HASCO(SH:600741) Orient Securities·2025-05-12 11:12Investment Rating - The report maintains a "Buy" rating for the company with a target price of 27.69 CNY, based on a projected EPS of 2.13, 2.23, and 2.27 CNY for 2025-2027 respectively [4][7]. Core Views - The company is expected to achieve a revenue of 178.785 billion CNY in 2025, reflecting a year-on-year growth of 5.9%. The operating profit is projected to be 9.652 billion CNY, with a significant increase of 17.5% compared to the previous year [6][10]. - The customer structure is continuously optimizing, with an increasing share of revenue from new energy vehicle orders, which is expected to enhance profitability [10]. - The company is focusing on new business areas such as intelligent cockpits, intelligent chassis, and electric drive systems, which are anticipated to drive future growth [10]. Financial Summary - The company's revenue for 2023 is reported at 168.594 billion CNY, with a slight increase to 168.852 billion CNY in 2024, representing a year-on-year growth of 0.2% [6][10]. - The gross margin for 2024 is expected to be 12.1%, a decrease of 1.0 percentage points from the previous year, while the net profit margin is projected to be 4.0% [6][10]. - The company plans to distribute a cash dividend of 8 CNY for every 10 shares to shareholders in 2024 [10].