SINOSTEEL ENTEC(000928) 长江证券·2025-04-24 14:13Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a total operating revenue of 17.647 billion yuan for 2024, a year-on-year decrease of 33.1%. However, the net profit attributable to the parent company was 0.835 billion yuan, an increase of 9.69% year-on-year [2][8]. - The company is expected to benefit from overseas market demand, with a significant increase in overseas orders, which rose by 54.2% year-on-year to 16.268 billion yuan in 2024 [8]. - The company’s gross profit margin improved significantly, with a gross margin of 14.50% in 2024, up 5.71 percentage points year-on-year [8]. Summary by Sections Financial Performance - In 2024, the company achieved total operating revenue of 17.647 billion yuan, a decrease of 33.1% year-on-year. The net profit attributable to the parent company was 0.835 billion yuan, an increase of 9.69% year-on-year, while the net profit after deducting non-recurring gains and losses was 0.747 billion yuan, up 19.01% year-on-year [2][8]. - For Q1 2025, the company reported total operating revenue of 3.519 billion yuan, a decrease of 28.21% year-on-year, with a net profit of 0.232 billion yuan, an increase of 7.78% year-on-year [2][8]. Operational Insights - The company’s gross profit margin showed significant improvement, with a comprehensive gross margin of 14.50% in 2024, up 5.71 percentage points year-on-year. The gross margin for Q1 2025 was 13.75%, an increase of 3.15 percentage points year-on-year [8]. - The company’s cash flow from operating activities showed a net inflow of 1.504 billion yuan in 2024, an increase of 0.136 billion yuan year-on-year, with a cash collection ratio of 97.57%, up 18.55 percentage points year-on-year [8]. Market Outlook - The company signed new orders totaling 19.67 billion yuan in 2024, a year-on-year increase of 2.1%. The domestic orders decreased by 60.9% to 3.402 billion yuan, while overseas orders increased significantly, providing strong support for the company [8]. - Looking ahead to 2025, the company is expected to maintain high growth in performance, supported by overseas market demand, with a projected net profit of 0.9 billion yuan and a dividend payout ratio of 50%, corresponding to a dividend yield of over 5% [8].