HUAMING(002270) 开源证券·2025-04-21 06:50Investment Rating - The investment rating for Huaming Equipment is maintained as "Buy" [1] Core Views - The company has demonstrated continuous and stable growth in performance, with a combination of growth and dividend attributes. In 2024, the company achieved a revenue of 2.322 billion yuan, representing a year-over-year increase of 18.4%, and a net profit attributable to shareholders of 614 million yuan, up 13.25% year-over-year [4] - The company has adjusted its profit forecasts for 2025-2026 due to uncertainties in overseas markets, with net profit estimates for 2025, 2026, and 2027 being 729 million yuan, 861 million yuan, and 993 million yuan respectively [4] - The company is expected to maintain a strong competitive advantage in the industry, particularly in the high-end domestic market and overseas markets, with ongoing international expansion efforts [6] Financial Summary - In 2024, the company reported a revenue of 2.322 billion yuan, with a year-over-year growth of 18.4%. The net profit attributable to shareholders was 614 million yuan, reflecting a year-over-year increase of 13.3% [7] - The gross margin and net margin for 2024 were 48.8% and 26.5% respectively, showing a decrease of 3.4 percentage points and 1.4 percentage points year-over-year, primarily due to an increase in the proportion of low-margin businesses [4][10] - The company plans to distribute a total cash dividend of 489 million yuan in 2024, with a payout ratio of 79.7% [4] Market and Industry Outlook - The domestic power grid investment is expected to continue its upward trend, with a completed investment of 608.3 billion yuan in 2024, a year-over-year increase of 15.3%. The total installed power generation capacity reached 3.35 billion kilowatts, up 14.6% year-over-year [5] - The company's power equipment business generated a revenue of 1.811 billion yuan in 2024, with a year-over-year growth of 11.47%. The international market revenue reached 485 million yuan, reflecting a significant year-over-year increase of 41% [5] - The company is focusing on high-end markets and has made significant progress in international markets, particularly in Southeast Asia, Europe, and the Middle East, with ongoing localization strategies [6]