GUOTONG PP(SH:600444) Xin Lang Cai Jing·2025-04-18 10:27Core Viewpoint - The company achieved a revenue of 766 million yuan in 2024, representing a year-on-year growth of 1.47%, with a net profit attributable to shareholders of 40 million yuan, up 0.28% year-on-year, and a non-recurring net profit of 39 million yuan, increasing by 5.98% year-on-year [1] Group 1: Business Performance - The company faced challenges but focused on market expansion and project execution to ensure stable annual performance [2] - The Environmental Engineering Division achieved a revenue of 405 million yuan, a year-on-year increase of 36.39% [2] - The Refrigeration and Air Conditioning Division experienced a slight revenue decline of 0.23% [2] - The company is actively promoting core products in the Filtration and Separation Machinery Division and developing new clients in the Valve and Petroleum Equipment Division [2] Group 2: R&D and Strategic Focus - The company has a strong R&D foundation and is concentrating resources on its core fluid machinery business, having authorized 23 patents in 2024 [3] - The company is optimizing its plastic pipe business and gradually exiting it to focus on its main business, which is expected to accelerate growth in fluid machinery [3] Group 3: Financial Projections - The company revised its revenue forecasts for 2025-2027 to 867 million, 991 million, and 1.137 billion yuan, respectively, with net profit projections of 44 million, 50 million, and 57 million yuan [4] - The diluted EPS is projected to be 0.30, 0.34, and 0.39 yuan for the years 2025-2027 [4] Group 4: Investment Rating - The current stock price corresponds to PE multiples of 46, 41, and 36 times for the years 2025-2027, maintaining an "Accumulate" investment rating [5]