Hangcha (603298) 国海证券·2025-04-24 15:39Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company is executing a globalization strategy and developing a diversified business system to create a new growth curve [2][5] - The company has shown steady improvement in profitability, with a significant increase in net profit and gross margin in recent quarters [5][8] - The company is expanding its overseas market presence, achieving record sales and establishing a robust global service network [5][6][8] Financial Performance - In 2024, the company achieved revenue of 16.5 billion, a year-on-year increase of 1.3%, and a net profit of 2 billion, up 18% year-on-year [5] - For Q1 2025, the company reported revenue of 4.51 billion, a year-on-year increase of 8%, and a net profit of 440 million, up 15% year-on-year [5] - The gross margin for Q1 2025 was 20.5%, a slight decrease compared to the previous year, while the net profit margin improved to 10% [5] Market Expansion - The company achieved domestic and overseas revenues of 9.4 billion and 6.8 billion respectively in 2024, with overseas revenue growing by 4.8% year-on-year [5] - The company has established over 10 overseas subsidiaries in key markets, enhancing its global marketing and after-sales service network [5][6] R&D and Innovation - The company invested 770 million in R&D in 2024, a year-on-year increase of 4.6%, focusing on integrating global technology resources [5][8] - The company has developed 52 marketable R&D projects and 25 technology applications in 2024 [5][6] Future Projections - Revenue projections for 2025-2027 are 18.45 billion, 20.47 billion, and 22.51 billion respectively, with corresponding net profits of 2.23 billion, 2.43 billion, and 2.68 billion [7][9] - The company is expected to maintain a stable gross margin and leverage its competitive product offerings to sustain growth [8][9]