CHIC(601608) 国金证券·2025-03-16 02:35Investment Rating - The report maintains a "Buy" rating for the company, considering its growth prospects in the mining machinery sector [4]. Core Insights - The company reported a revenue of 8.034 billion RMB for 2024, a year-on-year decline of 15.93%, with a net profit attributable to shareholders of 375 million RMB, down 2.36% year-on-year [1]. - The overall profitability of the company showed signs of recovery in 2024, with a gross margin of 22.68%, up 2.95 percentage points year-on-year, and a net profit margin of 4.42%, up 0.3 percentage points year-on-year [2]. - The company achieved overseas revenue of 1.838 billion RMB in 2024, a decrease of 13.91% year-on-year, but with a higher gross margin of 29.19% compared to the domestic margin [2]. - The company’s special robots business generated revenue of 904 million RMB in 2024, accounting for 11.26% of total revenue, with significant breakthroughs in various niche markets [3]. Summary by Sections Performance Review - In Q4 2024, the company achieved a revenue of 2.157 billion RMB, a year-on-year decline of 16.11%, but a quarter-on-quarter increase of 8.56% [1]. Operational Analysis - The company’s net profit margin improved to 4.42% in 2024, reflecting effective cost reduction and efficiency enhancement measures [2]. - The overseas order intake saw a remarkable growth of over 80% year-on-year, indicating strong international demand [2]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 501 million RMB, 596 million RMB, and 721 million RMB respectively, with corresponding P/E ratios of 42X, 35X, and 29X [4].