STEC(600820) 天风证券·2025-04-26 12:23Investment 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 Views - The company demonstrated stable performance in Q4 2024, with a revenue of 259.3 billion CNY, a year-on-year decrease of 5.1%. The net profit attributable to the parent company was 13.4 billion CNY, down 7.5% year-on-year, while the non-recurring net profit increased by 1.3% year-on-year [1][2]. - The company plans to distribute a cash dividend of 6.9 billion CNY for the year-end, totaling 10.06 billion CNY for the year, with a dividend payout ratio of 35.68% and a corresponding dividend yield of 5.25% [1][2]. Revenue and Profitability - In 2024, the company achieved an operating income of 688.2 billion CNY, a decrease of 7.28% year-on-year, with a net profit of 28.4 billion CNY, down 3.5% year-on-year [1][5]. - The company’s gross margin improved to 12.2%, up 1.87 percentage points year-on-year, with a Q4 gross margin of 12.99%, an increase of 5.44 percentage points year-on-year [2][4]. Business Segments - The company’s revenue from various segments in 2024 included construction at 572 billion CNY, design services at 24 billion CNY, infrastructure operations at 50 billion CNY, and digital information business at 4 billion CNY, with respective year-on-year changes of -6.7%, -6.9%, -15.8%, and +26.7% [2][3]. - The company’s new orders reached 1,030 billion CNY in 2024, a year-on-year increase of 8.01%, with significant growth in municipal and energy sectors exceeding 30% [3]. Financial Management - The company maintained a good control over operating expenses, with a total expense ratio of 8.94%, a slight increase of 0.06 percentage points year-on-year. The net profit margin for 2024 was 4.3%, up 0.02 percentage points year-on-year [4][5]. - The company reported a net cash inflow from operating activities of 45.9 billion CNY, an increase of 14 billion CNY year-on-year [4].