HAITIAN INTERNATIONAL(1882.HK)NEW ORDER UPDATE:OVERSEAS NEW ORDER UP BY 50% YOY IN 3Q
HAITIAN INTERNATIONAL(1882.HK)NEW ORDER UPDATE:OVERSEAS NEW ORDER UP BY 50% YOY IN 3Q
Different from the phase one expansion focusing on building up sales centres instead of manufacturing centres, phase two aims at expanding overseas manufacturing capacity. Haitian plans to build new manufacturing capacity in Malaysia, India, Serbia, and Mexico. Therefore, the operation, manufacturing, distribution and sales of overseas leg will become independent. Overseas manufacturing capacity and operation would significantly help gain global market share.Haitian's new order increased by over 30% YoY in 3Q24, still a strong growth. Breakdown by geography, domestic new order rose by over 20% YoY, extremely strong in July but slowed in August and September, while overseas new order soared by over 50% YoY in 3Q. As we have been highlighting, the major investment theme of Haitian is overseas expansion. Haitian enters the second phase of global expansion to build new manufacturing capacity on top of the setup of distribution centres during phase one. Although the domestic new order may continue to retain weak growth rate going forward, the overseas demand recovers quickly with the US$ back to the interest rate cut cycle. We reiterate BUY rating in the volatile market, with unchanged TP HK$28.81 implying 24% upside.
海天國際的新訂單在第3季度同比增長超過30％，仍然保持強勁增長。按地域分解，國內新訂單同比增長超過20％，七月份極其強勁，但八月和九月放緩，而境外新訂單在第三季度同比激增50％以上。正如我們一直強調的，海天的主要投資主題是境外擴張。海天進入全球擴張的第二階段，在第一階段建立分銷中心的基礎上，增加新的製造能力。儘管國內新訂單未來可能繼續保持較弱增長率，但隨着美元回到減息週期，海外需求迅速恢復。我們在波動性市場中重申買入評級，目標價不變爲28.81港元，意味着上漲24％。
Key Factors for Rating
評級的關鍵因素
Haitian Int'l is one of the few manufacturers that can gain global market share without policy support. Haitian has been exploring the overseas markets along with the downstream clients in Southeast Asia and Mexico. Haitian has successfully built up the sales distribution channels, showroom, and some assembly lines in overseas over the past fifteen years. Thanks to the overseas strategy and high overseas demand for its PIMM (plastics injection molding machine), the overseas portion represents 30-39% of sales in recent three years.
海天國際是少數幾家在全球市場上能夠獲得份額的製造商之一，無需政策支持。海天一直在與東南亞和墨西哥等市場的下游客戶一起開拓海外市場。海天在過去十五年成功地在海外建立了銷售渠道、展廳和一些聯合組裝線。由於海外戰略和PIMm(塑料注塑機)的海外需求持續較高，過去三年海外收入佔銷售額的30-39％。
Different from the phase one expansion focusing on building up sales centres instead of manufacturing centres, phase two aims at expanding overseas manufacturing capacity. Haitian plans to build new manufacturing capacity in Malaysia, India, Serbia, and Mexico. Therefore, the operation, manufacturing, distribution and sales of overseas leg will become independent. Overseas manufacturing capacity and operation would significantly help gain global market share.
與第一階段擴張專注於建立銷售中心而非製造中心不同，第二階段旨在擴展海外製造能力。海天計劃在馬來西亞、印度、塞爾維亞和墨西哥建立新的製造能力。因此，海外板塊的運營、製造、分銷和銷售將變得獨立。海外製造能力和運營將顯著幫助獲得全球市場份額。
Global demand would recover with the US$ goes back to interest rate cut cycle, starting from this 3Q. Overseas new order jumped by 50% YoY in 3Q for Haitian, helping to cover the slowdown in domestic market. The total new order rose by over 30% YoY in 3Q24 for Haitian, one of the highest new order growth in industrial sector.
隨着美元回到減息週期，全球需求將從本季度開始恢復。對於海天來說，第三季度境外新訂單同比增長了50％，有助於彌補國內市場放緩。對於海天來說，全新訂單在第3季度增長超過30％，是工業板塊中最高的新訂單增長率之一。
Key Risks for Rating
評級的主要風險
If the equity market rally will be stronger than expected, Haitian might underperform the industrial SoEs.
如果股票市場的反彈強於預期，海天可能會表現不佳在工業國有企業。
Valuation
估值
At present, Haitian trades at 10.1x24E P/E, still attractive given the over 30% YoY new order growth and strong earnings growth. We reiterate BUY rating on Haitian Int'l with 24% upside to our TP HK$28.81.
目前，海天的24E市盈率爲10.1倍，考慮到逾30%的年增長率和強勁的盈利增長，目前仍具吸引力。我們確認海天國際的買入評級，並將目標價設定在港元28.81元，上升24%。
譯文內容由第三人軟體翻譯。
