现金流大幅改善，惠生工程发展进入快车道

Core Viewpoint - The company, Huisheng Engineering, reported a strong financial turnaround in 2024, with significant revenue growth and profitability recovery, indicating a positive shift in its business trajectory [1][4]. Financial Performance - The total revenue for 2024 reached approximately 5.65 billion yuan, marking a year-on-year increase of 47.0%, ending a previous downward trend [1]. - The net profit attributable to shareholders was 140 million yuan, a significant recovery from losses in the previous year [1]. - Operating cash flow improved dramatically, with a net cash flow from operating activities of about 3.09 billion yuan, up from 650 million yuan in the same period last year [2]. Business Segments - The core petrochemical segment generated approximately 4.66 billion yuan in revenue, reflecting a year-on-year growth of 54.7% [2]. - The coal chemical segment reported revenue of about 820 million yuan, an increase of 33.8% [2]. - The new energy segment achieved a breakthrough with revenue of approximately 26.8 million yuan [2]. Order Growth and Talent Acquisition - New signed orders surged to approximately 10.87 billion yuan, representing a staggering year-on-year increase of 2,563.6% [3]. - The total value of uncompleted contracts reached about 25.72 billion yuan, ensuring future revenue growth [3]. - The company expanded its workforce significantly, hiring over 30 key professionals and more than 100 senior talents, increasing total employees to 1,867, up by 259 from the previous year [3]. Green Transformation and International Strategy - Huisheng Engineering has made substantial progress in green transformation, successfully implementing technologies for green hydrogen, green ammonia, and biomass [4]. - The company has expanded its international project footprint, with overseas revenue exceeding 70% for the first time, becoming a major growth driver [4]. - Strategic collaborations with industry giants like Saudi Aramco and ADNOC have been deepened, with several high-profile projects actively progressing [4]. Valuation Perspective - The current price-to-earnings ratio is below 8 times, and the price-to-book ratio is approximately 0.4 times, indicating that the company is significantly undervalued [4].