HAERS(SZ:002615) Guotai Junan Securities·2024-03-23 16:00Investment Rating - The report initiates coverage with a rating of "Accumulate" for the company [2]. Core Views - The company is positioned as a leading manufacturer of vacuum insulated containers, with a strong focus on innovation and brand development. It has established a solid market presence both domestically and internationally, particularly in the high-end segment [23][52]. - The financial outlook is positive, with expected revenue growth driven by both domestic and international markets, despite recent challenges due to inflation and inventory adjustments among major clients [8][46]. Financial Forecast - The projected financials indicate a revenue increase from 2,389 million in 2021 to an estimated 3,256 million in 2025, reflecting a compound annual growth rate (CAGR) of approximately 15.9% [18]. - The gross profit margin is expected to improve from 26.1% in 2021 to around 31.5% in 2024, indicating enhanced operational efficiency [18][20]. Company Overview - The company has a history of over 20 years in the industry, having established itself as a leader in the vacuum insulated container market. It has successfully expanded its product offerings and market reach through strategic partnerships and acquisitions [52]. - The management team is experienced, with a high level of ownership concentration that supports stable governance and operational continuity [26][27]. Market Outlook - The domestic market is anticipated to see a revenue growth rate of 21.1% in 2023, followed by 20.0% in the subsequent years, driven by brand strength and marketing efforts [47]. - Internationally, the company expects a revenue decline of 4.0% in 2023, followed by a recovery with growth rates of 15.0% in 2024 and 2025, supported by new product launches and market expansion strategies [8][46]. Valuation Metrics - The report suggests a reasonable valuation for the company based on comparable companies, with a projected PE ratio of 15.5x and a PB ratio of 3.56x for 2024, leading to a target price of 9.4 yuan per share [50].