Haoneng(603809) 信达证券·2025-02-18 08:26Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The company, HaoNeng Co., Ltd., is a leading player in the synchronizer market, with a diversified business layout that opens up growth opportunities. It has established a strong presence in the automotive parts industry, particularly in synchronizers and differentials, and has expanded into aerospace and robotics sectors [5][6][18]. - The company's revenue and profit performance in the first half of 2024 showed significant growth, driven by the robust development of its synchronizer and differential businesses, as well as the positive trends in the robotics industry [7][21]. - The company is actively expanding its product offerings in the transmission system components, with a focus on the differential project, which is expected to see substantial growth in the near future [6][50]. Summary by Sections Company Overview - HaoNeng Co., Ltd. was established in 2006 and listed in 2017. It has become a leading domestic synchronizer manufacturer, providing a full product line for both passenger and commercial vehicles. The company has also entered the aerospace sector through acquisitions and is investing in new energy vehicle components [13][14]. Business Structure - The automotive parts business accounted for 86.5% of the company's revenue in 2023, while the aerospace segment contributed 11.4%. The main products include synchronizers, differentials, and precision components for aerospace [18]. Financial Analysis - In the first half of 2024, the company achieved a revenue of 16.9 billion yuan, with a year-on-year growth of 26.6%. The net profit attributable to the parent company reached 2.4 billion yuan, up 62.6% year-on-year. The company's gross margin improved to 34.1% [21][24]. Market Trends - The global automotive differential market is projected to grow from 21.43 billion USD in 2024 to 25.39 billion USD by 2029, with a CAGR of 7.9%. The company is well-positioned to capture this growth due to its strong client relationships and production capabilities [48][50]. Profitability Forecast - The company is expected to generate revenues of 24.4 billion, 29.5 billion, and 35.6 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 3.2 billion, 4.3 billion, and 5.2 billion yuan [8][9].