SPICYD(SH:600292) Xin Lang Cai Jing·2025-04-25 00:25Core Viewpoint - The company shows steady revenue growth, significant improvement in non-recurring profit, and substantial enhancement in operating cash flow [3] Financial Performance - In 2024, the company achieved operating revenue of 4.722 billion yuan, a year-on-year increase of 11%, while net profit attributable to shareholders was 36 million yuan, a year-on-year decrease of 33% [1] - In Q1 2025, the company reported operating revenue of 879 million yuan, a year-on-year increase of 4%, and net profit attributable to shareholders of 40 million yuan, a year-on-year increase of 27% [2] - The non-recurring net profit for 2024 reached 18 million yuan, a significant year-on-year increase of 630%, indicating enhanced profitability from core operations [3] Business Segment Performance - The catalyst business achieved operating revenue of 532 million yuan in 2024, a year-on-year increase of 25%, with profits of 46.56 million yuan, a substantial increase of 40.2 million yuan [4] - The environmental engineering business reported operating revenue of 1.568 billion yuan, a year-on-year increase of 31%, but with a decline in gross margin by 4.23 percentage points to 2.44% [4] - The desulfurization and denitrification concession business generated operating revenue of 2.242 billion yuan, a year-on-year increase of 1%, with a slight increase in gross margin by 0.52 percentage points to 15.31% [4] - The water business achieved operating revenue of 777 million yuan, a year-on-year increase of 12%, with a gross margin of 32.12% [4] Strategic Initiatives - The company initiated a major asset restructuring in 2024, aiming to transform into a hydropower asset integration platform by acquiring 100% equity of Wuling Power and 64.93% equity of Changzhou Hydropower [5] - The restructuring is expected to significantly alter the company's main business structure and asset scale, enhancing core competitiveness [5] Profit Forecast - The company forecasts operating revenues of 5.019 billion yuan, 5.327 billion yuan, and 5.601 billion yuan for 2025-2027, representing year-on-year growth rates of 6.29%, 6.12%, and 5.15% respectively [5] - Net profit attributable to shareholders is projected to be 89 million yuan, 107 million yuan, and 119 million yuan for the same period, with year-on-year growth rates of 147.51%, 20.01%, and 11.74% respectively [5]