GATD(688239) 申万宏源证券·2025-04-25 03:11Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 1.805 billion yuan for 2024, a year-on-year decrease of 14.19%, while the net profit attributable to the parent company was 189 million yuan, an increase of 1.63% year-on-year [7] - The company has a robust order backlog, with a total order amount of 2.782 billion yuan as of the end of 2024, indicating potential growth in revenue [7] - The company is actively expanding into emerging sectors such as gas turbines, nuclear power, hydrogen energy, and marine equipment, which may contribute to future revenue growth [7] Financial Data and Profit Forecast - Total revenue is projected to increase from 2.127 billion yuan in 2025 to 2.874 billion yuan in 2027, with a compound annual growth rate of approximately 16.7% [6][8] - The net profit attributable to the parent company is expected to rise from 244 million yuan in 2025 to 374 million yuan in 2027, reflecting a strong growth trajectory [6][8] - The company's gross margin is expected to stabilize around 27.6% from 2025 to 2027, indicating effective cost control measures [6][8]