HAOYANG(SZ:300833) HUAXI Securities·2025-04-28 14:29Investment Rating - The investment rating for the company is "Buy" [2][8] Core Views - The company is facing short-term operational pressure but is actively responding to the challenges [4] - The company reported a revenue of 1.212 billion yuan in 2024, a year-on-year decrease of 7.12%, and a net profit attributable to shareholders of 302 million yuan, down 17.61% year-on-year [3] - The company plans to invest at least 603 million yuan to build a performing arts equipment industrial base, which will enhance market competitiveness and customer service capabilities [6] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.212 billion yuan, down 7.12% year-on-year, and a net profit of 302 million yuan, down 17.61% year-on-year [3] - The gross profit margin for 2024 was 50.37%, an increase of 0.41 percentage points year-on-year, while the R&D expenses increased by 51.05% to 85.85 million yuan [5] - The company expects revenues for 2025 to be 1.224 billion yuan, with an EPS of 2.43 yuan, reflecting a PE ratio of 13 times [8] Strategic Initiatives - The company is increasing investment in its own brand, with OBM business revenue reaching 843 million yuan in 2024, up 2.4% year-on-year, accounting for 70% of total revenue [4] - The acquisition of Danish SGM's assets and the establishment of wholly-owned subsidiaries in Denmark and the USA are part of the company's strategy to enhance its global presence [4] Market Outlook - The stage lighting equipment industry is expected to maintain stability due to cultural consumption attributes, with the company's long-term competitiveness remaining solid [7] - The company is actively exploring overseas markets, particularly in Southeast Asia, North America, and Europe, and has made positive progress in these regions [4]