SIEYUAN(002028) 东吴证券·2025-04-20 04:32Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has exceeded its annual targets for 2024, with a revenue of 15.46 billion yuan, a year-on-year increase of 24.1%, and a net profit of 2.05 billion yuan, up 31.4% year-on-year [8] - The company is expected to continue exceeding its targets in 2025, with planned new contracts and revenue of 26.8 billion yuan and 18.5 billion yuan, respectively, representing year-on-year growth of 25% and 20% [8] - The domestic market remains stable while the overseas market is experiencing accelerated growth, with overseas revenue increasing by 45% year-on-year [8] Financial Performance Summary - Total revenue for 2023 was 12.46 billion yuan, with a projected increase to 15.46 billion yuan in 2024, reflecting an 18.25% year-on-year growth [1] - The net profit attributable to shareholders for 2023 was 1.56 billion yuan, expected to rise to 2.05 billion yuan in 2024, indicating a 27.75% year-on-year increase [1] - The company's earnings per share (EPS) is projected to grow from 2.00 yuan in 2023 to 2.63 yuan in 2024 [1] Market and Operational Insights - The company achieved a gross margin of 31.25% in 2024, an increase of 1.75 percentage points year-on-year, and a net profit margin of 13.26%, up 0.7 percentage points [8] - The company has a strong order backlog with a ratio of order income to revenue of 1.39 for 2024, indicating robust future revenue potential [8] - The company’s capital expenditure for 2024 is projected at 9.2 billion yuan, a 26.3% increase year-on-year, primarily for investments in mid-voltage and battery production lines [8]