HAOYANG(300833) 中泰证券·2025-04-26 12:44Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [16]. Core Insights - The company faced short-term performance pressure due to US-China trade tensions, with a significant decline in revenue and net profit in 2024 and Q1 2025 [4][5]. - The acquisition of Danish SGM is expected to accelerate the company's overseas market expansion, although it has impacted short-term earnings [5][10]. - Despite the challenges, the global live performance market remains robust, providing a favorable environment for the company's stage lighting equipment demand [10][11]. Financial Performance Summary - In 2024, the company reported revenue of 1.212 billion yuan, a decrease of 7.12% year-on-year, and a net profit of 302 million yuan, down 17.61% [4]. - For Q1 2025, revenue was 290 million yuan, a decline of 8.04%, with net profit dropping 47.04% to 53 million yuan [4]. - The company's gross profit margin for 2024 Q4 was 45.49%, down 1.15 percentage points year-on-year, while the net profit margin was 16.78%, down 2.43 percentage points [7]. Growth and Profitability Analysis - The company anticipates a rebound in revenue performance in Q2 2024 as trade tensions ease and the integration of SGM normalizes [6]. - R&D investment remains high, with 85.85 million yuan spent in 2024, reflecting a 51.05% increase, indicating a strong commitment to innovation [9]. - The company's self-owned brands, such as "TERBLY" and "AYRTON," have shown stable growth, with OBM revenue reaching 843 million yuan in 2024, up 2.40% [12]. Market Outlook - The live performance market is projected to continue its growth, with a 9.25% increase in concert events expected in 2024 [10]. - The company plans to build a performance equipment industrial base to enhance its domestic market presence, with an investment of no less than 603 million yuan [12]. - The report forecasts net profits for 2025-2027 to be 249 million yuan, 330 million yuan, and 395 million yuan respectively, reflecting adjustments due to acquisition integration and trade risks [16].