HAERS(SZ:002615) Tianfeng Securities·2024-11-12 06:26Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating a potential upside of over 20% within the next six months [6][14]. Core Insights - The company reported a revenue of 1 billion yuan for Q1-Q3 2024, representing a 27% year-on-year increase, while the net profit attributable to the parent company decreased by 10% to 100 million yuan [1]. - For the full year 2024, the company expects revenues to reach 2.4 billion yuan, a 39% increase, with a net profit of 220 million yuan, reflecting a 47% growth [1]. - The gross margin for Q1-Q3 2024 was 30%, down approximately 2 percentage points, while the net margin improved by 0.5 percentage points to 9.5% [1]. Financial Data and Valuation - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.7 yuan, 0.8 yuan, and 1 yuan respectively, with corresponding price-to-earnings (PE) ratios of 12X, 11X, and 9X [4]. - Revenue forecasts for 2024, 2025, and 2026 are 3.49 billion yuan, 4.02 billion yuan, and 4.67 billion yuan, with growth rates of 45.1%, 15.1%, and 16.1% respectively [5][10]. - The company’s net profit attributable to the parent company is expected to be 332.86 million yuan in 2024, 381.51 million yuan in 2025, and 453.35 million yuan in 2026, with growth rates of 33.26%, 14.62%, and 18.83% respectively [5][10]. Stock Incentive Plan - The company has announced a stock appreciation rights incentive plan, granting 1.2 million rights, approximately 0.26% of the total share capital, with a strike price of 4.07 yuan per right [2]. - The performance targets for the incentive plan include a revenue growth of no less than 30% for 2025 and 45% for 2026, based on 2023 revenue [2]. Production Capacity - The first phase of the company's production facility in Thailand has been completed and is operational, while the second phase is under construction [3].