北方国际(000065)：盈利能力明显提升 一带一路硕果累累

Core Viewpoint - The company experienced a decline in overall revenue for 2024, but showed significant growth in industrial manufacturing revenue, alongside improvements in profitability metrics [1][2]. Financial Performance - The company achieved a total revenue of 19.08 billion, a year-on-year decrease of 11.21% [1]. - The revenue breakdown includes: engineering construction and services at 8.356 billion (down 6.95%), resource equipment supply chain at 8.966 billion (down 16.87%), power operation at 438 million (down 18.05%), and industrial manufacturing at 1.236 billion (up 12.4%) [1]. - The net profit attributable to shareholders was 1.05 billion, reflecting a year-on-year increase of 10.5% [1]. - The net cash flow from operating activities was 653 million, a decrease of 49 million year-on-year [1]. - The net cash flow from investing activities was -167 million, an improvement from -797 million in the same period of 2023 [1]. - The net cash flow from financing activities was 90 million, compared to -536 million in 2023 [1]. Profitability Metrics - The gross profit margin for 2024 was 12.82%, an increase of 2.5 percentage points year-on-year [2]. - The net profit margin was 5.38%, up by 0.94 percentage points [2]. - The expense ratio increased to 4.27%, a rise of 1.06 percentage points [2]. - The accounts receivable stood at 3.807 billion, an increase of 151 million year-on-year [2]. - The asset-liability ratio was 58.21%, a decrease of 2.67 percentage points [2]. - Total asset impairment and credit impairment losses amounted to 468 million, an increase of 72 million year-on-year [2]. Strategic Focus - The company is focusing on deepening its involvement in the "Belt and Road" initiative, with new contracts signed amounting to 1.133 billion, down from 2.62 billion in the previous year [2]. - As of December 31, 2024, the total signed but uncompleted project contracts amounted to 14.165 billion, with active contracts at 6.393 billion and unactivated contracts at 7.772 billion [2]. - Notable projects include the Lahore Metro Orange Line in Pakistan, the first cross-border electrified railway in Africa, and various renewable energy projects in Croatia and Bangladesh [2]. Investment Outlook - The projected net profit attributable to shareholders for 2025-2027 is expected to be 1.054 billion, 1.120 billion, and 1.185 billion respectively, with year-on-year growth rates of +0.41%, +6.30%, and +5.79% [3]. - Corresponding price-to-earnings ratios are projected to be 10.81, 10.17, and 9.61 times [3].