Haoneng(SH:603809) Huachuang Securities·2025-11-03 10:13Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price range of 17.1 to 19.9 yuan [2][8]. Core Insights - The company's Q3 performance met expectations, with revenue of 1.89 billion yuan for the first three quarters, a year-on-year increase of 12%, and a net profit attributable to shareholders of 270 million yuan, up 9.1% year-on-year [2][8]. - The growth in revenue is primarily driven by the increase in differential gears and aerospace components [8]. - The company is steadily advancing its robotics layout, which opens up growth opportunities in the future [8]. Financial Summary - Revenue Forecast: Projected total revenue for 2024 is 2.36 billion yuan, with a year-on-year growth rate of 21.3%. This is expected to grow to 2.79 billion yuan in 2025, 3.32 billion yuan in 2026, and 4.01 billion yuan in 2027, with growth rates of 18.1%, 19.0%, and 21.0% respectively [4][9]. - Net Profit Forecast: The net profit attributable to shareholders is forecasted to be 322 million yuan in 2024, increasing to 404 million yuan in 2025, 524 million yuan in 2026, and 658 million yuan in 2027, with corresponding growth rates of 76.9%, 25.6%, 29.6%, and 25.8% [4][9]. - Earnings Per Share (EPS): EPS is projected to rise from 0.35 yuan in 2024 to 0.72 yuan in 2027 [4][9]. - Valuation Ratios: The price-to-earnings (P/E) ratio is expected to decrease from 39 times in 2024 to 19 times in 2027, while the price-to-book (P/B) ratio is projected to decline from 4.1 times to 2.7 times over the same period [4][9]. Business Development - The company has achieved full industrial chain manufacturing capabilities for differential gears, with a strong order reserve and ongoing R&D projects [8]. - The investment in an intelligent manufacturing center for aerospace components is progressing well, which is expected to enhance market proximity and reduce service costs [8]. - The company is expanding its production capacity for electric vehicle components and has established significant partnerships in the robotics sector, indicating a robust growth trajectory in this area [8].