HAITIAN INT'L(01882) 东吴证券·2025-03-19 05:23Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a robust revenue growth of 23.37% year-on-year in 2024, reaching 16.128 billion yuan, driven by strong demand in the domestic market and strategic overseas expansion [2][12] - The gross profit margin slightly improved to 32.46%, attributed to increased order fulfillment and lower raw material costs [4][14] - The company is well-positioned for future growth due to its strong product competitiveness and comprehensive global layout [6][22] Revenue and Profitability - Total revenue for 2024 is projected at 16.128 billion yuan, with a year-on-year growth of 23.37% [2][12] - The net profit attributable to shareholders is expected to reach 3.08 billion yuan, reflecting a year-on-year increase of 23.63% [2][12] - The gross profit for 2024 is estimated at 5.236 billion yuan, up 24.65% from the previous year [2][12] Business Segmentation - The injection molding machine segment generated revenue of 15.405 billion yuan, a year-on-year increase of 23.77% [3][13] - Domestic revenue reached 10.112 billion yuan, growing by 27.73%, while overseas revenue was 6.016 billion yuan, up 16.76% [3][13] Financial Metrics - The company’s earnings per share (EPS) for 2024 is projected at 1.93 yuan, with a price-to-earnings (P/E) ratio of 10.82 [1][24] - The operating profit for 2024 is estimated at 2.918 billion yuan, with a net profit margin of 19.10% [4][24] Cash Flow and Working Capital - As of the end of 2024, accounts receivable increased to 3.706 billion yuan, up 7.96% year-on-year, while inventory rose to 4.576 billion yuan, a 29.31% increase [5][18] - The net cash generated from operating activities is projected at 2.101 billion yuan, reflecting a year-on-year growth of 4.41% [5][18] Product Development and Market Expansion - The company launched a new generation of injection molding machines, enhancing its competitiveness in both high-end and value-oriented markets [6][22] - The global market for injection molding machines is significantly larger than the domestic market, providing ample growth opportunities for the company [23][24]