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Haoyang Co., Ltd. (300833): Short-term fluctuations suppress performance and expect the release of production capacity to drive long-term share growth
Investment Highlights The company announced its 2023 annual report and 2024Q1 quarterly report: In '23, the company achieved revenue of 1,305 million yuan (+7% YoY), achieved net profit of 366 million yuan (+3% YoY), and net profit of non-return to mother 3.
Haoyang Co., Ltd. (300833): Short-term disturbances will not change long-term trends, and new production capacity is expected to continue to boost market share
Incident: Haoyang Co., Ltd. released its 2023 annual report and 2024 quarterly report. In 2023, the company achieved operating income of 1,305 million yuan, an increase of 6.72% over the previous year; net profit to mother was 366 million yuan, an increase of 2.8 million yuan
Haoyang Co., Ltd. (300833) Company Information Update Report: 2023 & 2024Q1 Revenue Performance Remains Stable, Waiting for Production Capacity Release to Drive Double Increase in Revenue Performance
The 2023 & 2024Q1 revenue performance remains stable. We expect production capacity to be released to promote growth. Maintaining the “buy” rating, the company achieved operating income of 1.30 billion yuan for the full year of 2023 (+6.7% year on year, same below), and net profit 3
Haoyang Co., Ltd. (300833): Performance is slightly lower than expected and new production capacity is expected
Core view: Performance falls short of previous expectations. The company released its annual report for the year 23 and the quarterly report for '24 on April 25. The company achieved revenue of 1,305 million yuan in '23, +6.72% year-on-year, and net profit of 366 million yuan to mother
Zhongtai Securities released a research report on April 25 stating that it gave Haoyang Co., Ltd. (300833.SZ) a purchase rating. The main reasons for the rating include: 1) the slow increase in yield of new products, which continues to affect 2023Q4-2024Q
Zhongtai Securities released a research report on April 25 stating that it gave Haoyang Co., Ltd. (300833.SZ) a purchase rating. The main reasons for the rating include: 1) the slow increase in yield of new products, which continues to affect 2023Q4-2024Q1 revenue; 2) global concerts remain high and the market space for stage lighting equipment is broad; 3) the company's brand value is high, production capacity continues to expand, and global market competitiveness is expected to improve further. (Mainichi Keizai Shimbun)
Haoyang Co., Ltd. (300833): Revenue recognition slowed, gross margin remained high in Q1
The decline in initial production efficiency of new products led to a slowdown in the pace of revenue recognition in 23Q4 and 24Q1. The company had 23 billion yuan in revenue of 1,305 million yuan (yoy +6.72%) and net profit of 366 million yuan (yoy +2.81%)
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