Hanbell(002158) Caixin Securities·2024-11-07 05:46Investment Rating - The investment rating for the company is "Buy" [1][8][14] Core Views - The company has shown resilience in profitability despite pressure on the photovoltaic vacuum pump demand, with a slight increase in net profit year-on-year [4][5][6] - The company is expanding its product categories and market areas through strategic investments, including a partnership with Hangzhou Changhe Power Technology Co., Ltd. and the establishment of a wholly-owned subsidiary in the United States [7][8] Financial Performance Summary - The company reported a revenue of 28.57 billion yuan for the first three quarters of 2023, a year-on-year decrease of 1.71%, while net profit attributable to shareholders increased by 6.11% to 7.21 billion yuan [4][9] - The gross margin for the first three quarters was 40.74%, up 0.7 percentage points year-on-year, and the net margin was 25.32%, up 1.9 percentage points year-on-year [6][9] - The company forecasts revenues of 38.01 billion yuan, 39.20 billion yuan, and 42.81 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to be 8.92 billion yuan, 9.40 billion yuan, and 10.42 billion yuan [8][11] Market and Product Insights - The company's main products include vacuum pumps, refrigeration compressors, and air compressors, with a slight growth in refrigeration and air compressor products, while vacuum pump revenues have declined due to weakened demand in the photovoltaic sector [5][6] - The company is expected to maintain its market share in the photovoltaic sector while exploring new opportunities in semiconductor and lithium battery fields [8][11]