HAIDA(SZ:300320) Changjiang Securities·2025-04-28 11:13Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 840 million yuan in Q1 2025, representing a year-on-year growth of 27.2%. The net profit attributable to shareholders was 53 million yuan, up 30.3% year-on-year, while the non-recurring profit was 52 million yuan, increasing by 30.5% year-on-year [3][9]. Financial Performance - In Q1 2025, the gross margin was 17.5%, a slight decrease of 0.2 percentage points year-on-year, primarily due to product mix effects. The operating expense ratio was 9.2%, an increase of 1.4 percentage points year-on-year, with management and R&D expense ratios decreasing by 0.3 and 1.3 percentage points, respectively. Other income increased by 4.34 million yuan due to VAT input tax deductions, while asset impairment losses rose by 6.22 million yuan due to increased inventory write-downs. The net profit margin was 6.2%, up 0.2 percentage points year-on-year [9][10]. Business Opportunities - The company is leveraging its customer resources from sunroof sealing strips to expand into complete vehicle sealing systems, gradually entering partnerships with major automotive manufacturers such as GAC, SAIC, Changan, Great Wall, and Li Auto. This segment is expected to experience rapid growth [9]. - The company has developed a new short edge frame product for photovoltaic modules, which significantly reduces the amount of aluminum used in the photovoltaic industry, thereby lowering costs. A long-term supply agreement with Longi Green Energy for 8GW of products from June 2025 to June 2027 has been signed, indicating a significant growth opportunity for this product line [9]. - Continuous R&D efforts are being made to cultivate new growth drivers, including projects in lightweight design and new sealing systems for various automotive applications. Collaborations with other companies for innovative product development are also underway [9]. Earnings Forecast - The forecasted net profits for 2025 and 2026 are 210 million yuan and 300 million yuan, respectively, corresponding to price-to-earnings ratios of 29 and 21 times [5].