HAOYANG(300833) 国投证券·2024-04-29 18:00Investment Rating - The investment rating for the company is "Buy - A" with a target price of 138.46 CNY, indicating an expected return of 15% or more over the next six months compared to the CSI 300 index [27][14]. Core Insights - The company's revenue for 2023 was 1.305 billion CNY, a year-on-year increase of 6.72%, while the net profit was 366.2 million CNY, up 2.81% year-on-year [38]. - The company is expected to achieve revenue growth of 27.60%, 25.17%, and 24.38% for the years 2024, 2025, and 2026, respectively, with net profits projected to grow by 30.71%, 27.79%, and 25.06% in the same years [30]. - The company has maintained a high level of R&D investment, with 182 new patents authorized in 2023, enhancing product performance and expanding market opportunities [29]. Financial Performance - In 2023, the gross profit margin was 49.96%, a slight decrease of 0.22 percentage points year-on-year, while the net profit margin was 28.31%, down 1.15 percentage points year-on-year [10]. - The company reported a net profit of 1.01 billion CNY in Q1 2024, reflecting a year-on-year growth of 0.90% [38]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 5.68 CNY, 7.25 CNY, and 9.07 CNY, respectively [34]. Market Position and Growth Potential - The company is positioned as a leader in the global stage lighting market, with new production capacity expected to enhance market share [6][30]. - The domestic market is experiencing a rapid post-pandemic recovery, with the overall economic scale of the national performance market reaching 74 billion CNY in 2023, a 29% increase compared to 2019 [29]. - The company is focusing on expanding its presence in both domestic and international mid-range and architectural lighting markets, supported by its new production facilities [29].