SRBC(600039) 天风证券·2025-04-23 07:42Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Views - The company has a substantial backlog of orders, with a total of 290 billion yuan in hand orders, which is expected to support future revenue growth [2][4]. - The company plans to distribute a cash dividend of 50.02% for 2024, with a projected dividend yield of 4.87% based on the closing price on April 22, 2024. The company has also announced that the cash dividend ratio for 2025-2027 will not be less than 60% of the annual net profit attributable to the parent company, indicating a commitment to high dividend payouts [1][4]. - The company experienced a significant improvement in Q4 2024, with revenue and net profit attributable to the parent company increasing by 38.73% and 94.97% year-on-year, respectively, suggesting recovery from previous operational disruptions [1][2]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 107.24 billion yuan, a decrease of 6.78% year-on-year, and a net profit attributable to the parent company of 7.21 billion yuan, down 19.92% year-on-year. However, Q4 2024 showed a strong recovery with revenue of 35.36 billion yuan and net profit of 2.44 billion yuan [1][5]. - The company's gross margin for 2024 was 15.7%, a decrease of 2.47 percentage points year-on-year, while the net profit margin was 6.87%, down 0.99 percentage points year-on-year [3][5]. Business Segments - The company reported revenues from various segments in 2024: engineering construction (92.95 billion yuan, down 10.53%), mining and new materials (3.34 billion yuan, up 98.13%), and clean energy (610 million yuan, up 33.26%) [2][5]. - The mining and clean energy segments benefited from acquisitions made in 2023, which contributed to revenue growth and improved gross margins [2][3]. Future Outlook - The company is expected to see a net profit attributable to the parent company of 8.1 billion yuan in 2025, with projected growth rates of 12.32%, 9.19%, and 8.57% for the following years [4][5]. - The anticipated increase in transportation investment in Sichuan Province to 280 billion yuan in 2025, up 7.7% from 2024, is expected to further enhance the company's order intake and revenue potential [1][2].