SINOSTEEL ENTEC(000928) 长江证券·2025-02-06 02:15Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company is expected to achieve a total revenue of 17.618 billion yuan in 2024, representing a year-on-year decline of 33.21%. However, the net profit attributable to shareholders is projected to be 809 million yuan, an increase of 6.21% year-on-year, while the net profit after deducting non-recurring items is expected to be 709 million yuan, up 12.93% year-on-year [2][6]. Summary by Sections Revenue and Profitability - The company faced revenue pressure with a total revenue of 17.618 billion yuan, down 33.21% year-on-year. In Q4 alone, revenue was 5.015 billion yuan, a decline of 45.59% year-on-year. Despite this, the company's net profit margin improved, with a non-recurring net profit margin of 4.02%, up 1.64 percentage points year-on-year [11][12]. Order Structure - The company signed new orders totaling 19.67 billion yuan in 2024, a year-on-year increase of 2.12%. Domestic new orders were 3.402 billion yuan, down 60.94%, while overseas new orders reached 16.268 billion yuan, up 54.17% [11][12]. Financial Position - The company has made sufficient provisions, which may lead to a lighter burden in 2025. A lawsuit regarding construction contract disputes has resulted in a claim for overdue payments of 457 million yuan, which may contribute to the significant difference between net profit and net profit after deductions [11][12]. Valuation and Dividend - The company's current valuation is at 1.1 times price-to-book ratio, which is still at a low percentile of 13% over the past decade. The price-to-earnings ratio for this year's performance is approximately 11 times, and with a projected dividend payout ratio of 50%, the current dividend yield is about 4.4%, making it an attractive low-valuation, high-dividend stock [11][12].