ShaanGu(601369) 中泰证券·2025-04-18 06:50Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [12]. Core Views - The company achieved a revenue of 10,277 million yuan in 2024, reflecting a year-on-year growth of 1.32%, with a net profit of 1,042 million yuan, up 2.09% year-on-year [5][6]. - The fourth quarter of 2024 saw significant growth, with revenue reaching 2,988 million yuan, a 3.97% increase, and a net profit of 375 million yuan, marking a 27.60% year-on-year growth [5][6]. - The company plans to distribute a cash dividend of 777 million yuan, with a payout ratio of 74.55% for 2024 [5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10,277 million yuan, with a year-on-year growth rate of 1% projected for 2025 [3]. - The net profit for 2024 is forecasted at 1,215 million yuan for 2025, representing a 17% increase year-on-year [3]. - The earnings per share (EPS) is expected to rise from 0.60 yuan in 2024 to 0.70 yuan in 2025 [3]. Business Segments - The energy conversion equipment segment generated revenue of 4,496 million yuan, growing by 3.83% year-on-year, while the industrial services segment saw a decline of 22.81% [6]. - The gas operation segment achieved a revenue of 3,962 million yuan, with a year-on-year increase of 14.37% [6]. - The company is reducing its reliance on the metallurgy sector, with revenue from this sector dropping to 39.86% in 2024 from 71.60% in 2021 [8]. Profitability and Margins - The gross margin for 2024 is reported at 22.51%, with a net margin of 11.14%, both showing slight improvements year-on-year [7]. - The company is increasing its R&D investment to strengthen its position in the distributed energy market and enhance its competitive edge in compressed air energy storage technology [7]. Market Expansion - The company is expanding into various downstream sectors, achieving breakthroughs in distributed energy, petrochemicals, and overseas markets [8]. - The gas business is also experiencing robust growth, with a contract gas supply volume of 165.36 Nm3/h, a 15.35% increase year-on-year [9].