Hanbell(002158) 国信证券·2024-05-07 13:00Investment Rating - The report maintains a "Buy" rating for the company [4][23]. Core Insights - The company achieved a revenue of 3.852 billion yuan in 2023, representing a year-on-year growth of 17.96%, and a net profit of 865 million yuan, up 34.24% year-on-year [22]. - The gross margin and net margin for 2023 were 40.32% and 22.51%, respectively, showing an increase of 4.55 and 2.72 percentage points year-on-year [22]. - The growth in profitability is attributed to an increase in the proportion of high-margin vacuum pump business and lower raw material costs [22]. - In Q1 2024, the company reported a revenue of 749 million yuan, an 8.61% increase year-on-year, and a net profit of 146 million yuan, up 25.64% year-on-year [22]. - The vacuum pump business has seen significant growth, particularly driven by the expansion in the photovoltaic industry and recognition in the semiconductor sector [22]. Financial Forecasts - The company forecasts net profits of 925 million yuan, 1.030 billion yuan, and 1.209 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 12, 11, and 9 [22]. - Revenue projections for 2024, 2025, and 2026 are 4.279 billion yuan, 4.809 billion yuan, and 5.525 billion yuan, respectively, with growth rates of 11.1%, 12.4%, and 14.9% [5][22]. Business Segments - The revenue from compressors and vacuum products in 2023 was 1.947 billion yuan and 1.642 billion yuan, respectively, with year-on-year growth of 12.04% and 28.67% [22]. - The gross margins for compressors and vacuum products were 34.31% and 47.89%, reflecting increases of 2.88 and 5.28 percentage points year-on-year [22]. - The company is expanding its high-end compressor market, introducing products like magnetic levitation centrifugal compressors and oil-free compressors, which are expected to enhance profitability [22].