Warom Incorporated(603855) 东北证券·2025-04-02 09:43Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [4]. Core Insights - The company achieved a revenue of 3.964 billion yuan in 2024, representing a year-on-year increase of 24.01%. The net profit attributable to shareholders was 462 million yuan, a slight increase of 0.26% year-on-year. The gross margin was 46.73%, down by 7.46 percentage points compared to the previous year [1][2]. - The traditional oil and gas petrochemical sector faced challenges, while the safety engineering systems, emerging industries, foreign trade, and new energy sectors drove growth. Increased credit impairment losses impacted overall performance [2]. - The company is actively advancing its safety engineering intelligent systems business, which is expected to boost domestic trade. Revenue from this segment grew by 72% year-on-year, and the company expanded from 8 to 12 subsystems [3]. - The foreign trade segment showed significant growth, with a revenue increase of 35% year-on-year. The establishment of international operation centers in Italy, Malaysia, and Kazakhstan contributed to over 300 million yuan in orders [3]. Financial Summary - In 2024, the company reported a revenue of 3,964 million yuan, with a projected revenue growth of 10.73% in 2025, reaching 4,390 million yuan. The net profit is expected to grow to 531 million yuan in 2025, reflecting a 14.95% increase [10]. - The earnings per share (EPS) for 2024 is projected at 1.37 yuan, with a forecasted increase to 1.57 yuan in 2025. The price-to-earnings (P/E) ratio is expected to decrease from 14.81 in 2024 to 13.35 in 2025 [10]. - The gross margin is anticipated to improve slightly to 47.4% in 2025, while the net profit margin is expected to reach 12.1% [10].