Hanbell(002158) 中邮证券·2024-11-18 07:02Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [10]. Core Insights - The company, Hanzhong Precision Machinery, reported a revenue of 2.857 billion yuan for the first three quarters of 2024, reflecting a year-on-year decrease of 1.71%. However, the net profit attributable to shareholders increased by 6.11% to 721 million yuan [12]. - The company's compressor business shows steady growth, while the photovoltaic vacuum pump segment is experiencing short-term pressure due to a slowdown in downstream expansion [12][13]. - The report anticipates revenue growth for the company from 2024 to 2026, with projected revenues of 3.892 billion yuan, 3.984 billion yuan, and 4.350 billion yuan, respectively [14]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 1.022 billion yuan, down 10% year-on-year and 6% quarter-on-quarter. The net profit for the same period was 271 million yuan, a decrease of 14% year-on-year and 11% quarter-on-quarter [12]. - The gross margin for the first three quarters was 40.74%, an increase of 0.67 percentage points year-on-year, while the net margin was 25.32%, up 1.88 percentage points year-on-year [12]. - The company’s earnings per share (EPS) for 2024 is projected to be 1.67 yuan, with a price-to-earnings (P/E) ratio of 11.21 [14][16]. Business Segment Analysis - The refrigeration compressor business is primarily used in commercial central air conditioning, refrigeration, and heat pump applications, showing stable growth despite some pressure from the real estate market [13]. - The air compressor segment has significant potential for equipment upgrades in the domestic market, which could provide new growth opportunities for the company [13]. - The photovoltaic vacuum pump business is under pressure due to a slowdown in the photovoltaic industry, but the semiconductor vacuum pump segment is gradually advancing towards import substitution [13]. Earnings Forecast and Valuation - The forecast for the company's net profit for 2024, 2025, and 2026 is 893 million yuan, 911 million yuan, and 1.006 billion yuan, respectively, indicating a growth rate of 3.25%, 2.04%, and 10.37% [14]. - The report provides a valuation with projected P/E ratios of 11.21, 10.99, and 9.96 for the years 2024, 2025, and 2026 [14].