SHANTUI(SZ:000680) Xin Lang Cai Jing·2025-04-25 10:32Core Insights - The company reported a revenue of 14.219 billion yuan for 2024, representing a year-on-year growth of 25.12%, and a net profit attributable to shareholders of 1.102 billion yuan, up 40.72% [1] - A cash dividend of 0.6 yuan per 10 shares (including tax) is proposed for all shareholders [1] Revenue Growth and Product Optimization - The company achieved significant revenue growth with overseas revenue reaching 7.411 billion yuan, accounting for 57.41% of total revenue, a year-on-year increase of 26.08%, driven by contributions from the Middle East, Southeast Asia, and Africa [1] - The company restructured its global marketing network, adding 23 new overseas distributors, and improved service response efficiency to industry-leading levels [1] - High-end product breakthroughs include the mass production of DH80 bulldozers, SE1500/2000 mining excavators, and the LE series electric loaders, enhancing competitive differentiation [1] - The company completed the acquisition of 100% equity in Shanzhong Construction Machinery, which generated a revenue of 3.351 billion yuan and a net profit of 197 million yuan in 2024 [1] Profitability and Financial Metrics - The gross profit margin for 2024 was 20.55%, an increase of 1.61 percentage points, primarily due to product structure optimization [2] - The sales expense ratio increased by 0.69 percentage points due to investments in overseas market expansion, while the management expense ratio decreased by 0.59 percentage points, reflecting scale effects [2] - Research and development expenses amounted to 542 million yuan, focusing on new energy, intelligence, and core components, with key technologies like electric control gearboxes achieving mass production [2] - Accounts receivable at the end of 2024 stood at 4.711 billion yuan, a year-on-year increase of 32.3%, indicating a need for improved collection [2] Future Projections - Revenue forecasts for 2025 to 2027 are 15.721 billion yuan, 17.522 billion yuan, and 19.425 billion yuan, respectively, with net profits projected at 1.320 billion yuan, 1.604 billion yuan, and 1.896 billion yuan [2] - Corresponding earnings per share (EPS) are expected to be 0.88 yuan, 1.07 yuan, and 1.26 yuan for the same years [2] - The company is rated as a "buy" with a target price of 11.44 yuan, equivalent to a 13 times dynamic price-to-earnings ratio for 2025 [2]