HAERS(002615) 信达证券·2025-01-20 00:04Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 278-346 million yuan for the year 2024, representing a year-on-year increase of 11.3% to 38.5%, with a median estimate of 312 million yuan, reflecting a 24.9% increase [1] - The company continues to benefit from high growth in core customers and a favorable industry environment, with expectations of steady revenue growth in Q4 [2][3] - The company is positioned as a core supplier for leading brands like Yeti and Stanley, with anticipated strong performance from popular products [2] - The company's self-owned brand SIGG is expanding both online and offline, contributing to steady growth in profitability [3] Financial Performance Summary - Total revenue for 2024 is projected to be 3.254 billion yuan, a year-on-year growth of 35.2% [5] - The net profit attributable to shareholders is forecasted to be 306 million yuan in 2024, with a year-on-year growth of 22.6% [5] - The gross profit margin is expected to be 30.1% in 2024, slightly down from 31.2% in 2023 [5] - The company’s return on equity (ROE) is projected to be 17.4% in 2024, increasing to 19.3% by 2026 [5] - Earnings per share (EPS) is expected to reach 0.66 yuan in 2024, with a projected price-to-earnings (P/E) ratio of 12.03 times [5] Operational Insights - The company is actively enhancing its internal management and implementing cost-reduction measures to improve profitability [3] - The first phase of the Thailand production base is progressing steadily, with the second phase on track to cover U.S. orders, while overall tariff risks remain manageable [2]