HAERS(002615) 信达证券·2025-04-22 14:52Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company reported a revenue of 3.332 billion yuan for 2024, representing a year-on-year increase of 38.4%, with a net profit attributable to shareholders of 287 million yuan, up 14.7% year-on-year [1] - The company has diversified its customer base, with significant growth in overseas sales, which reached 2.9 billion yuan in 2024, a 46.8% increase year-on-year [2] - The company is experiencing steady improvement in profitability, with a gross margin of 28.7% and a net profit margin of 5.9% in Q1 2025, reflecting a year-on-year increase of 1.2 and 0.4 percentage points respectively [3] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 964 million yuan, a 37.5% increase year-on-year, but the net profit decreased by 36.4% to 62 million yuan [1] - For Q1 2025, the company reported a revenue of 704 million yuan, a 22.5% increase year-on-year, with a net profit of 41 million yuan, up 31.6% [1][3] - The company expects to see continued growth in net profit, forecasting 354 million yuan for 2025, 443 million yuan for 2026, and 530 million yuan for 2027 [3] Customer Structure and Sales Channels - The company has optimized its customer structure, with the top four customers contributing significantly to revenue growth, including one customer with a 150.6% increase in revenue [2] - Domestic sales remained stable at 431 million yuan in 2024, with a focus on e-commerce and moving towards mid-to-high-end market segments [2] Profitability and Cash Flow - The company's operating cash flow was temporarily under pressure, with a net cash flow of -48 million yuan in Q1 2025, down 1.23 billion yuan year-on-year [3] - The company plans to repurchase shares worth 80 to 160 million yuan, indicating confidence from core shareholders in the company's long-term development [3]