HAERS(002615) 天风证券·2025-04-23 13:45Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [4]. Core Insights - The company has shown strong revenue and profit growth in 2024 and Q1 2025, driven by increased demand in the thermal container market and improved product penetration rates [1][2]. - The company has established strong customer loyalty, with the top five customers accounting for 69.82% of revenue in 2024, reflecting an increase of 8.1 percentage points year-on-year [2]. - The brand has begun to see positive results from its marketing efforts, with a focus on emotional value in product offerings, leading to a shift towards higher-end markets [3]. Financial Performance - In Q1 2025, the company reported revenue of 704 million yuan, a year-on-year increase of 22.5%, and a net profit of 41 million yuan, up 31.6% [1]. - For the full year 2024, the company achieved revenue of 3.332 billion yuan, representing a 38.4% increase, and a net profit of 287 million yuan, which is a 14.7% increase [1]. - The gross margin for 2024 was 28.0%, with a net profit margin of 8.6% [1]. Product Segmentation - In 2024, revenue from vacuum containers reached 2.977 billion yuan, a significant increase of 47.6%, while revenue from aluminum bottles and other products decreased by 16.6% [2]. - The company has successfully built a competitive edge through its manufacturing, R&D, and supply chain management capabilities, enhancing customer stickiness and expanding into new markets [2]. Market Strategy - The company is actively expanding its production capacity in Thailand, with the first phase already operational and the second phase under construction, which is expected to enhance supply chain security [2]. - The brand is leveraging its SIGG brand to penetrate the European market, achieving double-digit sales growth in 2024 through platforms like Amazon [3]. Earnings Forecast - The company is expected to benefit from the global market growth in the thermal cup industry, with projected net profits of 360 million yuan, 440 million yuan, and 540 million yuan for 2025, 2026, and 2027 respectively [4].