HAITIAN INT'L(01882) 东吴证券·2025-03-19 05:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 161.28 billion yuan in 2024, representing a year-on-year increase of 23.37%. Gross profit reached 52.36 billion yuan, up 24.65%, and net profit attributable to shareholders was 30.80 billion yuan, an increase of 23.63% [2][12] - The domestic market showed strong demand in the first half of 2024, particularly in daily consumer goods, while the automotive supply chain demand is expected to recover in the second half. The overseas market benefits from structural adjustments in the global supply chain and the company's early investments in Southeast Asia, North America, and South America [2][12] - The company has launched new products, including the fifth-generation injection molding machine, enhancing its competitiveness in high-end markets while also targeting lower-tier markets with the SE series [6][22] Revenue and Profitability - In 2024, the injection molding machine segment generated revenue of 154.05 billion yuan, a year-on-year increase of 23.77%, while components and services contributed 7.23 billion yuan, up 16.18% [3][13] - The gross margin for 2024 was 32.46%, an increase of 0.32 percentage points year-on-year, attributed to full order books and improved capacity utilization [4][14] - The net profit margin for 2024 was 19.10%, remaining stable year-on-year despite foreign exchange losses [4][16] Cash Flow and Working Capital - As of the end of 2024, accounts receivable stood at 3.706 billion yuan, a year-on-year increase of 7.96%, while inventory rose to 4.576 billion yuan, up 29.31% [5][18] - The net cash generated from operating activities was 2.101 billion yuan, reflecting a year-on-year increase of 4.41%, indicating improved cash flow from accounts receivable recovery [5][18] Market Position and Future Outlook - The company has established a comprehensive global layout with six regional management centers, five manufacturing centers, and nine application service experience centers, positioning itself well for future growth in overseas markets [6][23] - The report projects net profit for 2025 and 2026 to be 35.22 billion yuan and 39.08 billion yuan, respectively, with a forecast for 2027 at 42.94 billion yuan, maintaining a favorable price-to-earnings ratio [24]