HAITIAN INT'L(01882) 光大证券·2025-03-20 02:50Investment Rating - The report maintains a "Buy" rating for the company [4][5] Core Views - The company is expected to benefit from the recovery in downstream demand, equipment upgrades, and overseas exports, leading to continued performance improvement [2][3][4] - The company's revenue for 2024 is projected to be 16.13 billion RMB, a year-on-year increase of 23.4%, with a net profit of 3.08 billion RMB, also up 23.6% [1][4] - The company’s comprehensive gross margin for 2024 is 32.5%, an increase of 0.4 percentage points year-on-year, while the net profit margin remains stable at 19.1% [1] Summary by Sections Revenue and Profitability - The company achieved a revenue of 161.3 billion RMB in 2024, with a net profit of 30.8 billion RMB, reflecting strong growth driven by global supply chain restructuring and increased exports [1] - The operating cash flow for 2024 was 21.0 billion RMB, a 4.4% increase year-on-year [1] Sales Performance - Sales revenue from injection molding machines reached 154.1 billion RMB in 2024, up 23.8% year-on-year, while parts and services generated 7.2 billion RMB, a 16.2% increase [2] - The demand recovery in consumer goods, home appliances, and 3C products has significantly boosted sales of the company's Mars and electric series injection molding machines [2] Market Expansion - Domestic revenue grew by 27.7% to 101.1 billion RMB, while overseas revenue increased by 16.8% to 60.2 billion RMB, benefiting from structural adjustments in the global supply chain [3] - The company is advancing its "Five-Five" overseas strategy, with new factories in Japan and Serbia expected to release capacity in 2025 [3] Future Projections - The net profit forecasts for 2025 and 2026 have been raised by 9.3% and 11.0% to 3.5 billion RMB and 3.91 billion RMB, respectively, with an introduction of a 2027 net profit forecast of 4.27 billion RMB [4] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 2.19 RMB, 2.45 RMB, and 2.67 RMB, respectively [4]