CSICPCL(600482) 浙商证券·2025-01-19 01:23Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.17 to 1.4 billion yuan in 2024, representing a year-on-year growth of 50% to 80% [1] - The growth in 2024 is primarily driven by the continued growth in the shipbuilding industry, with significant increases in sales and orders for the company's diesel engine segment [2] - The shipbuilding industry is experiencing an upward cycle due to factors such as ship replacement cycles, environmental policies, and tight capacity, which are expected to drive ship prices to new highs [3][4] Financial Summary - The company forecasts revenues of approximately 54.8 billion, 65 billion, and 75.1 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 22%, 19%, and 16% [5] - The projected net profit attributable to shareholders for 2024, 2025, and 2026 is approximately 1.29 billion, 2.16 billion, and 3.13 billion yuan, with year-on-year growth rates of 66%, 67%, and 45% [5] - The company's price-to-earnings (P/E) ratios are projected to be approximately 39, 23, and 16 for 2024, 2025, and 2026, respectively, while the price-to-book (P/B) ratios are expected to be around 1.3, 1.2, and 1.2 [5]