HMD(002947) 华创证券·2025-03-31 02:13Investment Rating - The report maintains a "Strong Buy" rating for Hengmingda (002947) [1] Core Views - The company achieved significant growth in 2024, driven by major clients in the die-cutting sector and Huayangtong, with a revenue increase of 36.74% year-on-year to 2.486 billion yuan and a net profit increase of 62.36% to 457 million yuan [6][7] - The precision flexible structural components (consumer electronics) and precision metal components (Huayangtong) both contributed to the revenue growth, with respective revenues of 2.059 billion yuan (up 35.06%) and 390 million yuan (up 50.35%) [6][7] - The company is positioned to benefit from a new growth cycle in the die-cutting market, particularly with the release of Apple Intelligence and the anticipated demand for foldable screens [6][7] - Huayangtong is expected to benefit from the AI development trend, with its server business gaining traction and expansion into charging piles and energy storage [6][7] - The forecasted net profits for 2025 to 2027 are 700 million yuan, 938 million yuan, and 1.223 billion yuan respectively, with a target price of 60 yuan based on a 22x P/E ratio for 2025 [6][7] Financial Summary - Total revenue for 2024 is projected at 2,486 million yuan, with a year-on-year growth rate of 36.7% [2] - The net profit attributable to the parent company is expected to reach 457 million yuan, reflecting a growth rate of 62.4% [2] - Earnings per share (EPS) for 2024 is estimated at 1.78 yuan, with a projected P/E ratio of 21 [2][6] - The company’s total assets are projected to grow to 5.155 billion yuan by 2025, with a debt-to-equity ratio of 4.1% [7]