浩洋股份（300833）：底部逐步确立，品牌持续扩张

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the analysis of growth potential and market conditions. Core Insights - The company is gradually establishing a bottom line with continuous brand expansion, supported by optimistic downstream demand and a recovery in orders from both domestic and international markets [1][2]. - The second quarter revenue was under pressure primarily due to significant declines in the U.S. market caused by tariff disruptions, while non-U.S. regions showed stable performance [2]. - The company is expected to benefit from new product launches and a recovery in customer orders as tariff impacts diminish, leading to a normalization of overall shipment and order volumes [2]. - The equipment update cycle is anticipated to release theoretical demand gradually from 2025, with the new SGM brand expected to complement existing offerings and accelerate market penetration [2]. Financial Summary - The company's total revenue for 2023 is projected at 1,305 million, with a year-on-year growth rate of 6.7%. However, a decline is expected in 2024 and 2025, with revenues of 1,212 million and 1,119 million respectively [4][7]. - The net profit attributable to the parent company is forecasted to be 366 million in 2023, decreasing to 302 million in 2024 and 211 million in 2025, before recovering to 394 million in 2026 and 502 million in 2027 [4][7]. - The gross margin is expected to remain stable and increase from 49.6% in 2023 to 53.0% by 2027, indicating strong product and brand barriers [4][7]. - The projected earnings per share (EPS) are 2.89 in 2023, dropping to 1.66 in 2025, and then rising to 3.97 by 2027 [4][7]. Market Outlook - The company maintains confidence in the growth trend for the second half of 2025, supported by a strong increase in fan numbers and stable performance in the North American market, alongside robust demand in Europe and Asia-Pacific [1][2]. - The anticipated recovery in orders and the introduction of new products are expected to enhance profitability, with net profit margins projected to improve as external pressures such as tariffs lessen [3][4].