HHI(SH:601226) Bank of China Securities·2025-04-30 02:40Investment Rating - The report maintains a rating of "Accumulate" for the company [2][4][6] Core Views - The company has achieved significant growth in new orders, which supports the performance release for 2025. The hydrogen energy business shows promising potential [4][9] - The forecast for earnings per share (EPS) for 2025-2027 has been adjusted to 0.26, 0.36, and 0.42 RMB respectively, reflecting a price-to-earnings (P/E) ratio of 23.1, 17.0, and 14.3 times [6][8] - The company reported a 5.11% increase in revenue for 2024, reaching 75.41 billion RMB, and an 18.11% increase in net profit to 1.15 billion RMB [9][10] Financial Summary - The company’s main revenue for 2023 was 7,174 million RMB, with a projected increase to 13,143 million RMB in 2025, representing a growth rate of 74.3% [8][12] - The EBITDA for 2024 is projected at 1,061 million RMB, with a net profit of 115 million RMB, showing an 18.1% increase from the previous year [9][10] - The gross profit margin for 2024 is expected to be 11.31%, an increase of 0.58 percentage points year-on-year [10][11] Order and Business Development - The company signed new orders worth 14.27 billion RMB in 2024, a year-on-year increase of 54.19%, with total contracts on hand reaching 15.51 billion RMB, up 79.63% [9][10] - The hydrogen energy business is integrated with the company's material transportation and thermal engineering services, focusing on green ammonia and methanol production [9][10]