国机重装：2024 年营收创新高 2025 年可期

Core Insights - The company reported a record revenue of 12.674 billion yuan for 2024, representing a year-on-year growth of 12.58% [1] - The total profit for the year was 565 million yuan, an increase of 9.51% year-on-year, while net profit reached 432 million yuan, showing a slight growth of 0.28% [1] - The company primarily serves the research, development, and manufacturing of major technical equipment and significant engineering projects [1] Revenue Breakdown - Revenue from the research and manufacturing segment was 7.351 billion yuan, up 7.49% year-on-year [1] - Engineering and service revenue amounted to 4.502 billion yuan, reflecting a growth of 24.38% [1] - Investment and operation revenue was 539 million yuan, with a marginal increase of 0.04% [1] Regional Performance - Domestic revenue reached 8.489 billion yuan, growing by 7.04% year-on-year [1] - International revenue was 3.903 billion yuan, showing a significant increase of 27.30% [1] - The company made breakthroughs in the Southeast Asian market, particularly with the successful operation and grid connection of the Laos South Russia 4 Hydropower Station, leading to a substantial rise in export orders [1] Future Outlook - The company anticipates a stable development in the machinery industry, with moderate growth in key indicators for 2025 [1] - The industry faces complex challenges, but favorable factors are increasing, supported by national policies aimed at boosting market demand [1] - The company also disclosed its Q1 2025 report, with revenue of 3.481 billion yuan, a year-on-year increase of 21.24%, and a net profit of 111 million yuan, up 2.03% [1]