestic market, indicating substantial growth opportunities for the company [14]