3S(605305) 国投证券·2025-04-22 07:32Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 28.95 CNY, compared to the current stock price of 23.93 CNY [5]. Core Views - The company reported a total revenue of 1.299 billion CNY for 2024, representing a year-on-year increase of 17.58%, and a net profit of 315 million CNY, up 52.2% year-on-year, slightly exceeding the performance guidance [2][3]. - Both domestic and international businesses are growing simultaneously, with significant expansion into new fields. Domestic revenue reached 653 million CNY, while overseas revenue was 646 million CNY, accounting for 50.09% of total revenue [2]. - The company has established wholly-owned subsidiaries in the US, Germany, India, Japan, and Brazil, indicating a strong international presence [2]. Revenue Structure - The revenue from high-altitude safety lifting equipment, protective equipment, and work clothing was 889 million CNY, 355 million CNY, and 46 million CNY, respectively, with year-on-year growth rates of 16.41%, 23.71%, and 1.26% [2]. - The company has diversified its applications across 17 industries, including power grids, telecommunications, thermal power, construction, and bridges, with non-power generation revenue increasing by 171.75% year-on-year [2]. Order Growth and Profitability - The company signed new orders in 2024 with a year-on-year growth of approximately 35%, with overseas orders growing faster than domestic ones [3]. - The gross margin and net margin for the year were 45.49% and 24.24%, respectively, with the net margin showing a significant improvement due to cost control measures [3]. - The company plans to enhance budget management and deepen cost reduction efforts, which are expected to further improve profitability [3]. Market Outlook - The domestic wind power market is projected to see significant growth, with installed capacity expected to reach 105-115 GW in 2025, representing a year-on-year growth of 22.8% to 34.5% [4]. - The company is well-positioned to benefit from the anticipated recovery in the offshore wind power sector, with a projected installed capacity of 10-15 GW [4]. - The company has a strong ability to withstand tariff risks due to its established presence in the US market and a high market share in its main products [9]. Financial Projections - Revenue projections for 2025-2027 are 1.61 billion CNY, 1.87 billion CNY, and 2.15 billion CNY, with year-on-year growth rates of 24.1%, 16%, and 14.9% respectively [10]. - Net profit projections for the same period are 410 million CNY, 490 million CNY, and 600 million CNY, with growth rates of 30.6%, 20.2%, and 22.3% respectively [10]. - The company is expected to maintain a strong performance relative to the industry, driven by cost control and structural optimization [10].