CAMCE(SZ:002051) Xin Lang Cai Jing·2025-12-12 12:32Core Viewpoint - The company, China National Machinery Industry Corporation, is transitioning from a traditional engineering contractor to an integrated science, technology, and trade multinational enterprise, focusing on international engineering contracting and key sectors such as oil and gas, new energy, and healthcare [1] Group 1: International Engineering Contracting - The company's international engineering contracting revenue reached 8.219 billion yuan in 2024, a 29.81% increase from 6.332 billion yuan in 2023, demonstrating strong market expansion capabilities [2] - The gross profit margin of the design consulting business improved from 23.18% in 2020 to 40.34% in 2024, indicating strong profitability and cost optimization [2] Group 2: Key Equipment R&D and Manufacturing - The domestic market for cableway construction has significant growth potential, with only 1,168 cableways built for 15,700 A-level tourist attractions as of 2024 [3] - The company is expanding its cableway business both domestically and internationally, signing contracts for high-quality projects such as the Beijing Xiangshan Park cableway renovation [3] Group 3: Engineering Investment and Operation - The new contracts signed in the engineering investment and operation sector increased from 231 million yuan in 2021 to 1.184 billion yuan in 2024, a 331% year-on-year growth [4] - In the first half of 2025, the company secured new contracts worth 3.416 billion yuan, with significant opportunities arising from clean energy projects in Uzbekistan [4] - The company is projected to achieve revenues of 391 million yuan, 421 million yuan, and 472 million yuan from 2025 to 2027, with corresponding market valuations of 28.39, 26.35, and 23.54 times [4]