中国联塑(2128.HK)：重点发展核心管道产业 全力推进出海本士化布局

Core Viewpoint - China Lesso Group Holdings Limited reported its annual performance for the year ending December 31, 2024, amidst a slow domestic economic growth and ongoing pressures in the real estate sector, maintaining a focus on core pipeline business and resource allocation to strengthen market presence and product quality [1] Financial Performance - The total revenue for the year was RMB 27.026 billion, with a gross profit of RMB 7.293 billion, maintaining a stable gross margin of 27.0% [1] - Profit attributable to shareholders decreased to RMB 1.684 billion, with basic earnings per share at RMB 0.55 [1] - The board proposed a final dividend of HKD 0.20 per share for the year ending December 31, 2024 [1] Business Development - The company continues to deepen its core pipeline business while actively exploring multi-field development, achieving both horizontal and vertical innovation breakthroughs [2] - The revenue from the plastic pipeline system business was RMB 22.819 billion, accounting for 84.4% of total revenue, although sales volume decreased by 6.2% year-on-year [2] - The average selling price slightly declined by 1.1% to RMB 9,191 per ton, while the gross margin for the plastic pipeline system business increased slightly to 28.7% [2] Future Outlook - The chairman expressed confidence in the company's ability to achieve steady economic growth despite external uncertainties, focusing on market demand and brand development [3] - The company aims to enhance strategic partnerships with government departments and leading state-owned enterprises, while also promoting localized overseas expansion to diversify revenue sources [3] - Emphasis on technological upgrades, automation, and smart manufacturing is seen as a core driver for future development, with a commitment to controlling raw material and production costs through lean procurement strategies [3]