CIMC(SZ:000039) Xin Lang Cai Jing·2025-03-28 02:31Core Viewpoint - The company reported significant growth in both revenue and net profit for the fiscal year 2024, driven by a recovery in container demand and favorable conditions in the marine engineering sector [1][2][3]. Financial Performance - For the fiscal year 2024, the company achieved a revenue of 177.664 billion yuan, representing a year-on-year increase of 39.01% - The net profit attributable to shareholders reached 2.972 billion yuan, with a remarkable year-on-year growth of 605.60% - In Q4 2024, the company recorded a revenue of 48.693 billion yuan, up 48.98% year-on-year, and a net profit of 1.144 billion yuan, reflecting a staggering increase of 1639.56% [1]. Container Business Analysis - The recovery in global container demand is expected to continue, with a projected 5.9% increase in global container trade volume to 213 million TEU in 2024 - The company’s container manufacturing business achieved record production and sales, with dry cargo container sales reaching 3.4336 million TEU, a year-on-year increase of 417.03% - Revenue from the container manufacturing segment was 62.205 billion yuan, up 105.89%, and net profit was 4.088 billion yuan, an increase of 127.84% [2]. Marine Engineering Outlook - The global marine engineering market is experiencing favorable conditions, with increased marine operations leading to higher equipment utilization and rental rates - The company secured new orders worth 3.25 billion USD in 2024, nearly doubling year-on-year, including various clean energy projects - Revenue from marine engineering reached 16.556 billion yuan, a year-on-year increase of 58.41%, and the company turned a profit of 0.224 billion yuan, recovering from a loss of 0.031 billion yuan the previous year [3]. Future Projections - The company forecasts revenues of 181.8 billion yuan, 200.7 billion yuan, and 221.1 billion yuan for the years 2025 to 2027, with net profits projected at 3.6 billion yuan, 4.4 billion yuan, and 5.2 billion yuan respectively - The corresponding price-to-earnings ratios are expected to be 14X, 11X, and 10X, maintaining a "buy" rating [4].