HAITIAN INT'L(01882) 东吴证券·2024-08-28 06:03Investment 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 value-sensitive markets [14] - The overseas market presents significant growth potential, with a well-established global presence including six regional management centers and five manufacturing centers [14] Summary by Sections Revenue and Profitability - In H1 2024, the company reported total revenue of 80.18 billion yuan, with a gross profit of 25.92 billion yuan and a net profit attributable to shareholders of 15.21 billion yuan, reflecting increases of 25.67%, 26.88%, and 23.50% respectively [3][8] - The revenue from injection molding machines was 77.03 billion yuan, up 26.15% year-on-year, while parts and services generated 3.15 billion yuan, up 14.86% [9] Financial Metrics - The company’s earnings per share (EPS) for 2024 is projected to be 1.87 yuan, with a price-to-earnings (P/E) ratio of 11.47 [2][15] - The net profit forecast for 2024-2026 has been adjusted to 29.92 billion yuan, 32.50 billion yuan, and 36.78 billion yuan respectively, with corresponding P/E ratios of 11, 11, and 9 [15] Market Position and Strategy - The company is focusing on high-end markets with the introduction of a new generation of machines that offer improved performance and energy efficiency, while also targeting lower-tier markets with cost-effective models [14] - The global injection molding machine market is significantly larger than the domestic market, with a 2022 market size of 154.35 billion yuan compared to 26.35 billion yuan in China, indicating substantial growth opportunities for the company [14]