ZHEFU(SZ:002266) Xin Lang Cai Jing·2025-04-27 02:36Core Viewpoint - The company reported revenue growth in 2024, with a total revenue of 20.91 billion yuan, a year-on-year increase of 10%, while net profit attributable to shareholders decreased by 5% to 0.97 billion yuan [2][4] Financial Performance - In 2024, the company achieved an operating revenue of 20.91 billion yuan, a 10% increase year-on-year, and a net profit of 0.97 billion yuan, down 5% year-on-year [2] - For Q1 2025, the company reported an operating revenue of 4.94 billion yuan, an 11% year-on-year increase, with a net profit of 0.27 billion yuan, down 13% year-on-year [2] Business Segments - The clean energy equipment segment generated revenue of 1.06 billion yuan, a 20% increase year-on-year, with a gross margin improvement of 0.39 percentage points to 40.12% [2] - The hazardous waste disposal and resource recovery segment achieved revenue of 19.79 billion yuan, a 10% increase year-on-year, but with a gross margin decline of 1.13 percentage points to 10.37% [2] Cash Flow - The company's operating cash flow improved significantly, reaching 1.54 billion yuan, a 20% increase year-on-year [2] Hazardous Waste Resource Recovery - The company, through its subsidiary, engages in hazardous waste treatment and resource recovery, utilizing advanced third-generation disposal technology, which allows for the recovery of various metals [3] - In the reporting period, the subsidiary generated revenue of 19.80 billion yuan and a net profit of 0.89 billion yuan, with significant production and sales of metals such as copper, gold, silver, and nickel [3] Clean Energy Equipment Orders - The company experienced a continuous increase in new orders for clean energy equipment, with total new orders in the hydropower sector amounting to 2.1 billion yuan [4] - Notable contracts include a 265 million yuan project for hydropower generator sets and a 595 million yuan project for a pumped storage power station [4] - The company is a key manufacturer of nuclear reactor control rod drive mechanisms and has secured new orders worth 420 million yuan in the nuclear power sector [4] Profit Forecast - The company is projected to achieve revenues of 23.03 billion yuan, 25.36 billion yuan, and 27.92 billion yuan for 2025-2027, with year-on-year growth rates of approximately 10% [4] - Net profits are expected to be 1.12 billion yuan, 1.28 billion yuan, and 1.45 billion yuan for the same period, with growth rates of 15.7%, 14.01%, and 12.85% respectively [4]