HSSM(002290) 民生证券·2025-03-04 09:01Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook on its future performance [4][6]. Core Insights - He Sheng New Materials is a leading provider of high-performance composite materials in China, focusing on innovative material research, production, and market expansion [10][11]. - The company has a strong foothold in the home appliance sector, with its products widely used in refrigerators, water heaters, washing machines, and other appliances [10][11]. - The establishment of its subsidiary, Hai Xi Technology, marks a strategic move into the AI sector, leveraging domestic AI chip technology to provide comprehensive AI solutions [12][42]. - The company is expected to achieve revenues of 2.5 billion, 3 billion, and 3.3 billion RMB in 2024, 2025, and 2026 respectively, with corresponding net profits of 110 million, 204 million, and 270 million RMB [4][5]. Summary by Sections 1. Company Overview - He Sheng New Materials specializes in high-performance composite materials, particularly for the home appliance industry, and has been operational since 2002 [10][11]. - The company has a significant market share in the domestic colored steel plate sector and has established partnerships with major appliance manufacturers [11][13]. 2. AI Strategy and Subsidiary Development - Hai Xi Technology, established in March 2024, focuses on AI hardware and software solutions, aiming to build a robust AI infrastructure for various industries [12][42]. - The subsidiary is set to provide AI computing solutions, particularly for smart computing centers and educational sectors, enhancing the company's technological capabilities [12][43]. 3. Financial Performance and Forecast - The company reported a revenue of 2.34 billion RMB in 2023, with a projected growth rate of 9.7% for the year [5][24]. - The net profit for 2023 was 83 million RMB, with expectations of significant growth in the following years, reflecting the company's operational resilience and market adaptability [4][35]. - The financial outlook indicates a steady increase in both revenue and profit margins, supported by strategic business adjustments and market demand [24][35].