SHANTUI(000680) 天风证券·2025-04-25 02:23Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [5][17]. Core Views - The company has demonstrated excellent performance in its 2024 annual report, achieving a revenue of 14.22 billion yuan, a year-on-year increase of 25.12%, with domestic and international revenues growing by 29.39% and 26.08% respectively [1][2]. - The company’s net profit attributable to shareholders reached 1.10 billion yuan, reflecting a year-on-year growth of 40.72%, indicating a significant improvement in profitability [1]. - The company is focusing on high-tech, high-quality, and high-value-added products, with a notable increase in the number of new products launched [2]. - The acquisition of Shanzhong Construction Machinery has been successful, with the actual net profit exceeding the performance commitment, which is expected to continue enhancing the company's earnings [2][3]. - The chairman's proposal to repurchase shares demonstrates confidence in the company's long-term development and aims to stabilize and enhance company value [4]. Financial Performance - In 2024, the company achieved a gross profit margin of 20.05% and a net profit margin of 7.77%, both showing improvements compared to the previous year [1]. - The company’s operating expenses ratio decreased to 10.8%, indicating better cost control [1]. - The forecast for net profit attributable to shareholders for 2025-2027 is projected to be 1.37 billion, 1.57 billion, and 1.83 billion yuan respectively, reflecting a positive outlook for future earnings [4][9]. Business Structure and Strategy - The company is diversifying its product offerings, with new high-end products such as large bulldozers and mining excavators being developed [2]. - The integration of resources within the Shandong Heavy Industry Group has provided the company with significant competitive advantages through capital, technology, and talent support [3]. Market Position - The company has strengthened its international market presence, with overseas revenue accounting for 57.41% of its main business income, enhancing its resilience against risks [1][2].