研究报告全文：股票研TableTitleAlexBai白舸CompanyReportHaitianInternational01882HK究85225097202EquityResearch公司报告海天国际01882HKgebaigtjascomhk22August2023DTableSummaryomesticDemandWasWeakWhileOverseasDemandRemainedResilientAccumulate公司WemaintainAccumulateandreduceTPtoHK2110AsChinasTableRankeconomicrecoverywasrelativelyslowin1H23domesticdownstreamRatingAccumulate报demandisstillweakWereduceourHaitianInternationaltheCompanyMaintained告2023-2025shareholdersnetprofitforecaststoRMB2470mn-34评级收集维持CompanyReportRMB2768mn-22RMB2990mn-33respectivelyWeforecasttheCompanysearningspersharein202320242025tobeRMB1547RMB1734andRMB1873respectivelyOurTPrepresents120x107x6TablePrice-18mTP目标价HK211099x2023-2025PEratioand16x2023PBratioRevisedfrom原目标价HK2180TheCompanys1H23resultswereinlinewithourexpectationsTheShareprice股价HK16840告Companysrevenuein1H23wasRMB64billionadecreaseof20证YoYslightlyweakerthanourexpectationsHoweverwiththe报improvementintheCompanysgrossprofitmarginandtheincreaseinStockperformance券究financeincometheCompanysnetprofithasachievedagoodgrowth股价表现研TheCompanyachievednetprofitofRMB12billionin1H23anincreaseTableQuotePic500ofreturn研究of50YoY400券TheCompanysgrossprofitmarginimprovedTheCompanysgross300报profitmarginin1H2023increasedby13pptsYoYto320Webelieve200告证theCompanymaymaintainitsgrossprofitmarginin2H23Rawmaterial100EquityResearchReportpricesmayremainatthecurrentlevelTheRMBexchangeratemayhelp00100toincreasethegrossprofitmargininoverseasmarketsBesidestheCompanyscapacityutilizationratemayimproveasdomesticdemand200300Tabmaycontinuetorecoverwhichmayfurtherincreasethegrossprofitmargin400leIAug-22Nov-22Feb-23May-23Aug-23DemandinoverseasmarketsremainsresilientandtheCompanyHSIindexHaitianInternationalnfo1continuestoexpandinoverseasmarketsOverseasmarketdemandremainsresilientTheCompanyslayoutintheglobalmarketisbalancedChangeTablePriceChangeinSharePrice1M3M1Y机DespitesignificantdeclineintheSoutheastAsianmarkettheCompanys股价变动1个月3个月1年械growthinEuropeandNorthAmericastilldrovethegrowthofoveralloverseasrevenueWithcontinuousimprovementintheCompanysAbs118851行绝对变动productcompetitivenessandserviceswebelievethatitsshareinReltoHSIndex530541业相对恒指变动overseasmarketsmaycontinuetoincreaseTheCompanysoverseasAvgsharepriceHK184181187MachinerySectorrevenuemaymaintainsteadygrowthinthelongterm平均股价港元CatalystsDownstreamdemandrecoverydropinrawmaterialpricesSourceBloombergGuotaiJunanInternationalincreaseintheCompanyscapacityutilizationRiskfactorsDownstreamrecoverymaybelessthanexpectedprogressoftheCompanysoverseasmarketexpansionmaybeslowerthanexpectedTablTableeInfYearEndTurnoverNetProfitEPSEPSPERBPSPBRDPSYieldROEProfit年结收入股东净利每股净利每股净利变动市盈率每股净资产市净率每股股息股息率净资产收益率o2HK1231RMBmRMBmRMBxRMBxRMB2021A1601830521912278799984150546361992022A12308226514192581001065913077355137海2023F128162470154790961172513048132138天2024F1396527681734121851293411052535141国2025F151122990187380791421910058840138际TableBaseDataSharesinissuem总股数m15960Majorshareholder大股东SkyTreasureCapitalLimited272MarketcapHKm市值HKm268766Freefloat自由流通比率3913monthaveragevol3个月平均成交股数00015619FY23NetgearingFY23净负债股东资金Netcash52WeekshighlowHK52周高低HK2650013900HaitianInternational01882Haitian01882InternationalSourcetheCompanyGuotaiJunanInternationalSeethelastpagefordisclaimerPage1of4TablePageHeaderHaitianInternational01882HKFigure-1BandofPERFigure-2BandofPBR1raMthgiRelbaT162615241422131220111810169148712August222023610Feb-19Feb-20Feb-22Feb-23Feb-19Feb-20Feb-21Feb-22Feb-23Feb-21Aug-18Nov-18Aug-19Nov-19Aug-20Nov-20Aug-21Nov-21Aug-22Nov-22Aug-23Aug-18Aug-19Nov-19Aug-20Aug-21Aug-22Nov-22Aug-23Nov-18Nov-20Nov-21May-20May-21May-22May-23May-19May-20May-21May-22May-23May-19FwdPEMeanFwdPBMean1SD-1SD1SD-1SDSourceBloombergGuotaiJunanInternationalSourceBloombergGuotaiJunanInternationalTable-1PeerscomparisonMarketCapPEfiscalyearPBfiscalyearROEDYEVEBITDACompanyStockCodeCurrencyLastPriceHKDmn22A23F24F25F22A23F24F25F23F24F25FH-sharePeers2raMthgiRelbaTHaitianInternationalHldgs1882HKHKD1684027483102988578141312111403668LKTechnologyHoldingsLtd558HKHKD716010048157185129982626211814105169ChenHsongHoldings57HKHKD160010094777nana0303nana426326TkGroupHoldingsLtd2283HKHKD1350113350443529070606051589601SanyHeavyEquipmentIntl631HKHKD114203679318515011483323429na20816naPrecisionTsugamiChinaCorp1651HKHKD84603176404972531211nana24411519CimcEnricHoldingsLtd3899HKHKD7330149691191109584141413121283651MorimatsuInternationalHold2155HKHKD524061377070554119141108248nanaSimpleAverage9698846716151511164525601882HKWeightedAverage1351239979222219121722976A-sharePeers海天国际YizumiHoldingsCoL-A300415CHCNY176908982206156117943530241919020118KraussmaffeiCoLtd-A600579CHCNY69203657nananana10nanananananaTedericMachineryCoLtd-A603289CHCNY97503082295nanana21nanananananaNingboHaitianPrecisionM-A601882CHCNY285601628228623118715075574434261nanaShenzhenChanghongTechnol-A300151CHCNY153108264589nanana59nana2rnaaMtnahginaRenalbaTHaitianInternationalNingboTechmationCoLtd-A603015CHCNY87203830727nanana27nanananananaGuangdongJinmingMachiner-A300281CHCNY53202366nananana18nanananananaSimpleAverage4201941521223543342722520118WeightedAverage3722051621304947372923620118GlobalPeersSumitomoHeavyIndustries6302JPJPY34130002252795132938408070706733646NisseiPlasticIndustrialCo6293JPJPY1021000122174108nana0505nana483556ToyoMachineryMetalCo6210JPJPY664000738107210nana0707nana335137FujiSeikiCoLtd6400JPJPY35000017083nanana10nanananananaAltechCoLtd9972JPJPY25200020589nanana03nanananananaSyncmoldEnterpriseCorp1582TTTWD591001794197nanana13nanananananaFuChunShinMachineryManuf6603TTTWD16100580153nanana11nanananananaSimpleAverage114150938408060706524146WeightedAverage102133938408070706713646SourceBloombergGuotaiJunanInternationalCompanyReportSeethelastpagefordisclaimerPage2of4TablePageHeaderHaitianInternational01882HKFinancialStatementsandRatiosTableIncomeStatementTableBalanceSheet1raMthgiRelbaTIncomeStatementBalanceSheetYearend31DecRMBm2021A2022A2023F2024F2025FYearend31DecRMBm2021A2022A2023F2024F2025FTotalrevenue1601812308128161396515112Intangibleassets5251545861Costofsales1086783918671940610174Propertyplantandequipment43665462576861576623Deferredincometaxassets208208221234248Grossprofit51513918414545594938Right-of-useassets70471976280885622August222023Othergainsincome293514604538561Others30722658160616641725Sellinganddistributionexpenses10361002109010851169Totalnon-currentassets84029099841189219514Generalandadministrativeexpenses812797886899952Cashcashequivalents35933591573670478430Inventories30103151320134343688Operatingprofit35972632277331123378Tradeandbillsreceivables35073175338737534103Financeincomeandcosts-net139131235259266Others76426776698372007425Totalcurrentassets1775116693193072143423646Profitbeforetax37692779302633903666Totalassets2615325791277183035533160Incometax719514554619672Tradeandbillspayables42223574364039284244Profitaftertax30502265247227712993Contractliabilities10891353140915361662Non-controllinginterest20333Accrualsandotherpayables18511740173318321945305222652470276829902raMthgiRelbaTShareholdersprofitlossBankborrowings18611323137715011624Others319245257279302BasicEPSRMB19121419154717341873Totalcurrentliabilities93428235841690759778Deferredincometaxliabilities527362391422456TableCashFlowStatementCashFlowStatementBankborrowings300112121131142Others4942464953Yearend31DecRMBm2021A2022A2023F2024F2025FTotalnon-currentliabilities876516558602651Profitbeforetax37692779302633903666Totalliabilities1021887518974967810428Depreciationamortization309341412437468Sharecapital161161161161161Changesinworkingcapital821918041349401882HKIncometaxandinterestpaid575783511563613Sharereservesandretainedearnings1577416851185522048222533Otheradjustments4603661456570Totalshareholdersequity1593417011187122064222693Minorityinterest129323538Cashfromoperatingactivities31241781358530653358海天国际Totalequity1593517040187442067722732PurchaseofPPE9241467765873985Others1342163829176184Totalequityliabilities2615325791277183035533160Cashfrominvestingactivities226617173610491169TableFinancialRatioFinancialRatiosNetchangeinborrowings866745641331342raMthgiRelbaTHaitianInternationalDividendspaid18751233768838939Others2250002021A2022A2023F2024F2025FCashfromfinancingactivities10121954705705805Grossmargin322318323326327EBITDAmargin246244246252253Netchangesincash1542214513111383Operatingmargin225214216223224Cashatbeginningofyear37463593359157367047Netmargin191184193198198Cashatendofyear35933591573670478430ROE199137138141138ROA11983858887SourcetheCompanyGuotaiJunanInternationalCompanyReportSeethelastpagefordisclaimerPage3of4TablePageHeaderHaitianInternational01882HKCompanyTableCompanyRatingDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndex1raMthgiRelbaTTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableNeutral中性RelativePerformanceis-5to5August222023orthefundamentaloutlookofthecompanyorsectorisneutralReduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorTableRatingIndustryDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinitionOutperform跑赢大市RelativePerformance52raMthgiRelbaTorthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5orthefundamentaloutlookofthesectorisunfavorableTableDISCLOSUREOFINTERESTSDISCLOSUREOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3GuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthis01882HKResearchReport4GuotaiJunananditsgroupcompanieshavenothadinvestmentbankingrelationshipswiththeissuermentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesarenotmakingamarketinthesecuritiesinrespectoftheissuermentionedinthisResearch海天国际Report6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficeroftheissuermentionedinthisResearchReportThereisnoofficeroftheissuermentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMER2raMthgiRelbaTHaitianInternationalThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjacomhkCompanyReportSeethelastpagefordisclaimerPage4of4