Hanbell(SZ:002158) China Post Securities·2025-04-28 01:15Investment 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 some 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 - In Q1 2025, the company achieved a revenue of 606 million yuan, down 19.09% year-on-year, and a net profit of 118 million yuan, down 19.58% year-on-year [3]. - For 2024, the revenue breakdown shows that compressor revenue was 2.030 billion yuan (up 4.31%), vacuum products revenue was 1.346 billion yuan (down 18.04%), and parts and maintenance revenue was 258 million yuan (up 21.91%) [4]. - The company expects revenues of 3.343 billion yuan in 2025, a decrease of 9.03%, and a net profit of 693 million yuan, a decrease of 19.72% [6][9]. Cost and Expense Management - 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]. - Financial expenses decreased mainly due to increased exchange gains [4]. Future Outlook - The company forecasts revenue growth of 7.31% in 2026 and 10.84% in 2027, with corresponding net profit growth of 7.33% and 16.04% [6][9]. - The expected PE ratios for 2025, 2026, and 2027 are 13.44, 12.52, and 10.79 respectively [6].