CH ENERGY ENG(601868) 开源证券·2025-04-02 06:10Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company has reported a year-on-year increase in revenue and net profit, with a significant growth in new orders. The expansion in both domestic and international markets is balanced, and the company continues to explore opportunities in the new energy sector [6][8] - The forecast for net profit from 2025 to 2027 is projected to be 106.0 billion, 123.3 billion, and 128.7 billion yuan respectively, with corresponding EPS of 0.25, 0.30, and 0.31 yuan. The current stock price corresponds to a PE ratio of 9.0, 7.7, and 7.4 times for the respective years [6][9] Financial Performance - In 2024, the company achieved an operating revenue of 436.71 billion yuan, representing a year-on-year growth of 7.56%. The net profit attributable to shareholders was 8.40 billion yuan, up 5.13% year-on-year [7] - The gross margin for 2024 was 12.41%, a decrease of 0.23 percentage points year-on-year, while the net margin was 2.71%, down 0.06 percentage points [7] - The company maintained a stable debt structure with a debt-to-asset ratio of 76.31% and a current ratio of 1.02, indicating a reasonable overall debt structure [7] Order Growth and Market Expansion - The company signed new orders totaling 1.408 trillion yuan in 2024, a year-on-year increase of 9.75%. The engineering construction segment saw a significant increase, particularly in traditional energy contracts, which grew by 57.6% [8] - Internationally, the company achieved a 14.5% increase in new contracts, with notable contracts in Saudi Arabia and the Philippines exceeding 20 billion yuan each [8] Financial Summary and Valuation Metrics - The projected operating revenue for 2025 is 445.98 billion yuan, with a year-on-year growth of 2.1%. The net profit is expected to reach 10.60 billion yuan, reflecting a growth of 26.3% [9][11] - Key financial ratios include a projected ROE of 6.8% for 2025 and a P/E ratio decreasing to 9.0 by 2025 [9][11]