Core Viewpoint - The company reported a revenue of 2.652 billion yuan for 2024, representing a year-on-year increase of 9.84%, and a net profit attributable to shareholders of 234 million yuan, up 7.34% year-on-year, indicating stable growth in both revenue and profit [1] Financial Performance - For 2024, the company's gross margin was 25.49%, an increase of 0.75 percentage points year-on-year, while the expense ratio was 11.5%, a decrease of 0.69 percentage points [2] - The cash flow from operations (CFO) net amount was 514 million yuan, an increase of 82 million yuan year-on-year, with collection and payment ratios at 106.42% and 86.42%, respectively [2] Business Segmentation - In 2024, the company achieved revenues of 610 million yuan from design consulting, 1.575 billion yuan from electromechanical engineering system delivery, and 399 million yuan from equipment manufacturing, with the electromechanical engineering segment showing a significant year-on-year growth of 46.64% [1] - The gross margins for the respective segments were 47.90%, 19.78%, and 13.28%, with notable improvements in gross margins for design consulting and electromechanical engineering [1] Long-term Investment Outlook - The company is expected to benefit from the ongoing demand for grain storage and cold chain logistics, with a positive outlook on the high-end, intelligent, and green development trends in the grain and oil processing industry [1][3] - The projected net profits for 2025-2027 are estimated at 280 million, 340 million, and 400 million yuan, respectively, reflecting a slight downward revision from previous estimates [3]
中粮科工(301058)：24年经营稳健 关注粮仓智能化转型升级需求 收入利润稳步增长 业务转型有望加速