SGC(SH:601139) Xin Lang Cai Jing·2025-04-26 10:34Core Viewpoint - The company reported a decline in revenue for 2024, with a total revenue of 28.35 billion yuan, down 8.3% year-on-year, while net profit attributable to shareholders increased by 1.2% to 1.46 billion yuan. For Q1 2025, revenue rose by 9.5% to 7.51 billion yuan, but net profit fell by 15.5% to 230 million yuan [1][5]. Revenue and Profit Analysis - The company plans a cash dividend of 0.16 yuan per share for 2024, with a cash dividend ratio of approximately 31.6% [2]. - The sales volume growth for gas in 2024 slowed down, primarily due to a decrease in growth outside the Greater Bay Area. However, the Greater Bay Area maintained strong growth, with sales volumes of 5.74 billion cubic meters and 1.64 billion cubic meters for 2024 and Q1 2025, respectively, representing year-on-year increases of 6.6% and 25.1% [3]. Regional Performance - In the Greater Bay Area, city gas sales volumes were 1.37 billion cubic meters and 400 million cubic meters for 2024 and Q1 2025, with year-on-year growth of 9.5% and 10.9%, respectively. Other regions saw gas sales volumes of 2.14 billion cubic meters and 590 million cubic meters, with year-on-year growth of 3.1% and 4.3% [3]. Cost and Margin Analysis - The average selling price of pipeline gas decreased by 1.8% year-on-year, while the average procurement cost fell by 6.1%, leading to a 3.9 percentage point increase in gross margin for the city gas business, contributing to overall performance growth [4]. - The photovoltaic film business and gas engineering faced significant revenue and gross margin declines, with the photovoltaic film sales volume at 655 million square meters, down 2.5%, and revenue down 35% year-on-year, impacting total revenue by 6.6% [4]. Profit Forecast and Valuation - The company is expected to achieve net profits of 1.46 billion yuan, 1.61 billion yuan, and 1.86 billion yuan for 2025 to 2027, with corresponding EPS of 0.51, 0.56, and 0.65 yuan. The current price corresponds to PE valuations of 13x, 11x, and 10x, maintaining a "buy" rating [5].