HAERS(SZ:002615) GOLDEN SUN SECURITIES·2024-04-30 06:32Investment Rating - The report maintains a "Buy" rating for the company [6][17]. Core Insights - The company reported a strong revenue performance with Q1 2024 revenue reaching 575 million yuan, a year-on-year increase of 58.6%, and a net profit attributable to the parent company of 31 million yuan, up 781.6% year-on-year [15][16]. - The growth is driven by the recovery of core overseas customers, new product iterations for existing clients, and the gradual onboarding of new customers [3][15]. - The company is expected to continue benefiting from brand upgrades and improved marketing strategies, leading to stable growth throughout the year [3][16]. Financial Performance - Q1 2024 net operating cash flow was 7.5 million yuan, an increase of 17.5 million yuan year-on-year [4]. - The company's operating efficiency improved, with accounts receivable, accounts payable, and inventory turnover days at 30.75, 105.54, and 111.90 days respectively, showing a year-on-year decrease [4]. - The gross profit margin for Q1 2024 was 27.4%, an increase of 0.6 percentage points year-on-year, while the net profit margin was 5.5%, up 4.5 percentage points year-on-year [16]. Earnings Forecast - The company is projected to achieve net profits of 300 million, 360 million, and 430 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 12X, 10X, and 9X [17][18].