SIEYUAN(002028) 国信证券·2025-04-21 08:25Investment 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, a 30% increase year-on-year, and a target of 26.8 billion yuan for 2025, representing a 25% growth [2][26] - Domestic and international business performance was strong, with domestic revenue of 12.34 billion yuan (up 19.7%) and international revenue of 3.12 billion yuan (up 44.7%), marking a new high with over 20% of total revenue coming from overseas [28] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 15.458 billion yuan, with a gross margin of 31.25% and a net margin of 13.49% [9][22] - The fourth quarter saw a revenue of 5.051 billion yuan, a 30.20% increase year-on-year, with a net profit of 558 million yuan, up 35.73% year-on-year [22] Order and Revenue Growth - The company set a target of 26.8 billion yuan in new orders for 2025, which is a 25% increase from the previous year [2][26] - The company achieved a total of 21.5 billion yuan in new orders for 2024, exceeding the original target of 20.6 billion yuan [2][26] Product and Market Development - The company made significant advancements in supercapacitor applications, securing major projects in the automotive sector and breakthroughs in power systems [28] - The overseas market saw a strong performance, with multiple product certifications achieved in countries like the UK, Italy, Saudi Arabia, and Kuwait [28] Profit Forecast - The profit forecast for 2025-2027 has been raised, with expected net profits of 2.598 billion yuan, 3.352 billion yuan, and 3.960 billion yuan respectively [29]