SIEYUAN(002028) 光大证券·2025-04-22 14:41Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 15.458 billion yuan in 2024, representing a year-on-year growth of 24.06%, and a net profit attributable to shareholders of 2.049 billion yuan, up 31.42% year-on-year [1] - The company is actively expanding its overseas market presence, with overseas revenue reaching 3.122 billion yuan in 2024, a significant increase of 44.67% [3] - The company has set ambitious operational targets for 2025, aiming for new contract orders of 26.8 billion yuan and revenue of 18.5 billion yuan, reflecting strong growth confidence [3] Summary by Sections Financial Performance - In 2024, the company reported a gross profit margin of 31.25%, an increase of 1.75 percentage points year-on-year [1] - The company's major subsidiaries also showed robust growth, with Shanghai Siyuan High Voltage Switch Co., Ltd. achieving a revenue of 5.071 billion yuan, up 21.05% year-on-year [2] - The company’s net profit for 2024 was 2.049 billion yuan, with a year-on-year growth of 31.42% [5] Operational Strategy - The company is leveraging opportunities in the domestic new power system development while actively expanding into overseas markets [2] - The company has successfully penetrated markets in the UK, Italy, Saudi Arabia, and Kuwait, indicating significant potential for further growth in international markets [3] Future Outlook - The company exceeded its 2024 operational targets, achieving new orders of 21.457 billion yuan, a 29.94% increase year-on-year [3] - For 2025, the company aims for a revenue target of 18.5 billion yuan, reflecting a 20% year-on-year growth [3] - The report projects the company's net profit for 2025 to be 2.601 billion yuan, with an expected EPS of 3.34 yuan [5]