Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is positioned as a consumer battery platform, with significant growth potential in its soft-pack battery business, driven by new customer acquisitions and market demand recovery [2][5][25]. - The company has established strong partnerships with leading brands in various sectors, ensuring stable supply chains and high customer retention [6][72]. - The report forecasts a substantial increase in net profit from CNY 170 million in 2024 to CNY 594 million in 2026, with corresponding PE ratios decreasing from 22.2 to 6.4 [5][7]. Company Overview - The company began with nickel-hydride batteries and entered the soft-pack lithium battery market in 2008, achieving balanced development across three main battery types: soft-pack lithium, cylindrical lithium, and nickel-hydride batteries [5][12]. - The company has a stable shareholding structure, with the chairman holding a 21.09% stake, ensuring consistent control and strategic direction [34]. Financial Performance - The company reported a revenue of CNY 4.541 billion in 2023, a 29.5% year-on-year increase, despite a decline in net profit due to external market pressures [14][66]. - The forecasted revenue growth is expected to continue, with projections of CNY 5.778 billion in 2024 and CNY 8.965 billion in 2026, reflecting a compound annual growth rate of 22.9% [7]. Market Trends - The global demand for consumer electronics, particularly smartphones and laptops, is anticipated to recover, with a projected increase in shipments in 2024 [53][40]. - The company is well-positioned to benefit from the growing wearable device market, which is expected to see significant growth in the coming years [40][17]. Product Development - The company has developed advanced battery technologies, including high energy density and fast charging capabilities, which are critical for maintaining competitive advantages in the market [20][59]. - Ongoing collaborations with leading universities aim to enhance research and development in new battery materials and technologies, further solidifying the company's market position [59][48]. Strategic Partnerships - The company has secured long-term supply agreements with major clients such as HP, Sony, and Philips, which enhances its market stability and reduces the likelihood of customer turnover [6][72]. - The integration into the supply chains of top-tier brands demonstrates the company's strong product development capabilities and commitment to quality [6][72].
豪鹏科技：公司首次覆盖报告：消费电池平台型公司，大软包业务有望发力