HAOYANG(300833) 海通证券·2024-06-07 02:01Investment Rating - The report maintains an "Outperform the Market" rating for the company [25]. Core Insights - The company experienced a significant increase in domestic revenue, with a year-on-year growth of 111.27% to 153 million yuan, accounting for 11.73% of total revenue. Meanwhile, overseas revenue saw a slight increase of 0.14% to 1.15 billion yuan, with a notable decline in ODM revenue by 14.36% to 429 million yuan. The overseas OBM revenue, driven by the brands "TERBLY" and "AYRTON," grew by 20.80% to 823 million yuan [3]. - The company's gross margin improved to 52.66% in Q1 2024, up by 1.01 percentage points year-on-year, while the net profit margin increased by 1.92 percentage points to 32.21% [2]. - The company is expanding its production capacity through the "Phase II Expansion Project" of its performance lighting equipment production base, which is expected to enhance supply capabilities and support continued revenue growth [3]. Financial Summary - The company reported revenues of 1.305 billion yuan in 2023, with a year-on-year increase of 6.72%. The net profit for the same year was 366 million yuan, reflecting a growth of 2.81% [9]. - For 2024 and 2025, the projected net profits are 471 million yuan and 583 million yuan, respectively, indicating growth rates of 28.6% and 23.9% [4]. - The earnings per share (EPS) for 2024 is estimated at 5.58 yuan, with a projected price-to-earnings (PE) ratio of 14.3 for 2024 [4][21].