Hanbell(SZ:002158) Soochow Securities·2025-04-28 15:35Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance is under short-term pressure, but there is optimism regarding the growth of semiconductor vacuum pumps [1] - The company has seen a slight decline in revenue due to the photovoltaic industry's demand, with a revenue of 3.674 billion yuan in 2024, down 4.62% year-on-year [8] - The company is recognized as a leading domestic supplier of semiconductor vacuum pumps, with a market penetration of only about 10%, indicating significant growth potential [8] Financial Performance Summary - Total revenue for 2023 was 3.852 billion yuan, with a projected revenue of 3.699 billion yuan for 2025, reflecting a slight increase of 0.67% [1] - The net profit attributable to shareholders for 2023 was 865.03 million yuan, with a forecast of 867.06 million yuan for 2025, showing a growth of 0.52% [1] - The company's gross margin for 2024 is expected to be 38.31%, a decrease of 2.01 percentage points year-on-year [8] - The company’s cash flow from operating activities for Q1 2025 is projected to be 76 million yuan, indicating a recovery compared to previous quarters [8] Market Data Summary - The closing price of the company's stock is 16.44 yuan, with a market capitalization of approximately 8.79 billion yuan [6] - The price-to-earnings ratio (P/E) based on the latest diluted earnings per share is 10.79 [1] - The company’s total assets are projected to reach 7.837 billion yuan by 2026 [9]