HAIDA(300320) 长江证券·2025-04-06 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 3.306 billion, representing a year-on-year growth of 20.9%. The net profit attributable to shareholders was 162 million, up 19.5% year-on-year, while the non-deductible performance was 159 million, also growing by 20.9% [2][4]. - In Q4, the company reported a revenue of 955 million, a year-on-year increase of 15.8%, with a net profit of 45 million, reflecting a growth of 16.0% year-on-year [2][4]. - The company is expected to see net profits of 210 million and 300 million in 2025 and 2026, corresponding to price-to-earnings ratios of 30 and 21 times, respectively [6]. Financial Performance Summary - The company’s revenue growth is driven by various product segments, with automotive products showing a significant increase of 32.19% to 1.297 billion, while shipping products surged by 113.30% to 357 million [9]. - The overall gross margin for the year was 17.6%, a slight decrease of 0.5 percentage points, with improvements in margins for rail transit, automotive, shipping, and lightweight products [9]. - The company’s net profit margin for the year was 4.9%, showing a slight decline year-on-year [9]. Future Growth Opportunities - The company is positioned to benefit from the growing demand for automotive sealing systems, having established partnerships with major automotive manufacturers [9]. - The company has entered a long-term supply agreement with Longi Green Energy for its short frame products, which are expected to significantly increase in volume from June 2025 to June 2027, with a projected procurement volume of 8GW [9].