Hanbell(SZ:002158) China Post Securities·2025-04-28 00:22Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price compared to the benchmark index of over 20% within the next six months [11]. Core Views - The company reported a revenue of 3.674 billion yuan in 2024, a year-on-year decrease of 4.62%, and a net profit attributable to shareholders of 862 million yuan, a slight decrease of 0.28% [3][6]. - The semiconductor vacuum pump products have begun bulk supply, with recognition from domestic chip manufacturers, while the company is expanding its overseas factory layout [5][6]. - The photovoltaic industry is facing overcapacity, which has pressured the sales of the company's vacuum pump products, although other business segments remain stable [4]. Financial Performance Summary - In 2024, the company's compressor revenue was 2.030 billion yuan, up 4.31% year-on-year, while vacuum product revenue was 1.346 billion yuan, down 18.04% year-on-year [4]. - The company expects revenues for 2025, 2026, and 2027 to be 3.343 billion yuan, 3.587 billion yuan, and 3.976 billion yuan, respectively, with corresponding growth rates of -9.03%, 7.31%, and 10.84% [6][9]. - The projected net profit for 2025, 2026, and 2027 is 693 million yuan, 743 million yuan, and 862 million yuan, with growth rates of -19.72%, 7.33%, and 16.04% respectively [6][9]. Cost and Expense Analysis - The company reported a decrease in total expense ratios in 2024, with sales, management, R&D, and financial expense ratios at 3.84%, 4.03%, 4.95%, and -1.48% respectively [4]. - The financial expenses decreased mainly due to increased exchange gains [4]. Market Expansion and Product Development - The company is actively expanding its market presence in Southeast Asia by constructing a factory in Vietnam, which has already commenced operations [5]. - The central air conditioning compressors are seeing increased applications in data centers, indicating a positive trend in product demand [5].