Supezet(688121) 长江证券·2025-04-23 09:47Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 2.838 billion yuan for 2024, a year-on-year decrease of 4.07%, and a net profit attributable to shareholders of 95 million yuan, down 38.46% year-on-year [2][6] - The fourth quarter of 2024 saw a revenue of 911 million yuan, a year-on-year decline of 24.87%, but a quarter-on-quarter increase of 60.29% [2][6] - The company has a total of 5.868 billion yuan in orders on hand, with significant contributions expected from the engineering general contracting services in 2025-2026 [12] Summary by Sections Financial Performance - In 2024, the company's operating income was 2.838 billion yuan, with a net profit of 95 million yuan and a non-recurring net profit of 81 million yuan, reflecting declines of 38.46% and 49.51% respectively [2][6] - The fourth quarter results showed a net profit of 61 million yuan, marking a year-on-year decrease of 36.93% but a quarter-on-quarter turnaround [2][6] Order Book and Future Outlook - The company’s revenue from refining equipment sales accounted for 5.18% of total revenue, while petrochemical equipment sales contributed 21.77%, and engineering general contracting services made up 37.02% [12] - The company is expected to see an increase in the proportion of engineering general contracting services as these orders are confirmed in the coming years [12] Industry Position and Growth Potential - The petrochemical equipment market is projected to grow at a compound annual growth rate (CAGR) of approximately 7.2% from 2024 to 2027, reaching a market size of 951.4 billion yuan by 2027 [12] - The company is actively pursuing high-end, green, and intelligent development strategies in response to national policies aimed at promoting sustainable industrial practices [12]