HangKe Technology(SH:688006) Haitong Securities·2024-05-28 03:31Investment Rating - The investment rating for the company is "Outperform the Market" [1][3]. Core Views - The company reported a revenue of 3.932 billion yuan in 2023, representing a year-on-year increase of 13.83%. The net profit attributable to the parent company was 809 million yuan, up 64.92% year-on-year [2]. - The company is expected to benefit from the expansion of lithium battery production overseas, with a significant increase in orders from international clients [30]. - The estimated reasonable value range for the company's stock is between 23.95 and 27.14 yuan per share, based on a PE valuation of 15-17 times for 2024 [3][34]. Financial Performance - In 2023, the company's operating income was 3.932 billion yuan, with a net profit of 809 million yuan and an EPS of 1.34 yuan. The gross margin was 37.5% [13][16]. - The company forecasts net profits of 964 million yuan, 1.145 billion yuan, and 1.321 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 19.1%, 18.8%, and 15.4% [3][22]. - The company maintained a gross margin of 37.54% in 2023, with a notable increase in overseas business revenue, which reached 768 million yuan, up 221.2% year-on-year [16]. Business Segments - The company is a leading supplier of charging and discharging equipment for various types of lithium batteries, with expected revenue growth rates of 10% for the next three years [32][33]. - The accessories segment, including probes and sensors, is projected to grow at a rate of 20% annually, maintaining a high gross margin of 55% [4][33]. - Other equipment and services are expected to see revenue growth of 35% in 2024, with a gross margin of 38% [19][33]. Market Position - The company has a strong order backlog, with inventory and contract liabilities indicating sufficient orders to support future growth [30]. - The company is strategically positioned to benefit from the expansion of lithium battery production by major clients such as SK, LG, and Tesla, which are increasing their capacities in the U.S., Europe, and Southeast Asia [30][32].