Han's Laser(002008) 海通证券·2024-08-29 00:42Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's PCB and general laser businesses are recovering, while the new energy sector is accelerating overseas expansion [2] - In H1 2024, the company achieved revenue of RMB 6.355 billion (YoY +4.41%) and net profit attributable to shareholders of RMB 1.225 billion (YoY +184.81%) [2] - Q2 2024 revenue was RMB 3.7 billion (YoY +1.03%, QoQ +39.31%), with net profit attributable to shareholders of RMB 236 million (YoY -17.98%, QoQ -76.14%) [2] - The company's gross margin was 33.76% in H1 2024, down 0.84 percentage points YoY [2] Business Performance - The information industry equipment business generated revenue of RMB 2.351 billion in H1 2024, up 43.54% YoY [3] - PCB equipment business revenue was RMB 1.564 billion, up 102.89% YoY [3] - Consumer electronics equipment revenue was RMB 787 million, down 9.25% YoY [3] - New energy equipment revenue was RMB 696 million, down 39.65% YoY, with the company accelerating overseas expansion [3] - Semiconductor equipment revenue was RMB 752 million, down 10.32% YoY [3] - General industrial laser processing equipment revenue was RMB 2.557 billion, up 4.03% YoY [3] Financial Forecasts - Revenue is expected to grow to RMB 14.716 billion in 2024, RMB 15.733 billion in 2025, and RMB 16.655 billion in 2026 [4] - Net profit is forecasted to be RMB 1.757 billion in 2024, RMB 1.110 billion in 2025, and RMB 1.205 billion in 2026 [4] - EPS is projected to be RMB 1.67 in 2024, RMB 1.06 in 2025, and RMB 1.15 in 2026 [4] - The company's gross margin is expected to remain stable at 34.0% from 2024 to 2026 [4] Valuation - The report assigns a 2024 dynamic PE range of 14-16X, with a fair value range of RMB 23.38-26.72 [3] - The average PE ratio of comparable companies is 29X for 2023, 20X for 2024, and 16X for 2025 [5] Financial Analysis - The company's ROE is expected to improve to 10.5% in 2024, from 5.5% in 2023 [6] - Operating cash flow is forecasted to be RMB 1.425 billion in 2024, RMB 1.300 billion in 2025, and RMB 1.606 billion in 2026 [7] - The company's debt-to-asset ratio is expected to decrease from 52.1% in 2023 to 46.9% in 2026 [7]