Hiecise(SZ:300809) Soochow Securities·2025-04-24 04:02Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance is under short-term pressure, but the export business is progressing smoothly [2] - In 2024, the company achieved revenue of 446 million yuan, a year-on-year decrease of 6.92%, and a net profit attributable to shareholders of 62 million yuan, down 47.36% year-on-year [2] - The decline in revenue is primarily due to longer installation and debugging cycles for some orders, which have not yet been recognized as revenue [2] - The company is increasing R&D investment to expand new products, with a focus on internal/external thread grinding machines and semiconductor precision grinding [3] Financial Performance - In 2024, the company's gross margin was 28.54%, a decrease of 5.76 percentage points year-on-year, while the gross margin for Q1 2025 was 34.4%, an increase of 2.6 percentage points year-on-year [3] - The net profit margin for 2024 was 14.41%, down 11.20 percentage points year-on-year, mainly due to increased R&D expenses and asset/credit impairment losses [3] - As of the end of 2024, the company's contract liabilities were 248 million yuan, an increase of 3.65% year-on-year, indicating a good order backlog [4] Business Development - The company is entering the screw processing equipment field and has signed a contract to provide 100 precision internal/external thread grinding machines to a partner [5] - A joint venture is planned with a partner to engage in ultra-precision optical component grinding and semiconductor precision machining services [5] Profit Forecast and Valuation - The profit forecast for the company is maintained at 99 million yuan for 2025 and 144 million yuan for 2026, with an expected net profit of 219 million yuan in 2027 [5] - The current market value corresponds to P/E ratios of 106, 73, and 48 times for 2025, 2026, and 2027 respectively [5]