GOLDENSEA(603311) 民生证券·2024-06-13 23:00Investment Rating - The report gives a "Buy" rating for the company, Jin Hai Gao Ke (603311.SH), with a current price of 8.69 CNY [8]. Core Views - Jin Hai Gao Ke is positioned as a high-performance air filter leader, with significant growth potential in new markets, particularly in air purification and transportation sectors [26][49]. - The company has a stable domestic and international dual-market strategy, focusing on air purification across various industries [7][26]. - The company has shown resilience through economic cycles, with a strong emphasis on innovation and technology in air filtration [11][26]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 808 million CNY, 1,074 million CNY, and 1,383 million CNY, respectively, with growth rates of 11.5%, 32.9%, and 28.7% [2]. - Net profit attributable to shareholders is expected to be 72 million CNY, 101 million CNY, and 134 million CNY for the same years, with growth rates of 46.8%, 39.6%, and 32.5% [2]. - Earnings per share are projected to increase from 0.31 CNY in 2024 to 0.57 CNY in 2026 [2]. Business Overview - The company has a diversified product matrix in air purification, including air conditioning components, filters, and related products, with applications in home and commercial air conditioning, automotive, and aviation [14][51]. - Jin Hai Gao Ke has established a strong international presence, with over 50% of its revenue coming from overseas markets, particularly in Southeast Asia and India [21][45]. - The company has a concentrated ownership structure, which enhances management efficiency and decision-making [16][18]. Market Potential - The domestic air conditioning market is entering a stable growth phase, with significant potential for replacement demand as older units are phased out [53][56]. - The Southeast Asian and Indian markets are projected to experience robust growth in air conditioning sales, with CAGR estimates of 11% and 18% from 2023 to 2028, respectively [26][60]. - The company is well-positioned to benefit from the increasing demand for high-efficiency air filters in the growing electric vehicle and aviation sectors [26][49].