ITG(600755) 光大证券·2025-04-25 08:16Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 354.4 billion yuan in 2024, a decrease of 24.3% year-on-year, and a net profit attributable to shareholders of 626 million yuan, down 67.33% year-on-year [1] - The decline in revenue is attributed to weakened market demand and adjustments in the company's business structure, alongside a drop in commodity prices [2] - The company is focusing on optimizing its business structure, leading to improvements in gross profit margins across major categories [2] - The internationalization strategy is being accelerated, with the establishment of an international development department and partnerships with over 90,000 enterprises across more than 170 countries [3] - The company expects a recovery in profitability as terminal demand improves and business structure continues to optimize, with projected net profits for 2025-2027 being 1.593 billion, 1.708 billion, and 2.03 billion yuan respectively [4] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 68.1 billion yuan, a year-on-year increase of 0.86%, but a quarter-on-quarter decrease of 25.25% [1] - The supply chain management business generated 353.2 billion yuan in revenue, down 24.1% year-on-year, with significant declines in operating volumes for metals, energy, and agricultural products [2] - The health technology segment saw a substantial revenue increase of 49.6% year-on-year, reaching 1.1 billion yuan, with a gross margin improvement of 16.3 percentage points to 41% [2] Business Strategy - The company is deepening the integration of supply chain, industry chain, and service chain, transitioning from supply chain trading to industry chain operations [3] - New ventures include establishing joint ventures and expanding into the full industrial chain of coking coal and coke, as well as solar aluminum processing [3] - The company has launched a logistics park project in Shandong, focusing on comprehensive logistics services for various commodities [3] Profitability and Valuation - The report projects a gradual recovery in profitability, with net profit margins expected to improve from 0.2% in 2024 to 0.5% in 2027 [12] - The company's earnings per share (EPS) is forecasted to increase from 0.29 yuan in 2024 to 0.94 yuan in 2027 [5] - The price-to-earnings (P/E) ratio is expected to decrease from 21.4 in 2024 to 6.6 in 2027, indicating potential undervaluation [5][12]