再升科技(603601)：24可比收入增长佳 盈利能力迎修复

Core Viewpoint - The company achieved a revenue of 1.476 billion yuan in 2024, a year-on-year decrease of 10.87%, while net profit attributable to shareholders was 90.7528 million yuan, an increase of 137.99% [1] Group 1: Financial Performance - The decline in revenue was primarily due to the exclusion of Youyuan Environment from the consolidated scope, with a year-on-year revenue growth of 11.53% on a comparable basis [1] - In Q1 2025, the company reported a revenue of 324 million yuan, a year-on-year decrease of 4.59%, and a net profit of 33.56 million yuan, an increase of 3.69% [1] - The comprehensive gross margin for 2024 was 21.96%, a slight increase of 0.04 percentage points year-on-year, with gross margins for clean air and energy-efficient businesses at 31.99% and 13.74%, respectively [3] Group 2: Business Segments - In 2024, the clean air business and energy-efficient business generated revenues of 666 million yuan and 776 million yuan, with year-on-year changes of -32.04% and +19.11%, respectively [2] - The revenue from dust-free air conditioning products decreased by 70.20% due to the sale of Youyuan Environment, but on a comparable basis, it increased by 39.67% [2] - In Q1 2025, the clean air materials revenue decreased by 11.5%, while the energy-efficient materials revenue decreased by 5.11% [2] Group 3: Cost Management and Cash Flow - The company maintained good control over operating expenses, with a period expense ratio of 15.99% in 2024, a decrease of 0.8 percentage points year-on-year [3] - Operating net cash flow for 2024 was 224 million yuan, an increase of 222 million yuan year-on-year, primarily due to the collection of receivables [3] - The company's asset-liability ratio at the end of 2024 was 28.3%, an increase of 1.6 percentage points year-on-year [3] Group 4: Profit Forecast and Valuation - The company expects continued improvement in profitability, with EPS forecasts for 2025-2027 at 0.13, 0.17, and 0.19 yuan, respectively, indicating a CAGR of 28.3% [4] - The target price for the company is set at 4.04 yuan, with a PEG ratio of 1.1x for 2025, reflecting ongoing business transformation and associated uncertainties [4]