Hanbell(SZ:002158) Guoxin Securities·2024-02-26 16:00Investment Rating - The report maintains a "Buy" rating for the company [2][19]. Core Insights - The company achieved a revenue of 3.85 billion yuan in 2023, representing a year-on-year growth of 17.96%, and a net profit of 861 million yuan, up 33.69% year-on-year [18]. - The increase in profitability is attributed to the growing share of high-margin vacuum pump products, which have a gross margin exceeding 40% [18]. - The company is positioned as a leader in the vacuum pump market, particularly benefiting from the photovoltaic sector's growth and domestic semiconductor market expansion [18]. - The report highlights the company's strong order backlog and projects net profits of 1.008 billion yuan and 1.193 billion yuan for 2024 and 2025, respectively [18]. Financial Forecasts and Metrics - Revenue (in million yuan): - 2021: 2,981 - 2022: 3,266 - 2023E: 3,852 - 2024E: 4,464 - 2025E: 5,149 - Year-on-year growth rates: 31.2% (2021-2022), 9.5% (2022-2023E), 18.0% (2023E-2024E) [3]. - Net Profit (in million yuan): - 2021: 487 - 2022: 644 - 2023E: 861 - 2024E: 1,008 - 2025E: 1,193 - Year-on-year growth rates: 34.1% (2021-2022), 32.3% (2022-2023E), 33.7% (2023E-2024E) [3]. - Earnings Per Share (EPS): - 2021: 0.91 - 2022: 1.21 - 2023E: 1.61 - 2024E: 1.88 - 2025E: 2.23 [3]. - Return on Equity (ROE): - 2021: 18.6% - 2022: 21.1% - 2023E: 24.0% - 2024E: 23.9% - 2025E: 23.9% [3]. - Price-to-Earnings Ratio (PE): - 2021: 22.4 - 2022: 17.0 - 2023E: 12.7 - 2024E: 10.8 - 2025E: 9.2 [3].