SIEYUAN(002028) 国信证券·2025-04-21 06:14Investment Rating - The investment rating for the company is "Outperform the Market" [5][29]. Core Views - The company achieved significant growth in both revenue and profit for 2024, with revenue reaching 15.458 billion yuan, a year-on-year increase of 24.06%, and net profit of 2.049 billion yuan, up 31.42% year-on-year [9][22]. - The company exceeded its annual revenue and order targets, with actual new orders of 21.5 billion yuan (excluding tax), a 30% increase year-on-year, and a target of 26.8 billion yuan for 2025, also representing a 25% increase [2][26]. - Domestic business showed growth in both volume and profit, while overseas business performed exceptionally well, with overseas revenue increasing by 44.7% year-on-year [28]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 15.458 billion yuan and a net profit of 2.049 billion yuan, with a gross margin of 31.25% and a net margin of 13.49% [9][22]. - The fourth quarter of 2024 saw a revenue of 5.051 billion yuan, a year-on-year increase of 30.20%, and a net profit of 558 million yuan, up 35.73% year-on-year [22]. Order and Revenue Growth - The company achieved actual new orders of 21.5 billion yuan in 2024, exceeding the original target of 20.6 billion yuan [2][26]. - The 2025 operational target includes achieving new orders of 26.8 billion yuan and a revenue of 18.5 billion yuan, representing a 20% increase [2][26]. Domestic and International Business - Domestic revenue reached 12.34 billion yuan in 2024, a 19.7% increase, while international revenue was 3.12 billion yuan, marking a 44.7% increase [28]. - The company made significant breakthroughs in several countries, including the UK, Italy, Saudi Arabia, and Kuwait, enhancing its overseas qualifications [28]. Profitability and Forecast - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 2.598 billion yuan, 3.352 billion yuan, and 3.960 billion yuan respectively [29]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 21 for 2025, 16 for 2026, and 14 for 2027 [29].