HAOYANG(300833) 开源证券·2024-04-28 15:00Investment Rating - The report maintains a "Buy" rating for the company, with expectations of strong performance driven by capacity expansion and revenue growth [6] Core Views - The company is expected to benefit from the release of new production capacity, which is anticipated to drive both revenue and earnings growth [1] - The company has been actively enhancing its brand value through participation in major industry exhibitions such as London PLASA and Las Vegas LDI [1] - R&D efforts are robust, with 183 R&D personnel as of the end of 2023, an increase of 42 year-on-year, supporting the company's leading position in stage lighting products [1] Financial Performance - In 2023, the company achieved revenue of RMB 1,305 million (+6.7% YoY) and net profit attributable to shareholders of RMB 366 million (+2.8% YoY) [6] - For Q1 2024, revenue was RMB 320 million (-4.6% YoY), while net profit attributable to shareholders increased slightly to RMB 100 million (+0.9% YoY) [6] - Gross margin remained stable at 50.0% in 2023, with a slight decline in net margin to 28.3% (-1.2pct YoY) [7] - OBM business grew significantly, contributing 63.1% of total revenue in 2023 (+7.3pct YoY), while ODM business declined by 14.4% [8] Future Projections - Revenue is projected to grow to RMB 1,612 million in 2024 (+23.5% YoY), reaching RMB 2,370 million by 2026 [1] - Net profit attributable to shareholders is expected to increase to RMB 456 million in 2024 (+24.7% YoY), with further growth to RMB 692 million by 2026 [1] - EPS is forecasted to rise from RMB 4.34 in 2023 to RMB 8.21 by 2026 [1] Product and Market Analysis - The company's main products are stage entertainment lighting and architectural lighting equipment, accounting for 93.78% of total revenue in 2023 [8] - Stage entertainment lighting revenue grew by 8.0% YoY to RMB 1.21 billion in 2023, while architectural lighting revenue declined by 32.3% [8] - The company expects its second-generation laser product, Cobra, to improve product quality and revenue share, potentially driving average product prices higher in 2024 [8] Valuation Metrics - The current P/E ratio is 17.2x for 2024E, expected to decline to 11.3x by 2026E [1] - P/B ratio is projected to decrease from 3.4x in 2023 to 2.0x by 2026 [1] - ROE is forecasted to improve from 15.7% in 2023 to 17.8% by 2026 [1]