HAITIAN INT'L(01882) 海通国际证券·2025-03-18 13:35Investment Rating - The report maintains an "Outperform" rating for Haitian International [2] Core Views - Haitian International achieved a revenue of RMB 16.13 billion in 2024, representing a year-on-year increase of 23.4%, with a net profit of RMB 3.08 billion, up 23.6% year-on-year [3][11] - The company is focused on enhancing its global market share through multi-dimensional market strategies and active globalization efforts [5][14] - The target price is set at HKD 26.3, with a projected P/E ratio of 12 for 2025 [5][15] Revenue and Profit Growth - The company reported a gross margin of 32.5% for 2024, an increase of 0.4 percentage points from the previous year, driven by lower raw material prices and improved economies of scale [3][11] - In the second half of 2024, revenue reached RMB 8.11 billion, a 21.2% increase year-on-year, with net profit attributable to shareholders of RMB 1.56 billion, up 26.4% year-on-year [3][11] Regional Performance - Domestic revenue for 2024 was RMB 10.11 billion, a 27.7% increase year-on-year, while overseas revenue was RMB 6.02 billion, up 16.8% year-on-year [4][12] - The company experienced significant growth in the Mars and Zhafir series of injection molding machines, benefiting from demand recovery in consumer goods and home appliances [4][13] Future Outlook - The company plans to continue benefiting from the recovery of global manufacturing and domestic consumption demand, aiming to expand into both mature and emerging markets [5][14] - Factories in Japan and Serbia are expected to be completed in 2025, enhancing the localization of the supply chain [5][14] Earnings Forecast and Valuation - The revenue forecast for 2025 is RMB 17.1 billion, with a net profit of RMB 3.24 billion, and for 2026, revenue is projected at RMB 15.8 billion with a net profit of RMB 2.88 billion [5][15]