Core Viewpoint - The company reported strong financial performance for 2024, with significant revenue and profit growth, indicating a positive outlook for the air compressor industry and effective market strategies [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.14 billion yuan, a year-on-year increase of 18.91%, and a net profit attributable to shareholders of 217 million yuan, up 33.23% year-on-year [1]. - For Q4 2024, the company reported revenue of 244 million yuan, a 10.46% increase year-on-year, and a net profit of 34 million yuan, growing by 8.25% year-on-year [1]. - In Q1 2025, the company generated revenue of 300 million yuan, a 6.5% year-on-year increase, with a net profit of 60 million yuan, up 9.8% year-on-year [1]. Product Performance - The air compressor industry showed signs of recovery in 2024, with the company focusing on domestic substitution and increasing market share [1]. - Revenue from screw compressors reached 875 million yuan, a 17.84% increase year-on-year, with larger machines (above 90 kW) experiencing even higher growth [1]. - Other products generated revenue of 239 million yuan, a 24.57% increase year-on-year, with a gross margin of 29.18%, up 3.35 percentage points year-on-year [1]. Profitability and Cost Control - The company's overall gross margin for 2024 was 30.60%, an increase of 0.40 percentage points year-on-year, while the net profit margin was 19.06%, up 2.05 percentage points year-on-year [2]. - The period expense ratio for 2024 was 11.12%, a decrease of 1.63 percentage points year-on-year, with specific changes in expense categories: sales expense ratio increased by 0.15 percentage points, management expense ratio decreased by 0.47 percentage points, R&D expense ratio decreased by 1.36 percentage points, and financial expense ratio increased by 0.05 percentage points [2]. - In Q1 2025, the overall gross margin was 31.2%, a decrease of 0.4 percentage points year-on-year, while the net profit margin was 18.7%, an increase of 0.6 percentage points year-on-year [2]. Future Outlook - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 250 million, 300 million, and 360 million yuan respectively, with a compound annual growth rate of 18% for net profit over the next three years [2].
东亚机械(301028)：业绩符合预期 受益于大机增速高