SINOSTEEL ENTEC(000928) 国盛证券·2025-04-24 03:23Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown continuous improvement in profitability and cash flow performance, with a significant increase in gross margin by 5.7 percentage points year-on-year [2][3] - The company is expected to benefit from the ongoing "Belt and Road" initiative, which is anticipated to enhance infrastructure and engineering demand in emerging markets [3] Financial Performance Summary - In 2024, the company achieved total revenue of 17.6 billion, a decrease of 33% year-on-year, while net profit attributable to shareholders was 840 million, an increase of 10% [1] - The gross margin for 2024 was 14.5%, up 5.7 percentage points from the previous year, indicating improved profitability [2] - The company reported a net cash inflow from operating activities of 1.5 billion, reflecting strong cash flow management [2] - For Q1 2025, the company recorded total revenue of 3.5 billion, down 28% year-on-year, but net profit attributable to shareholders increased by 7.8% [1] Future Earnings Estimates - The company is projected to achieve net profits of 910 million, 980 million, and 1.05 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 8.6%, 7.8%, and 7.6% [3][4] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 0.63, 0.68, and 0.73 respectively [4] Dividend Policy - The company announced a cash dividend of 2.99 yuan per 10 shares for 2024, with a payout ratio of 51.4%, indicating a strong commitment to returning value to shareholders [3]