SIEYUAN(002028) 东吴证券·2025-04-20 05:23Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has exceeded its annual targets for 2024, with revenue reaching 15.46 billion yuan, a year-on-year increase of 24.1%, and net profit attributable to shareholders at 2.05 billion yuan, up 31.4% [8] - The company is expected to continue exceeding its targets in 2025, with projected new contracts and revenue growth of 25% and 20% respectively [8] - The domestic market shows steady growth, while the overseas market is experiencing accelerated growth, with overseas revenue increasing by 45% in 2024 [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] - Net profit attributable to shareholders for 2023 was 1.56 billion yuan, expected to rise to 2.05 billion yuan in 2024, marking a 27.75% 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, indicating improved profitability [8] - The company’s domestic business generated 12.34 billion yuan in revenue, while overseas revenue reached 3.12 billion yuan, highlighting a strong international presence [8] - The company’s cash flow from operating activities for 2024 is projected at 2.46 billion yuan, reflecting effective cash management [9]