NORINCO International(SZ:000065) Xin Lang Cai Jing·2025-04-01 10:37Core Insights - The company achieved a revenue of 19.08 billion, a year-on-year decrease of 11.21%, while the net profit attributable to shareholders was 1.05 billion, an increase of 14.32% [1] - The Bangladesh coal-fired power project is expected to start contributing operational revenue in 2025, with an estimated annual power generation of 8.58 billion kWh and projected revenue of approximately 4.3 billion from power sales [1] - The company maintains a "buy" rating despite the current coal price pressures, with projected net profits for 2025-2027 at 1.12 billion, 1.24 billion, and 1.4 billion respectively [1] Revenue Breakdown - Revenue from engineering construction and services, resource equipment supply chain, power operation, and industrial manufacturing for 2024 was 8.36 billion, 8.97 billion, 440 million, and 1.24 billion respectively, showing declines of 7%, 16.9%, and 18.1% [2] - The gross profit margins for these segments were 3.6%, 2.6%, -9.7%, and 0.1% year-on-year [2] - The company has active project contracts worth 6.39 billion USD (approximately 45.96 billion), which is 2.4 times the current revenue [2] Profitability and Cash Flow - The overall gross margin for 2024 was 12.82%, an increase of 2.5 percentage points, with a quarterly gross margin of 16.01% in Q4, up by 5.26 percentage points [3] - The company’s net profit margin for 2024 was 5.38%, an increase of 0.94 percentage points [3] - Cash flow from operations (CFO) was 653 million, with a cash collection to payment ratio of 100.66% and 104.61% for the year, reflecting increases of 6.53 percentage points and 7.18 percentage points respectively [3]