Haoneng(SH:603809) Great Wall Securities·2025-09-09 02:52Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company is experiencing increased costs that are impacting current profitability, but it is enhancing its layout and driving development through multiple initiatives [2][3] - The company is focusing on a dual main business layout in "automotive + aerospace," with rich customer resources and expected improvements in scale effects and profitability as new projects and products are released [8] Financial Summary - For 2023, the company is projected to achieve a revenue of 1,946 million yuan, with a year-on-year growth rate of 32.2%. By 2027, revenue is expected to reach 4,155 million yuan, with a growth rate of 20.2% [1] - The net profit attributable to the parent company is expected to be 182 million yuan in 2023, with a significant increase to 664 million yuan by 2027, reflecting a growth rate of 28.9% [1] - The company's return on equity (ROE) is projected to improve from 8.1% in 2023 to 16.1% in 2027 [1] - The latest diluted earnings per share (EPS) is expected to rise from 0.21 yuan in 2023 to 0.77 yuan in 2027 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 67.9 in 2023 to 18.6 in 2027, indicating an improving valuation [1] Operational Insights - The company is enhancing its industrial layout by expanding product offerings from traditional synchronizers to include new energy differential gears, motor shafts, stators, rotors, and reducers, thereby increasing customer stickiness [3] - The company is also extending its technology and production capabilities into high-end manufacturing in aerospace and robotics, aiming to secure a competitive position in emerging markets [3] - A significant investment of 1 billion yuan is planned for the "Intelligent Manufacturing Core Components Project" in Chongqing, focusing on the production of components for new energy vehicles and robotics [3]