HASCO(SH:600741) Haitong Securities·2024-03-30 16:00Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The report highlights that the company's net profit attributable to the parent company reached a historical high in Q4 2023, with a total revenue of 168.59 billion yuan for the year, representing a year-on-year increase of 6.5%. In Q4 2023, revenue was 47.04 billion yuan, up 4.6% year-on-year and 5.5% quarter-on-quarter [6] - The company is making continuous progress in diversification, with 53.82% of its main business revenue coming from customers outside the SAIC Group, indicating a growing share of revenue from external vehicle customers [6] - The core segments of the company have shown significant contributions, with major subsidiaries reporting substantial revenues and profits, particularly in the interior and exterior parts sector [6] - The company plans to achieve a consolidated revenue of 170.6 billion yuan in 2024, with a target to control operating costs within 148.5 billion yuan [6] - The report projects revenues for 2024, 2025, and 2026 to reach 180.5 billion yuan, 186.9 billion yuan, and 193.7 billion yuan respectively, with corresponding net profits of 8.19 billion yuan, 8.89 billion yuan, and 9.64 billion yuan [6][10] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 168.59 billion yuan, with a net profit of 7.21 billion yuan, reflecting a slight increase of 0.2% year-on-year. The report forecasts revenue growth of 7.1% for 2024 and 3.6% for the following years [7][10] - The report indicates a stable dividend policy, proposing a cash dividend of 7.5 yuan per 10 shares, totaling 2.365 billion yuan [6] Revenue and Profit Forecast - The company aims for a revenue of 170.6 billion yuan in 2024, with a projected operating cost of 148.5 billion yuan. The expected EPS for 2024, 2025, and 2026 is 2.60 yuan, 2.82 yuan, and 3.06 yuan respectively [6][10] - The report provides a detailed breakdown of revenue by business segments, with significant contributions from interior and exterior parts, and functional components [8] Valuation - The report assigns a reasonable PE range of 8-10 times for 2024, suggesting a fair value range of 20.79 to 25.99 yuan per share based on the current market conditions [6]