Hanbell(002158) Guoxin Securities·2024-11-01 03:00Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][7]. Core Views - The company's revenue for the first three quarters of 2024 decreased by 1.71% year-on-year, while the net profit attributable to the parent company increased by 6.11% year-on-year, reaching 721 million yuan [1]. - The decline in revenue in Q3 2024 was attributed to decreased demand in the photovoltaic industry and a decline in foreign exchange gains [1]. - The company's gross margin and net margin for Q3 2024 were 41.27% and 26.56%, respectively, both showing a year-on-year decline due to a decrease in the proportion of high-margin photovoltaic vacuum pumps [1]. - The photovoltaic vacuum pump business is under pressure due to a significant decline in project numbers in the photovoltaic industry, although there is still potential for growth in the long term [1]. - The compressor business is steadily growing and is expected to benefit from policies promoting equipment upgrades [1]. - There is significant room for domestic substitution in the semiconductor vacuum pump market, with the company already gaining recognition from domestic chip manufacturers [1]. Financial Forecasts and Metrics - Revenue projections for 2024-2026 are adjusted to 907 million yuan, 875 million yuan, and 967 million yuan, respectively, with corresponding PE ratios of 11, 12, and 11 times [1][2]. - The company's earnings per share (EPS) for 2024E is projected at 1.70 yuan, with a net profit margin of 21.1% [2][8]. - The company's return on equity (ROE) is expected to be 21.1% in 2024, declining to 17.4% by 2026 [2][8]. - The company's market capitalization is approximately 10.197 billion yuan, with a closing price of 19.07 yuan [7].