HAOMEI(SZ:002988) Tianfeng Securities·2025-03-30 09:13Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7][19]. Core Views - The company is expected to achieve a revenue of 6.672 billion in 2024, representing a year-on-year growth of 11.46%, with a net profit attributable to the parent company of 209 million, up 15.5% year-on-year [1]. - The automotive lightweight business is experiencing rapid growth, while the system windows segment shows resilience in growth [1][2]. - The company is expanding its overseas market presence through a joint venture with Lingyun Co., Ltd. in Morocco, focusing on new energy battery casings and high-strength rolled parts [2]. Financial Performance - In Q4 2024, the company reported a revenue of 1.84 billion, a year-on-year increase of 5.21%, but a net profit of 40 million, down 34.1% year-on-year due to increased expenses and taxes [1]. - The overall gross margin for 2024 is projected at 12%, a decrease of 0.59 percentage points year-on-year, while Q4 gross margin improved slightly to 12.79% [3]. - The company’s operating cash flow for 2024 is expected to be 220 million, a decrease of 51 million year-on-year, indicating a healthy cash flow management despite the challenges [4]. Business Segmentation - Revenue from the automotive lightweight segment is projected at 1.77 billion in 2024, up 39.6% year-on-year, while the building aluminum profiles segment is expected to decline by 14.4% to 1.92 billion [2]. - The company plans to introduce 90 new projects in 2024 to enhance its automotive lightweight production capacity and post-processing capabilities [2]. - The penetration rate of system windows in the domestic market is currently low at around 5%, compared to 70% in Europe, indicating significant growth potential [3]. Cost Management - The company has effectively controlled its expense ratio, which is projected at 8.17% for 2024, a decrease of 0.77 percentage points year-on-year [4]. - The net profit margin for 2024 is expected to be 3.13%, an increase of 0.11 percentage points year-on-year, despite a decline in Q4 [4]. Future Projections - The net profit attributable to the parent company is forecasted to reach 240 million, 270 million, and 300 million in 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 25, 22, and 20 [1]. - The company is expected to maintain a steady growth trajectory with a projected revenue increase of 14.27% in 2025 and 13.57% in 2026 [5].