3S(605305) 新浪财经·2025-04-23 08:29Core Insights - The company achieved a revenue of 1.299 billion yuan in 2024, representing an 18% year-on-year increase, with Q4 revenue at 365 million yuan, down 10% year-on-year [1] - The company’s net profit attributable to shareholders reached 315 million yuan, a 52% increase year-on-year, with Q4 net profit at 77 million yuan, down 13% year-on-year [2] - The company is expanding its overseas market presence and product line, indicating significant long-term growth potential [3] Revenue Breakdown - Revenue from aerial safety lifting equipment in 2024 was 889 million yuan, up 16% year-on-year [1] - Revenue from aerial safety protection equipment was 355 million yuan, up 24% year-on-year [1] - Revenue from aerial safety operation services was 46 million yuan, up 1% year-on-year [1] Regional Performance - Domestic sales in 2024 amounted to 644 million yuan, an increase of 16% year-on-year [1] - International sales reached 646 million yuan, a 19% increase year-on-year [1] Industry Performance - Revenue from the wind power sector was 1.254 billion yuan, up 16% year-on-year [1] - Non-wind power sectors generated revenue of 35.32 million yuan, a significant increase of 172% year-on-year [1] Profitability Metrics - The company’s net profit margin improved significantly, with a sales net profit margin of 24.24%, up 5.51 percentage points year-on-year [2] - The gross profit margin for 2024 was 45.49%, slightly down by 0.64 percentage points year-on-year [2] Cost Management - The company’s expense ratio decreased to 22.64%, down 5.25 percentage points year-on-year, indicating improved cost control [2] Product and Market Expansion - The company is focusing on expanding its overseas business, particularly in the wind power high-altitude operation equipment market, which is larger than the domestic market [3] - New product developments include dual-machine linkage solutions and heavy-load elevators, aimed at various sectors such as construction and communication [3] Future Revenue Projections - Revenue forecasts for 2025 and 2026 are adjusted to 1.615 billion yuan and 1.932 billion yuan, respectively, with expected year-on-year growth of 24% and 20% [3] - The projected net profit for 2025 and 2026 is adjusted to 394 million yuan and 475 million yuan, with expected growth rates of 25% and 21% [3]