中钢国际(000928)：盈利能力显著提升 海外业务表现亮眼

Core Viewpoint - The company reported a steady growth in net profit for 2024, with a significant increase in new domestic project contracts in Q1 2025, despite a decline in overall revenue [1][2]. Financial Performance - In 2024, the company achieved an operating revenue of 17.647 billion, a year-on-year decrease of 33.1%, while the net profit attributable to shareholders was 835 million, an increase of 9.69%. The net profit after deducting non-recurring items was 747 million, up 19.01% [1]. - For Q1 2025, the company reported an operating revenue of 3.519 billion, a decrease of 28.21%, and a net profit of 232 million, an increase of 7.78%. The net profit after deducting non-recurring items was 231 million, up 9.25% [1]. - The gross profit margin for 2024 was 14.5%, an increase of 5.71 percentage points, while the net profit margin was 4.95%, up 1.9 percentage points. In Q1 2025, the gross profit margin was 13.75%, an increase of 3.16 percentage points, and the net profit margin was 6.82%, up 2.26 percentage points [2]. Contracting and Project Development - In 2024, the company signed new engineering project contracts worth 19.670 billion, a year-on-year increase of 2.12%, with foreign project contracts amounting to 16.268 billion, up 54.17% [1]. - In Q1 2025, the new contract amount was 3.979 billion, a decrease of 33.87%, with domestic project contracts amounting to 2.067 billion, a significant increase of 169.14% [1]. Market Expansion and Digitalization - The company has steadily expanded its overseas market presence, successfully signing several key projects in Algeria and Egypt in 2024, including a cold-rolled joint unit and a steel plant project [3]. - The company has made significant advancements in digitalization, completing various digital design projects and achieving full coverage of major process segments with mathematical modeling [3]. Investment Outlook - The company is expected to achieve net profits attributable to shareholders of 875 million, 924 million, and 986 million for 2025-2027, representing year-on-year growth rates of 4.75%, 5.59%, and 6.77%, respectively. The corresponding P/E ratios are projected to be 10.38, 9.83, and 9.21 [3].