TDTEC(600582) 国信证券·2025-03-23 12:44Investment Rating - The investment rating for the company is "Outperform the Market" [5][14]. Core Views - The company has shown steady growth in revenue and profit, with 2024 revenue reaching 30.53 billion yuan (+2.0%) and net profit attributable to shareholders at 2.62 billion yuan (+11.2%) [1][7]. - The main growth drivers are safety technology and equipment, as well as mining production technology services, with significant revenue contributions from these segments [1][7]. - The company has improved its return on equity (ROE) to 10.7% in 2024, up by 0.45 percentage points year-on-year, and has successfully reduced the proportion of accounts receivable to total assets [2][9]. - The company has increased its dividend payout ratio to over 50%, with a cash dividend of 3.17 yuan per 10 shares, reflecting a strong commitment to shareholder returns [2][12]. Revenue and Profit Growth - In 2024, the company achieved a revenue of 30.53 billion yuan, with a net profit of 2.62 billion yuan, and a significant increase in net profit in Q4 2024 of 4.5 billion yuan (+15.4%) [1][7]. - The revenue growth in 2024 was primarily driven by safety technology and equipment (+5.1%) and mining production technology services (+22.2%) [1][7]. Financial Metrics - The company’s financial forecasts indicate a slight decline in profit expectations for 2025-2027, with projected net profits of 2.73 billion yuan, 2.80 billion yuan, and 2.87 billion yuan respectively [3][14]. - The earnings per share (EPS) are expected to be 0.66 yuan, 0.68 yuan, and 0.69 yuan for the years 2025-2027 [3][14]. - The company maintains a strong financial position with a projected ROE of around 10% over the next few years [4][16].