ITG(600755) 民生证券·2025-04-24 06:06Investment Rating - The report assigns a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][8]. Core Insights - The company reported a net profit attributable to shareholders of 630 million yuan for 2024, a decline of 67.39% year-on-year, primarily due to the shutdown of the Xiguling mining project and weak demand for bulk commodities [3][4]. - The total revenue for 2024 was 354.44 billion yuan, representing a year-on-year decrease of 24.3%, while the gross profit margin improved slightly to 1.83% [3][4]. - The company is actively expanding its overseas market presence, achieving overseas revenue of 65.86 billion yuan, which accounts for nearly 20% of its supply chain business revenue [5][6]. Revenue and Profit Analysis - In Q4 2024, the company achieved revenue of 68.11 billion yuan, a year-on-year increase of 0.9%, but reported a net loss of 90 million yuan [3]. - The supply chain management segment generated revenue of 353.2 billion yuan in 2024, down 24.1% year-on-year, but with an improved gross profit margin [4]. - The health technology segment saw significant growth, with revenue reaching 1.1 billion yuan, up 49.6% year-on-year, and a gross profit margin of 41% [5]. Shareholder Returns - The company emphasized shareholder returns with a cash dividend payout ratio of 114.32%, an increase of 56.76 percentage points year-on-year, proposing a dividend of 0.33 yuan per share [6]. - The expected dividend yield for 2024 is 5.3%, based on the closing price of 6.21 yuan per share on April 23, 2025 [6]. Financial Forecast - The company forecasts net profits attributable to shareholders of 1.27 billion yuan, 1.58 billion yuan, and 1.95 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 11, 9, and 7 [7][11].