Haite(002023) 华鑫证券·2024-04-28 00:00Investment Rating - Buy (First-time) [2] Core Views - The company achieved a turnaround in net profit, with significant growth in revenue and net profit in 2023 [2] - The low-altitude economy market is promising, supported by national policies, and the company is well-positioned to benefit from this trend [2] - The company's capacity expansion has accelerated market share growth, with steady development across various business segments [2] - Effective cost control has significantly improved profitability, with a notable reduction in the expense ratio [2] - The company is expected to see continued growth in revenue and earnings from 2024 to 2026, driven by strategic positioning in the domestic aircraft and eVTOL sectors [2][3] Financial Performance Summary Revenue and Profit - 2023 revenue: RMB 1.053 billion (+15.81% YoY) [2] - 2023 net profit: RMB 47 million (+263.21% YoY) [2] - 2024-2026 revenue forecast: RMB 1.211 billion, RMB 1.510 billion, and RMB 1.881 billion, respectively [4] - 2024-2026 net profit forecast: RMB 95 million, RMB 117 million, and RMB 155 million, respectively [4] Expense Management - 2023 expense ratio: 28.03% (-6.34pct YoY) [2] - Breakdown of expense ratios: - Sales expense ratio: 1.49% (+0.09pct YoY) [2] - Management expense ratio: 14.9% (-3.5pct YoY) [2] - Financial expense ratio: 7.8% (-0.57pct YoY) [2] - R&D expense ratio: 3.84% (-2.35pct YoY) [2] Key Financial Metrics - 2023 EPS: RMB 0.06 [4] - 2024-2026 EPS forecast: RMB 0.13, RMB 0.16, and RMB 0.21, respectively [4] - 2023 ROE: 1.1% [4] - 2024-2026 ROE forecast: 2.2%, 2.7%, and 3.5%, respectively [4] Business Development - The company successfully developed and delivered China's first eVTOL simulator and simulation solutions, positioning it to benefit from the low-altitude economy [2] - The company expanded its aircraft engine maintenance capabilities and added three passenger-to-freighter conversion lines, expected to be operational by 2025 [2] - The company increased its market share in East China and expanded its overseas business, particularly in Southeast Asia and Northeast Asia [2] Valuation - 2024-2026 P/E ratios: 87.5x, 71.4x, and 54.0x, respectively [3] - The company's strategic positioning in the domestic aircraft and eVTOL sectors, along with its strong brand influence, supports a "Buy" rating [3]