Profit forecast

We estimate that the return net profit of Hailier from 2022 to 2024 is 5.97 (newly introduced), 7.43 (newly introduced) and 928 (newly introduced) respectively, and the corresponding EPS is 1.75,2.18,2.72 yuan per share. With reference to the valuation of the comparable company, and taking into account the continuous expansion of the company's production capacity and strong growth, a certain valuation premium is given to the company in 2022, 17.5 times PE, corresponding to the target price of 30.68 yuan (the previous target price is 29.25 yuan, based on 15 times PE,+5% in 2021), maintaining the "better than the market" rating.

Risk hint

Risk of production safety and environmental protection

Competition in the leading product market aggravates the risk

The risk of product market development is less than expected.