CHIC(601608) 中原证券·2025-04-02 12:23Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [27]. Core Insights - The company achieved total revenue of 8.034 billion yuan in 2024, a year-on-year decrease of 15.93%, while the net profit attributable to shareholders was 375 million yuan, down 2.36% year-on-year. However, the net profit excluding non-recurring items increased by 34.41% to 398 million yuan [6][7]. - The decline in revenue is primarily attributed to intensified market competition in wind power and coal equipment, with the new energy equipment segment experiencing a significant drop of 78.74% [8][10]. - The company has successfully expanded its overseas market presence, with overseas orders increasing by over 80%, marking a historical high in both total volume and proportion [12]. - The company is a leader in the special robot sector, focusing on applications in safety, emergency response, and mining, thereby cultivating a second growth curve [13]. Financial Performance Summary - In 2024, the company reported a gross margin of 22.68%, an increase of 2.95 percentage points year-on-year, and a net margin of 4.42%, up 0.3 percentage points year-on-year [9][11]. - The revenue breakdown shows that the mining and heavy equipment segment accounted for 69.48% of total revenue, with a year-on-year decline of 8.51% [10]. - The company plans to distribute a cash dividend of 0.286 yuan per share (including tax) to all shareholders [6]. Business Segment Analysis - The mining and heavy equipment segment generated 5.582 billion yuan, while the special materials segment brought in 1.338 billion yuan, and the robot and intelligent equipment segment contributed 904 million yuan, all showing declines [10]. - The significant drop in the new energy equipment segment's revenue reflects the challenges faced in that market [8]. Future Projections - Revenue forecasts for 2025 to 2027 are projected at 9.602 billion yuan, 10.581 billion yuan, and 11.426 billion yuan, respectively, with corresponding net profits of 541 million yuan, 623 million yuan, and 727 million yuan [14][15].