SOFE(SZ:000852) Xin Lang Cai Jing·2025-05-06 06:33Core Insights - The company achieved a revenue of 8.04 billion yuan in 2024, a year-on-year decrease of 4.3%, while the net profit attributable to shareholders was 97 million yuan, an increase of 5.35% year-on-year [1] - The first quarter of 2025 saw significant fluctuations in performance, with revenue of 1.54 billion yuan, a year-on-year decrease of 7.87% and a quarter-on-quarter decrease of 35.61% [1] - The company is actively exploring the oil and gas equipment market potential and has made positive progress in overseas markets and new product categories [1] Revenue Structure and Profitability - In 2024, the revenue from the oil machinery and oil and gas pipeline businesses accounted for approximately 8% and -10.8% year-on-year changes, respectively, with the former having a significantly higher gross margin than the latter [1] - The gross margin for 2024 was 16.4%, an increase of 0.53 percentage points year-on-year, while the net margin was 1.5%, an increase of 0.22 percentage points year-on-year [1] - The first quarter of 2025 saw a gross margin of 11.5%, a decrease of 2.95 percentage points year-on-year and 6.89 percentage points quarter-on-quarter [1] Business Segments Oil Machinery - The oil machinery segment is expected to generate approximately 4.5 billion yuan in revenue in 2024, a year-on-year increase of 11.62%, with a gross margin of 20.71%, an increase of 0.11 percentage points year-on-year [2] - The company has strengthened project operations, leading to a significant increase in market share for drilling and repair equipment, with new orders totaling 1.59 billion yuan [2] Drill Bits - The drill bit segment is projected to generate approximately 800 million yuan in revenue in 2024, a year-on-year decrease of 15.21%, with a gross margin of 26.54%, an increase of 1.03 percentage points year-on-year [3] - The decline in revenue is attributed to the domestic oil and gas exploration industry's cost-cutting strategies, which have reduced the usage of drill bits [3] Oil and Gas Pipelines - The oil and gas pipeline segment is expected to generate approximately 1.36 billion yuan in revenue in 2024, a year-on-year decrease of 41.66%, with a gross margin of 4.44%, a decrease of 0.62 percentage points year-on-year [4] - The decline is primarily due to the slowdown in national pipeline construction, leading to delays in project commencement and reduced orders [4] Overseas Market and Hydrogen Business - The company achieved overseas revenue of 1.36 billion yuan in 2024, a year-on-year increase of 51.89%, with an overseas revenue share of approximately 16.9%, an increase of about 6.3 percentage points year-on-year [6] - The hydrogen energy business is expected to generate approximately 58 million yuan in revenue in 2024, a year-on-year increase of 106.3%, with a gross margin of 0.05% [7] - The company has completed a full industrial layout for hydrogen energy and is positioned to benefit from the growth potential in the hydrogen energy sector [7]