CSICPCL(SH:600482) Xin Lang Cai Jing·2025-04-29 02:35Group 1 - The company reported a revenue of 51.7 billion yuan for 2024, representing a year-on-year growth of 15%, with a net profit attributable to shareholders of 1.391 billion yuan, up 78% [1] - The company's diesel engine business generated revenue of 22.9 billion yuan in 2024, a 33% increase year-on-year, with a gross margin of 21%, up 5.2 percentage points [1] - The company is focusing on high-quality orders, with new low-speed engine orders decreasing by 20.09% year-on-year, while the gross margin for new orders increased by 4 percentage points [1] Group 2 - The company has established a global service network for low-speed engines, covering major shipping ports in the Asia-Pacific, Europe, and America, which could contribute approximately 1.1 billion yuan in net profit annually if the maintenance business fully covers the WinGD brand [2] - The acquisition of minority stakes in the ship diesel engine business from the parent company is a key valuation consideration, with potential costs ranging from 22.6 billion yuan to 71 billion yuan depending on the financing method [2] Group 3 - The implementation of the 301 new plan is expected to positively impact shipyards by eliminating certain fees for new ship orders, which may lead to a recovery in order volumes and ship prices [3] - The company is expected to see an increase in net profit forecasts for 2025-2027, with projected profits of 2.053 billion yuan, 3.101 billion yuan, and 3.572 billion yuan respectively, maintaining a "buy" rating [3]