ShaanGu(601369) 光大证券·2025-04-23 12:07Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved steady revenue and profit growth in 2024, with operating income reaching 10.28 billion yuan, a year-on-year increase of 1.3%, and net profit attributable to shareholders of 1.04 billion yuan, up 2.1% [1] - The gross margin improved to 22.5%, an increase of 1.0 percentage points year-on-year, while the net margin rose to 11.1%, up 0.3 percentage points [1] - The company plans to distribute a total cash dividend of 780 million yuan, resulting in a dividend payout ratio of 74.6% [1] Revenue and Profit Growth - The energy conversion equipment business generated revenue of 4.5 billion yuan, reflecting a year-on-year growth of 3.8% [2] - The gas operation business saw revenue of 3.96 billion yuan, a significant increase of 14.4% year-on-year, with the company achieving record revenue and profit in its Qin Feng gas company [3] - The company invested 620 million yuan in new gas projects in 2024, marking a 100.7% increase year-on-year, and the contracted gas supply volume reached 1.654 million cubic meters, up 15.4% [3] Financial Forecasts - The company’s revenue is projected to grow from 10.28 billion yuan in 2024 to 13.61 billion yuan by 2027, with a compound annual growth rate of approximately 9.27% [5] - Net profit is expected to increase from 1.04 billion yuan in 2024 to 1.4 billion yuan in 2027, with corresponding EPS rising from 0.60 yuan to 0.81 yuan [5] - The report forecasts a decline in net profit growth for 2025 and 2026, with adjustments of 7% and 8% respectively, due to lower demand in the downstream metallurgy industry [4] Valuation Metrics - The company’s P/E ratio is projected to decrease from 14 in 2024 to 11 by 2027, indicating a potential increase in valuation attractiveness [12] - The P/B ratio is expected to decline from 1.7 in 2024 to 1.3 in 2027, suggesting improved market perception over time [12]