Haoneng(SH:603809) Huachuang Securities·2025-05-08 10:30Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][8]. Core Views - The company's Q1 2025 performance exceeded expectations, with revenue of 620 million yuan, a year-on-year increase of 13%, and a net profit of 104 million yuan, reflecting a 30% year-on-year growth [2][8]. - The company is projected to continue its rapid growth in 2025, with expectations of nearly 40% growth driven by the differential gear, military, and traditional businesses [8]. - The company aims to become a leading supplier in the domestic automotive transmission system and a core component supplier for robotics, with plans for new product development [8]. Financial Summary - Revenue Forecast: The total revenue is expected to grow from 2,360 million yuan in 2024 to 4,013 million yuan in 2027, with year-on-year growth rates of 21.3%, 20.2%, 18.6%, and 19.2% respectively [4][9]. - Net Profit Forecast: The net profit is projected to increase from 322 million yuan in 2024 to 684 million yuan in 2027, with growth rates of 76.9%, 40.4%, 23.4%, and 22.8% respectively [4][9]. - Earnings Per Share (EPS): EPS is expected to rise from 0.39 yuan in 2024 to 0.82 yuan in 2027 [4][9]. - Price-to-Earnings Ratio (P/E): The P/E ratio is forecasted to decrease from 37 in 2024 to 17 in 2027 [4][9]. - Price Target: The target price is adjusted to 16.3-19.0 yuan based on a projected P/E of 30-35 for 2025 [8].