HangKe Technology(SH:688006) Soochow Securities·2025-05-04 09:27Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced a revenue decline in 2024 but showed a significant improvement in Q1 2025, with a 119.26% increase in revenue compared to the previous quarter. The focus on overseas market expansion is viewed positively [7] - The company’s revenue for 2024 was 2.981 billion yuan, a year-on-year decrease of 24.18%, primarily due to intensified competition in the lithium battery equipment manufacturing industry and extended acceptance cycles from battery manufacturers [7] - The report highlights the company's stable growth in R&D investment, with R&D expenses reaching 257 million yuan in 2024, a year-on-year increase of 5.6% [7] - The company is recognized as a leading player in the global lithium battery equipment market, with ongoing exports to various countries including Germany, Sweden, and the USA [7] Financial Summary - Total revenue forecast for 2024 is 2.981 billion yuan, with a projected increase to 3.770 billion yuan in 2025, and further growth expected in subsequent years [1][8] - The net profit attributable to the parent company is forecasted to be 326.34 million yuan in 2024, with an expected increase to 425.26 million yuan in 2025 [1][8] - The report projects a dynamic P/E ratio of 24 for 2025 and 18 for 2026, indicating a favorable valuation outlook [7]