Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company reported a revenue of 417 million yuan in 2024, representing a year-on-year increase of 44.09%, and a net profit attributable to shareholders of 81.39 million yuan, up 107.34% year-on-year [5] - The company benefits from the home appliance replacement subsidy policy, which stimulates market demand, and the promising outlook in the server sector drives growth in the company's rail business [5] - The company has a strong focus on R&D, with 119 valid patents driving product innovation and a commitment to ESG responsibilities through low-carbon production practices [5] Financial Performance - In Q1 2025, the company achieved a revenue of 94 million yuan, a year-on-year increase of 4.56%, and a net profit of 19.22 million yuan, up 19.58% year-on-year [5] - The rail business generated revenue of 408 million yuan in 2024, with a year-on-year growth of 47.29%, accounting for 97.93% of total revenue [5] - The company expects net profits for 2025-2027 to be 92 million yuan, 108 million yuan, and 127 million yuan respectively, with corresponding EPS of 2.01, 2.37, and 2.78 yuan per share [5][7] Market Outlook - The global server rail kit market is projected to grow from 60 million USD in 2024 to 110 million USD by 2032, with a compound annual growth rate of 8.4% [5] - The company is actively expanding its market presence and increasing customer numbers, with export revenue reaching 75.73 million yuan in 2024, a year-on-year increase of 135.76% [5] R&D and Innovation - The company has maintained stable R&D investment, resulting in the acquisition of 11 new invention patents in 2024, with a total of 119 valid patents by the end of the year [5] - The company plans to optimize workshop layouts and increase production capacity in 2025 to meet future growth needs [5]
海达尔（836699）：2025Q1稳增长延续发展势头，服务器等领域高景气利好滑轨国产替代