Hanbell(002158) EBSCN·2025-04-28 04:35Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its semiconductor vacuum pump business despite challenges in other areas [4][6]. Core Viewpoints - The company experienced a slight decline in revenue in 2024, with total revenue of 3.674 billion yuan, down 4.6% year-on-year, while net profit remained stable at 863 million yuan, a decrease of only 0.3% [2][3]. - The company's international expansion is progressing steadily, with overseas revenue increasing by 8.3% due to the commencement of operations at its factory in Vietnam [3]. - The semiconductor vacuum pump business is expected to grow, driven by ongoing collaboration with semiconductor equipment manufacturers and the acceleration of domestic substitution [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 36.74 billion yuan, with a net profit of 8.63 billion yuan and a non-recurring net profit of 8.21 billion yuan, reflecting a slight decline compared to the previous year [2]. - The fourth quarter of 2024 saw a significant drop in revenue to 8.18 billion yuan, down 13.6% year-on-year, and a net profit of 1.41 billion yuan, down 23.7% [2]. Product Performance - The compressor business showed resilience with a revenue of 20.30 billion yuan, up 4.3%, while the vacuum product segment faced challenges, generating 13.46 billion yuan, down 18.0% [3]. - The company is focusing on product iteration and expanding applications in various sectors, including commercial air conditioning and semiconductor equipment [4]. Profitability Forecast - The report projects a decline in net profit for 2025 and 2026, with estimates of 9.3 billion yuan (down 22%) and 10.3 billion yuan (down 25%) respectively, but anticipates a recovery in 2027 with a net profit of 11.4 billion yuan [4][5].