Haoneng(603809) 民生证券·2025-01-27 01:52Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [6][13]. Core Insights - The company is expected to achieve a net profit of 310-340 million yuan in 2024, representing a year-on-year increase of 70%-87% [1]. - The revenue for 2024 is projected to be 2.58 billion yuan, with a growth rate of 32.6% [5]. - The company is focusing on expanding its business in automotive transmission systems and aerospace components, with significant growth in its differential gear business [2][3]. Summary by Sections Financial Performance - The company reported a significant increase in revenue driven by the rapid growth of its differential gear business, with a projected net profit of 67-97 million yuan for Q4 2024, reflecting a year-on-year increase of 106.15%-198.96% [2]. - The differential gear business generated 198 million yuan in revenue in H1 2024, with a year-on-year growth of 99.11% [3]. - The aerospace components business achieved revenue of 126 million yuan in H1 2024, growing by 10.85% year-on-year [3]. Business Expansion - The company is accelerating its layout in the robot reducer market, with a total investment of 1 billion yuan aimed at building production lines for high-precision industrial planetary reducers and related components [4]. - The company aims to become a leader in the domestic differential gear market, targeting an annual production capacity of 10 million sets of differential assemblies by 2025 [3]. Earnings Forecast - The projected revenue for 2024-2026 is 2.58 billion, 3.16 billion, and 3.67 billion yuan, respectively, with net profits expected to be 325 million, 409 million, and 529 million yuan [5][9]. - The earnings per share (EPS) are forecasted to be 0.51, 0.64, and 0.83 yuan for 2024, 2025, and 2026, respectively [5][9].