HAITIAN INT'L(01882) 东吴证券·2025-03-19 16:08Investment 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 both domestic and overseas markets [2][12] - The company benefits from a structural adjustment in the global supply chain and has established a strong presence in Southeast Asia, North America, and South America [2][12] - The introduction of new products, including the fifth-generation injection molding machine, enhances the company's competitiveness in high-end markets [6][22] Revenue and Profitability - In 2024, the company reported total revenue of 16.128 billion yuan, with a gross profit of 5.236 billion yuan, reflecting a gross margin of 32.46%, up 0.32 percentage points year-on-year [4][12] - The net profit attributable to shareholders reached 3.08 billion yuan, marking a year-on-year increase of 23.63% [2][12] - The domestic revenue was 10.112 billion yuan, up 27.73%, while overseas revenue was 6.016 billion yuan, up 16.76% [3][12] Business Segmentation - The injection molding machine segment generated revenue of 15.405 billion yuan, a growth of 23.77%, while components and services contributed 723 million yuan, growing by 16.18% [3][12] - The Mars series injection molding machines saw significant sales growth due to the recovery in the daily consumer goods sector, while the Changfeiya series electric injection molding machines benefited from the 3C product industry's recovery [3][22] Financial Metrics - The company’s operating cash flow was 2.101 billion yuan, a year-on-year increase of 4.41%, indicating improved cash flow management [5][18] - Accounts receivable increased by 7.96% to 3.706 billion yuan, while inventory rose by 29.31% to 4.576 billion yuan, reflecting strong order fulfillment [5][18] Future Outlook - The company has adjusted its net profit forecasts for 2025 and 2026 to 3.522 billion yuan and 3.908 billion yuan, respectively, with a projected net profit of 4.294 billion yuan for 2027 [24] - The current market valuation corresponds to a price-to-earnings ratio of approximately 9 for 2025 and 8 for 2026, indicating a favorable investment opportunity [24]