CJJG(SH:600496) Xin Lang Cai Jing·2025-04-15 12:32Core Insights - The company reported a revenue of 18.492 billion yuan for 2024, a year-on-year increase of 12.03%, while the net profit attributable to shareholders was 512 million yuan, a decrease of 6.69% [1] - The fourth quarter of 2024 saw a revenue of 6.446 billion yuan, up 30.1% year-on-year, with a net profit of 36 million yuan, reflecting a significant increase of 185.3% [1] Revenue Performance - The traditional steel structure business generated a revenue of 16.311 billion yuan in 2024, growing by 14.02% year-on-year, while the EPC business achieved a revenue of 1.872 billion yuan, up 4.68% [1] - The overall revenue growth was supported by the strong performance of the steel structure segment [1] Profitability Metrics - The comprehensive gross margin for 2024 was approximately 12.7%, a decrease of 0.3 percentage points year-on-year, with steel structure and EPC business gross margins declining by 0.26 and 0.56 percentage points to 11.91% and 12.84%, respectively [2] - The company reported an increase in asset and credit impairment losses totaling approximately 267 million yuan, up 124 million yuan year-on-year, primarily due to increased impairments on contract assets, fixed assets, and inventory [2] Cash Flow and Financial Health - Operating cash flow improved significantly, reaching 771 million yuan in 2024, a year-on-year increase of 63.9%, driven by enhanced collection efforts [2] - The company's asset-liability ratio stood at 65.0%, an increase of 1.6 percentage points year-on-year, while the interest-bearing debt ratio decreased by 3.2 percentage points to 22.0% [2] Dividend Policy - The company announced a dividend of 0.08 yuan per share, resulting in a payout ratio of 31% and an implied dividend yield of approximately 2.6% [2] Growth Prospects - The company secured new contracts totaling 21.97 billion yuan in 2024, a year-on-year increase of 8.4%, with steel structure sales reaching 1.353 million tons, up 10.9% [3] - Emerging businesses showed strong growth, with EPC and prefabricated business contracts amounting to 4.79 billion yuan, a year-on-year increase of 44.7% [3] - The overseas business orders reached 3 billion yuan, a substantial increase of 202.9% year-on-year, representing 13.7% of total orders [3] Earnings Forecast and Valuation - Due to increased asset and credit impairment provisions, the estimated net profit attributable to shareholders for 2025 was revised down by 16.3% to 546 million yuan, with a new estimate for 2026 at 584 million yuan [4] - The current stock price corresponds to a P/E ratio of 11.1x for 2025 and 10.4x for 2026, with a target price of 3.58 yuan implying an upside potential of 18.5% [4]