STEC(600820) 天风证券·2025-04-26 08:14Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.86 CNY, reflecting a 9x PE for 2025 [6][17]. Core Insights - The company achieved a revenue of 68.82 billion CNY in 2024, a decrease of 7.28% year-on-year, with a net profit attributable to the parent company of 2.84 billion CNY, down 3.5% year-on-year [1][5]. - The company plans to distribute a cash dividend of 690 million CNY, resulting in a total cash dividend of 1.006 billion CNY for the year, with a dividend payout ratio of 35.68% and a corresponding dividend yield of 5.25% [1][5]. - The company’s gross margin improved to 12.2%, up 1.87 percentage points year-on-year, with a quarterly gross margin of 12.99%, an increase of 5.44 percentage points year-on-year [2][4]. Revenue and Profitability - In 2024, the company’s revenue from various segments included construction (57.2 billion CNY), design services (2.4 billion CNY), infrastructure operations (5 billion CNY), and digital information services (400 million CNY), with respective year-on-year changes of -6.7%, -6.9%, -15.8%, and +26.7% [2]. - The company’s net profit margin for 2024 was 4.3%, a slight increase of 0.02 percentage points year-on-year, while the net profit margin for Q4 was 5.16%, down 0.61 percentage points year-on-year [4]. Order Growth and Market Position - The company signed new orders worth 103 billion CNY in 2024, representing an 8.01% increase year-on-year, which is 1.5 times its revenue for the same period [3]. - The new orders in municipal and energy sectors grew by over 30%, with significant growth in Shanghai and overseas markets [3]. Financial Metrics and Valuation - The company’s projected net profit for 2025-2027 is estimated at 3.1 billion CNY, 3.37 billion CNY, and 3.71 billion CNY, respectively, with corresponding PE ratios of 6.2, 5.7, and 5.2 [1][5]. - The company’s total assets are projected to reach 176.24 billion CNY by 2025, with a debt-to-asset ratio of 78.01% [11][12].