Hexing(603556) 太平洋·2024-04-25 05:30Investment Rating - The report maintains a "Buy" rating for HaiXing Electric [1][12]. Core Views - The company's Q1 2024 performance met expectations, with a revenue of 902 million yuan, a year-on-year increase of 13.66%, and a net profit of 214 million yuan, up 21.52% year-on-year. The gross margin remained high at 44.25%, reflecting a 5.61 percentage point increase year-on-year [11][12]. - The demand for system solutions is strong, and the profitability is expected to remain at a high level. The gross margin for the smart electricity business is projected to be around 46% [11][12]. - The company is benefiting from both domestic and overseas demand growth, with significant opportunities in the smart electricity sector [12]. Financial Summary - Revenue (in million yuan): - 2023A: 4,200 - 2024E: 5,268 (growth rate: 25.41%) - 2025E: 6,391 (growth rate: 21.31%) - 2026E: 7,409 (growth rate: 15.93%) [3][12]. - Net Profit (in million yuan): - 2023A: 982 - 2024E: 1,190 (growth rate: 21.11%) - 2025E: 1,406 (growth rate: 18.15%) - 2026E: 1,601 (growth rate: 13.85%) [3][12]. - Earnings Per Share (EPS): - 2023A: 2.02 - 2024E: 2.43 - 2025E: 2.88 - 2026E: 3.28 [3][12]. - Price-to-Earnings Ratio (PE): - 2024E: 19.05 - 2025E: 16.13 - 2026E: 14.16 [3][12].