CSICPCL(SH:600482) Xin Lang Cai Jing·2025-04-29 02:35Core Insights - The company reported a revenue of 51.697 billion yuan for 2024, a year-on-year increase of 14.62%, and a net profit of 1.391 billion yuan, up 78.43% year-on-year [1] - In Q1 2025, the company achieved a revenue of 12.311 billion yuan, a year-on-year increase of 7.98%, with a net profit of 396 million yuan, up 348.96% year-on-year [1] Segment Analysis - Marine Industry: The marine segment maintained high prosperity, with low-speed engine completion exceeding 10 million horsepower for two consecutive years. The company established a global service network, generating nearly 1.5 billion yuan in after-sales service revenue, a year-on-year increase of nearly 25% [2] - Application Industry: The application segment faced increased competition in the domestic market, but the company focused on technological innovation and differentiated marketing strategies, achieving new contracts worth 21.755 billion yuan, nearly completing the annual plan [3] - Defense Industry: The company enhanced its contract fulfillment capabilities, achieving over 120% completion rate for new contracts in 2024 [3] Financial Performance - The company reported a gross margin of 14.81%, up 1.52 percentage points year-on-year, and a net margin of 4.94%, up 2.59 percentage points year-on-year. The expense ratio decreased to 9.88% [4] - In Q1 2025, the company’s gross margin was 16.18%, an increase of 5.52 percentage points year-on-year, and the net margin was 6.26%, up 4.66 percentage points year-on-year [5] Market Outlook - The shipbuilding industry is currently in an upward cycle, with demand driven by fleet aging, environmental policies, and geopolitical factors. Supply constraints are expected to persist, maintaining a favorable market environment for the company [6] - The company is positioned to benefit from the ongoing demand for marine power systems, with projected revenues of 64.32 billion yuan, 78.25 billion yuan, and 91.96 billion yuan for 2025-2027, reflecting year-on-year growth rates of 24.4%, 21.7%, and 17.5% respectively [7]