海天国际：全球经济复苏分化下的稳健增长-20250320

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 30.00, representing a potential upside of 29% from the current price of HKD 23.25 [3]. Core Insights - The company has achieved a record high in performance, with total revenue reaching RMB 16.128 billion in 2024, a year-on-year increase of 23.4%. The gross margin slightly improved to 32.5%, and net profit rose by 23.6% to RMB 3.08 billion [5]. - The main product lines, particularly the Mars series, saw significant sales growth, with units sold increasing by 37.5% to 47,527 units and revenue rising by 31.2% to RMB 10.47 billion. The company is also benefiting from a recovery in consumer demand and has maintained stable gross margins due to lower raw material costs [5]. - The domestic market revenue surged by 27.7% to RMB 10.11 billion, driven by demand from daily consumer goods and the automotive sector. The overseas market also experienced stable growth, with revenue increasing by 16.8% to RMB 6.02 billion [5]. Financial Summary - Revenue projections for the company are set at RMB 17.918 billion for 2025, with a growth rate of 11.1% year-on-year. The net profit is expected to reach RMB 3.374 billion, reflecting a 9.5% increase [2][14]. - The company maintains a strong balance sheet with net cash of RMB 4.12 billion at year-end, and plans to distribute a dividend of HKD 0.73 per share [5]. - The earnings per share (EPS) is projected to grow from RMB 1.93 in 2024 to RMB 2.11 in 2025, indicating a year-on-year growth of 9.5% [2][14].