AsAc(601890) 新浪财经·2025-04-29 08:30Core Viewpoint - The company reported a revenue of 1.989 billion yuan for 2024, a year-on-year increase of 2.98%, and a net profit attributable to shareholders of 282 million yuan, a year-on-year increase of 19.21% [1] Financial Performance - In 2024, the company achieved a revenue of 1.989 billion yuan, with a net profit of 282 million yuan and a non-recurring net profit of 237 million yuan, reflecting year-on-year growth of 19.21% and 17.42% respectively [1] - The earnings per share (EPS) for 2024 was 0.29 yuan, with a proposed cash dividend of 1 yuan per 10 shares (tax included) [1] - For Q1 2025, the company reported a revenue of 588 million yuan, a year-on-year increase of 30.88%, but a net profit attributable to shareholders of 52 million yuan, a decrease of 22.77% [2] Operational Insights - The gross profit margin for 2024 was 31.41%, an increase of 0.82 percentage points year-on-year, primarily driven by rising sales prices of marine anchor chains [3] - The total expense ratio for 2024 was 15.0%, a decrease of 1.6 percentage points year-on-year, contributing to improved profitability [3] - The company produced 136,700 tons of marine anchor chains in 2024, a year-on-year increase of 2.66%, while production of mooring chains decreased by 46.20% to 19,300 tons [3] Sales and Orders - Total sales volume in 2024 was 162,000 tons, a decrease of 1.69% year-on-year, with marine anchor chain sales of 133,200 tons, a slight increase of 0.35% [4] - The company secured new orders totaling 185,300 tons in 2024, a year-on-year increase of 2.6%, with marine anchor chain orders increasing by 6.2% [4] Industry Outlook - The development of floating offshore wind power is accelerating, with significant projects being auctioned in countries like the UK, France, and South Korea [4] - The company is positioned to benefit from this trend, as it supplies mooring chains for floating wind turbine prototypes, holding a significant market share domestically [4] Investment Recommendations - The profit forecast for 2025-2026 has been adjusted to 305 million yuan and 337 million yuan respectively, with a new forecast for 2027 at 402 million yuan [5] - The current stock price corresponds to dynamic price-to-earnings ratios of 26.7, 24.2, and 20.3 for the years 2025, 2026, and 2027 respectively [5] - The traditional business is experiencing upward momentum, and the floating offshore wind power business is expected to provide new growth opportunities, maintaining a "recommended" rating for the company [5]