HAOYANG(300833) 国投证券·2024-11-07 10:23Investment Rating - The report maintains a "Buy-A" investment rating for the company [4][5]. Core Views - The company, Haoyang Co., Ltd. (300833.SZ), reported a decline in revenue and net profit for Q3 2024, with revenue of 946 million yuan, down 6.39% year-on-year, and a net profit of 258 million yuan, down 16.80% year-on-year. The Q3 revenue was 277 million yuan, down 8.04% year-on-year, and net profit was 55 million yuan, down 36.50% year-on-year [11]. - The domestic demand for stage lighting equipment is expected to improve due to policy support, and the company is expanding its overseas market presence through the acquisition of Denmark's SGM brand, which is anticipated to enhance its market influence [12]. - The company's gross margin remained stable, with a gross margin of 51.74% for the first three quarters of 2024, slightly up by 0.82 percentage points year-on-year, while the Q3 gross margin was 51.48%, down 0.12 percentage points year-on-year [13]. Financial Performance Summary - The company is projected to achieve revenues of 1.28 billion yuan in 2024, with a year-on-year growth of -2.15%, and net profits of 346 million yuan, down 5.52% year-on-year. For 2025 and 2026, revenues are expected to grow by 16.05% and 15.55%, respectively, with net profits increasing by 25.60% and 15.03% [16]. - The report forecasts a target price of 49.23 yuan based on a 2024 PE ratio of 18.0x, maintaining the investment rating [16]. Market Outlook - The stage lighting equipment market is showing overall positive trends, with strong demand in concert, professional venue, and cultural tourism sectors. The company aims to enhance its market share through product innovation and expanding its customer base [12]. - The company plans to develop new product categories and deepen cooperation with existing customers while attracting new clients to drive growth [12].