3S(605305) 华西证券·2025-04-23 08:11Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported significant revenue growth in 2024, with total revenue reaching 1.299 billion, a year-on-year increase of 18% [3] - The net profit for 2024 was 315 million, reflecting a 52% increase year-on-year, with a notable rise in net profit margin [4] - The company is expanding its overseas market presence and diversifying its product line, indicating strong long-term growth potential [5] Revenue Growth - In 2024, the company achieved revenue of 1.299 billion, with Q4 revenue at 365 million, a decrease of 10% year-on-year [3] - Revenue breakdown by product shows: - Aerial safety lifting equipment: 889 million, up 16% - Aerial safety protection equipment: 355 million, up 24% - Aerial safety operation services: 46 million, up 1% [3] - Domestic sales reached 644 million, up 16%, while international sales were 646 million, up 19% [3] - The wind power sector generated 1.254 billion in revenue, up 16%, while non-wind power sectors saw a remarkable 172% increase [3] Profitability Improvement - The company's net profit margin improved significantly, with a sales net profit margin of 24.24%, up 5.51 percentage points year-on-year [4] - The operating profit for 2024 was 349 million, with a gross profit margin of 45.49%, slightly down by 0.64 percentage points [4] - The company managed to reduce its expense ratio to 22.64%, down 5.25 percentage points, enhancing its cost control capabilities [4] Future Outlook - Revenue forecasts for 2025 and 2026 have been adjusted to 1.615 billion and 1.932 billion, respectively, with expected year-on-year growth rates of 24% and 20% [6] - The net profit forecasts for the same years are 394 million and 475 million, with growth rates of 25% and 20.7% [6] - The company is expected to maintain a strong earnings per share (EPS) growth trajectory, with projected EPS of 1.85 and 2.24 for 2025 and 2026 [6] Market Expansion - The company is experiencing rapid growth in overseas markets, particularly in the wind power sector, which has a larger market size compared to domestic markets [5] - New product developments, such as dual-machine linkage solutions and heavy-load elevators, are expected to open new growth avenues in various industries [5]