Hanbell(SZ:002158) Huaxin Securities·2024-10-14 11:30Investment Rating - The report initiates coverage with a "Buy" investment rating for the company [1][3]. Core Views - The company's compressor business is experiencing steady growth, with revenue contribution increasing. In H1 2024, compressor product revenue reached 960 million yuan, a year-on-year increase of 6.96%, accounting for 52.33% of total revenue, up 1.59 percentage points year-on-year [1]. - The establishment of a wholly-owned subsidiary overseas aims to enhance international competitiveness. In H1 2024, overseas revenue was 346 million yuan, a year-on-year increase of 10.23%, representing 18.84% of total revenue, with a gross margin of 38.87% [1]. - The company has effectively controlled period expenses, leading to continuous improvement in operating cash flow. In H1 2024, the operating cash flow net amount was 387 million yuan, a year-on-year increase of 19.33% [1]. Financial Summary - Revenue projections for 2024-2026 are 4.192 billion yuan, 4.623 billion yuan, and 5.298 billion yuan, respectively, with corresponding EPS of 1.78 yuan, 2.02 yuan, and 2.35 yuan [3][5]. - The company’s sales gross margin for H1 2024 was 40.45%, up 2.08 percentage points year-on-year, while the net profit margin was 24.63%, up 3.93 percentage points year-on-year [1]. - The forecasted revenue growth rates are 8.8% for 2024, 10.3% for 2025, and 14.6% for 2026, with net profit growth rates of 10.2%, 13.3%, and 16.4% for the same years [5][6].