HDHM(SZ:002685) NORTHEAST SECURITIES·2025-06-27 08:30Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [3][5]. Core Views - The company is a globally recognized supplier of port handling equipment and is actively pursuing a transformation strategy that includes GPU chip design and sensor business [1]. - In 2024, the company turned a profit with a revenue of 1.184 billion yuan, a year-on-year increase of 76.48%, and a net profit attributable to shareholders of 123 million yuan [2]. - The company has completed the acquisition of GPU chip design business in October 2024, which will be consolidated into the financial statements starting November 2024 [2]. - A strategic partnership was established with 聚众科技 to enter the high-end sensor market, acquiring a 9.09% stake [3]. Financial Summary - The company achieved a revenue of 1.184 billion yuan in 2024, with a projected revenue of 1.379 billion yuan in 2025, reflecting a growth rate of 16.44% [4]. - The net profit attributable to shareholders is expected to grow from 133 million yuan in 2025 to 201 million yuan in 2027, with corresponding P/E ratios of 54.58X and 36.08X [3][4]. - The company’s gross margin is projected to improve from 12.4% in 2024 to 24.1% in 2027 [4].