Hanbell(002158) 湘财证券·2025-02-25 07:48Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a net profit growth for 2024 despite a decline in revenue due to adjustments in the photovoltaic industry [3][4] - The company's operating profit margin improved by 1.7 percentage points to 28.2% in 2024, driven by refined management strategies [4] - Future growth is expected from the refrigeration and air compressor business, semiconductor sector expansion, and after-sales maintenance services [5] Financial Performance - In 2024, the company achieved an operating revenue of approximately 3.70 billion yuan, a year-on-year decrease of 3.9% [3] - The net profit attributable to shareholders was approximately 880 million yuan, reflecting a year-on-year increase of 2.2% [3] - The basic earnings per share were approximately 1.65 yuan, an increase of 2.2% year-on-year [3] - The weighted average ROE was approximately 22.3%, a decrease of 3.5 percentage points year-on-year [3] Revenue and Profit Forecast - Revenue forecasts for 2024-2026 are 3.70 billion, 3.83 billion, and 4.19 billion yuan, with year-on-year growth rates of -3.9%, 3.4%, and 9.6% respectively [5] - Net profit forecasts for the same period are 880 million, 930 million, and 1.04 billion yuan, with year-on-year growth rates of 2.2%, 5.1%, and 11.8% respectively [5] - The corresponding P/E ratios for 2024-2026 are 11.5, 10.9, and 9.8 times [5]