HNHD(SZ:002163) Tianfeng Securities·2024-04-26 06:00Investment Rating - The investment rating for the company is "Accumulate" with a revised rating [6] Core Views - The company achieved a revenue of 4.18 billion yuan in 2023, representing a year-on-year increase of 15.67%, and a net profit attributable to shareholders of 0.92 billion yuan, up 163.33% year-on-year [10] - The company is focusing on solidifying its main business, expanding market opportunities, and enhancing technological innovation and management optimization [12] Revenue Summary - In 2023, the company generated revenue from various segments: curtain wall engineering (2.685 billion yuan, +27.49%), curtain wall glass products (335 million yuan, +10.61%), household glass products (6 million yuan, -85.23%), curtain wall doors and windows products (3 million yuan, -95.78%), and special glass materials (1.176 billion yuan, -1.10%) [2] Expense Summary - The company reported a total expense ratio of 9.94% in 2023, a decrease of 1.26 percentage points year-on-year. The breakdown includes: sales expense ratio at 1.42% (down 0.01 percentage points), management expense ratio at 5.33% (down 0.54 percentage points), R&D expense ratio at 2.77% (down 0.62 percentage points), and financial expense ratio at 0.42% (down 0.09 percentage points) [3] Technological Innovation - The company has optimized BIM technology, resulting in a 35% reduction in design, processing, and management costs for the Shenzhen project, and a 60-day reduction in project duration. Additionally, it launched a new 1.6mm thin glass product and was recognized as a top brand in the building glass industry [4] Financial Data and Forecast - The company forecasts revenues of 5.019 billion yuan in 2024, with a growth rate of 20%, and a net profit of 1.2 billion yuan, reflecting a P/E ratio of 51x [13][12] - The projected net profit for 2025 is 2.9 billion yuan, and for 2026, it is 4.1 billion yuan, with corresponding P/E ratios of 21x and 15x respectively [12] Market Position - The company has significantly increased its order volume, achieving 3.4 billion yuan in orders, with 11 orders exceeding 100 million yuan, indicating a strong market presence and growth potential [11]