SIEYUAN(002028) 长江商报·2025-04-21 00:21Core Viewpoint - The company, Siyuan Electric, has achieved stable growth in performance driven by both domestic and international markets, with significant increases in revenue and net profit for the year 2024 [1][2]. Financial Performance - In 2024, Siyuan Electric reported a revenue of 15.46 billion yuan, a year-on-year increase of 24.1%, and a net profit of 2.05 billion yuan, up 31.4% [1][2]. - The company’s non-recurring net profit reached 1.88 billion yuan, reflecting a 32.2% increase compared to the previous year [1][2]. - The fourth quarter of 2024 saw a revenue of 5.05 billion yuan, a 30.2% increase year-on-year, and a net profit of 558 million yuan, up 35.7% [2]. Order Growth - Siyuan Electric secured new orders totaling 21.457 billion yuan in 2024, marking a 29.94% increase from the previous year [1][2]. - The company plans to achieve new contract orders of 26.8 billion yuan in 2025, representing a 25% year-on-year growth [4]. Market Expansion - The company has actively expanded its overseas market presence, achieving a revenue of 3.122 billion yuan from international sales in 2024, which is a 44.67% increase [1][7]. - Domestic revenue reached 12.336 billion yuan, with significant growth in East China (47.52%) and North China (44.58%) [7]. Product Development - Siyuan Electric has introduced several new power system solutions in response to national green and low-carbon transformation policies, including grid-structured products and new environmentally friendly high-voltage switchgear [1][6]. - The company’s main business in power distribution equipment generated a revenue of 15.42 billion yuan in 2024, with a gross margin of 41.82% [3]. Historical Performance - Since its listing in 2004, Siyuan Electric has consistently shown stable growth, with revenues increasing from 4.807 billion yuan in 2018 to 15.46 billion yuan in 2024 [3]. - The company’s net profit has also seen substantial growth, from 295 million yuan in 2018 to 2.05 billion yuan in 2024 [3]. Cash Flow and Dividends - In 2024, the net cash flow from operating activities was 2.462 billion yuan, an increase of 8.38% year-on-year [3]. - The company has a generous dividend policy, with a proposed distribution of 5 yuan per 10 shares for 2024, totaling 389 million yuan [4].