Zhejiang Longsheng(600352) 新浪财经·2025-04-18 10:25Core Insights - The company achieved total operating revenue of 15.884 billion yuan in 2024, a year-on-year increase of 3.80%, and a net profit attributable to shareholders of 2.03 billion yuan, up 32.36% year-on-year [1] - In Q4 2024, the company reported operating revenue of 5.274 billion yuan, a year-on-year increase of 17.90% and a quarter-on-quarter increase of 44.29%, with a net profit of 677 million yuan, up 6.63% year-on-year and 50.03% quarter-on-quarter [1] Investment Highlights - The company demonstrated resilience with reverse growth and diversified layout, achieving a 7.17% year-on-year increase in global dye sales volume, with revenue growth of 0.94% and 7.63% for dyes and auxiliaries respectively, outperforming industry levels [2] - The intermediate business saw a 16.55% increase in sales volume and a 4.58% revenue growth, reflecting advantages in the extended industrial chain [2] - The real estate business experienced significant revenue growth of 87.26% year-on-year due to project deliveries, becoming a key contributor to performance [2] - The overseas market revenue accounted for 42.15% of total revenue, with the U.S. as a core sales region facing structural risks due to potential impacts from U.S.-China trade tensions [2] Operational Efficiency - The company improved operating cash flow, with a net cash flow from operating activities of 9.265 billion yuan, a year-on-year increase of 236.79% [3] - Total cash inflow from operating activities grew by 28.72%, primarily driven by substantial prepayments from real estate subsidiaries [3] - The company effectively controlled costs, with total cash outflow from operating activities decreasing by 10.91% year-on-year [3] Technological and Strategic Development - The company is driven by a "technology-environment-strategy" framework, solidifying its leadership in the global chemical low-carbon transition [4] - It has established an integrated production system with a capacity of 300,000 tons of dyes, 100,000 tons of auxiliaries, and 119,500 tons of intermediates, leveraging resource recycling and cost efficiency [4] - The company plans to enhance its capabilities through "independent research and development + strategic acquisitions," aiming to upgrade to a cross-field comprehensive service provider [4] Profit Forecast - The company is expected to achieve net profits attributable to shareholders of 2.07 billion, 2.212 billion, and 2.392 billion yuan for 2025-2027, with corresponding PE ratios of 15.3, 14.3, and 13.2 times [5]