HARSON(603958) 东吴证券·2024-12-31 11:54Investment Rating - The report maintains a "Neutral" rating for the company, reflecting expectations of performance relative to the benchmark index over the next 6 to 12 months [2][10]. Core Insights - The company is planning a significant asset restructuring to enter the precision metal component processing and optical detection industries, which is expected to enhance its business scale and profitability [2][10]. - The acquisition of Suzhou Langkes and other related entities is anticipated to expand the company's business scale and customer resources, thereby improving competitiveness [2][10]. - The company's net profit forecasts for 2024 and 2025 have been adjusted to -0.25 billion and 0.33 billion respectively, with a projected profit of 0.54 billion for 2026, leading to P/E ratios of 132 and 80 for 2025 and 2026 [2][10]. Financial Summary - The company reported revenues of 5.7 billion in the first three quarters of 2024, showing a year-on-year decrease of 0.92%, with net profits of 41.43 million [21]. - The company has been facing continuous losses since 2020, with a significant decline in revenue since 2014, and a net profit of -5.33 million for 2023 [21][24]. - The projected total revenue for 2024 is 870.22 million, with a year-on-year growth of 7.18%, while the net profit is expected to be -24.89 million [24].