Hanbell(SZ:002158) Soochow Securities·2024-05-04 07:05Investment Rating - The investment rating for the company is "Accumulate" [9] Core Views - The company's performance in 2023 met expectations, with a significant increase in net profit attributable to shareholders by 34.2% year-on-year, driven by product optimization and scale effects [9][20] - The company benefits from product high-end transformation and scale effects, leading to a notable improvement in profitability [4][10] - The growth potential of the company is promising, particularly in the domestic market for battery vacuum pumps and semiconductor vacuum pumps, where the company is positioned as a leading supplier [5][21] Financial Performance Summary - Total revenue for 2023 reached 38.5 billion yuan, representing an 18.0% year-on-year increase [20] - The net profit attributable to shareholders for 2023 was 8.7 billion yuan, with a year-on-year growth of 34.2% [20] - The gross profit margin for 2023 was 40.3%, an increase of 4.8 percentage points year-on-year, while the net profit margin was 22.5%, up by 2.7 percentage points [10][13] - The company forecasts total revenue of 41.09 billion yuan for 2024, with a year-on-year growth of 6.66% [3] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders is adjusted to 9.4 billion yuan for 2024 and 10.8 billion yuan for 2025, with an expected net profit of 13.0 billion yuan in 2026 [11] - The current market valuation corresponds to a price-to-earnings (P/E) ratio of 11.7 for 2024, 10.3 for 2025, and 8.5 for 2026 [11]