HAOYANG(300833) 财通证券·2024-09-13 10:03Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance [1][2] Core Views - The report is optimistic about the company's long-term market share growth and product competitiveness [1] - The company's domestic revenue grew by 16.7% YoY in the first half of the year, while overseas revenue slightly declined by 7.89% [2] - The company's OBM (Own Brand Manufacturing) revenue, both domestic and international, reached 430 million yuan in 2023, a 2.3% increase YoY [2] - The company is advancing its capacity construction to enhance supply capabilities, with the first phase of its production base expansion project already operational [2] Financial Performance - The company reported revenue of 669 million yuan in the first half of 2024, a 5.68% YoY decrease, and a net profit of 203 million yuan, a 9.1% YoY decrease [2] - In Q2 2024, the company achieved a gross margin of 51.13%, up 1.38 percentage points YoY, while the net margin was 29.15%, down 3.7 percentage points YoY [2] - The company's revenue is expected to grow from 1.503 billion yuan in 2024E to 2.048 billion yuan in 2026E, with a CAGR of 15.22% to 16.27% [4][5] - Net profit is projected to increase from 416 million yuan in 2024E to 586 million yuan in 2026E, with a CAGR of 13.49% to 18.26% [4][5] Valuation Metrics - The company's PE ratio is expected to decrease from 11.08x in 2024E to 7.86x in 2026E, indicating improving valuation attractiveness [4][5] - The PB ratio is forecasted to decline from 1.81x in 2024E to 1.44x in 2026E, reflecting potential undervaluation [4][5] - ROE is projected to increase from 16.33% in 2024E to 18.28% in 2026E, signaling improving profitability [4][5] Operational Efficiency - The company's gross margin is expected to remain stable at around 50.3% to 50.8% from 2024E to 2026E [5] - Operating margin is forecasted to improve slightly from 33.3% in 2024E to 34.5% in 2026E [5] - The company's asset turnover efficiency is expected to improve, with total asset turnover days decreasing from 653 days in 2024E to 597 days in 2026E [5] Growth Prospects - The company's revenue growth is driven by both domestic and international markets, with a focus on expanding its OBM business [2] - The company's capacity expansion is expected to support future revenue growth, with new production lines enhancing its ability to meet market demand [2] - The company's EPS is projected to grow from 3.29 yuan in 2024E to 4.63 yuan in 2026E, reflecting strong earnings growth potential [4][5]