Warom Incorporated(603855) 新浪财经·2025-04-03 06:32Core Viewpoint - The company reported a revenue increase of 24.01% year-on-year for 2024, reaching 3.964 billion yuan, while net profit saw a modest rise of 0.26% to 462 million yuan, indicating a mixed performance amid a challenging domestic oil and gas market [1] Group 1: Financial Performance - The company achieved a revenue of 3.964 billion yuan in 2024, up 24.01% year-on-year [1] - The net profit attributable to shareholders was 462 million yuan, reflecting a 0.26% increase year-on-year [1] - The non-recurring net profit was 448 million yuan, showing a decline of 0.98% year-on-year [1] - A cash dividend of 10 yuan per 10 shares (tax included) is proposed [1] Group 2: Business Segment Performance - The core business segment of explosion-proof electrical equipment generated revenue of 2.506 billion yuan, down 3.5% year-on-year due to reduced capital expenditure in the domestic oil and gas sector [1] - The revenue from the safety intelligent system within the explosion-proof electrical segment reached 362 million yuan, growing over 72% year-on-year [1] - The military and nuclear power segment achieved revenue of 135 million yuan, up over 21% year-on-year [1] - The marine engineering segment reported revenue of 168 million yuan, a 19% increase year-on-year [1] - The foreign trade segment of explosion-proof electrical equipment reached 944 million yuan, a 35% increase year-on-year, marking a historical high [2] Group 3: Market Expansion and Strategy - The company is actively expanding its overseas market presence, with significant demand for explosion-proof electrical products internationally [3] - The Saudi subsidiary commenced operations in September 2024, focusing on localizing services for major clients like Saudi Aramco [3] - The company is also targeting the Xinjiang coal chemical sector domestically, with planned investments in coal-to-oil and coal-to-gas projects amounting to nearly 1 trillion yuan from 2025 to 2028 [3] - The anticipated investment in explosion-proof equipment in Xinjiang is approximately 700 billion yuan, which is expected to stimulate market demand [3] Group 4: Future Outlook - The company has adjusted its net profit forecasts for 2025-2026 to 524 million yuan and 606 million yuan, respectively, with a new forecast for 2027 at 686 million yuan [4] - The earnings per share (EPS) estimates for 2025-2027 are projected at 1.55, 1.80, and 2.03 yuan, respectively [4] - The company maintains a "buy" rating due to its leadership in the global explosion-proof electrical market and strong dividend yield potential [4]