SIEYUAN(SZ:002028) Soochow Securities·2025-01-20 00:04Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's 2024 performance report indicates that revenue reached 15.458 billion yuan, a year-on-year increase of 24%, and net profit attributable to shareholders was 2.087 billion yuan, up 34% year-on-year, aligning with market expectations [8] - The company's profitability continues to improve, with a net profit margin of 13.5% for 2024, an increase of 0.98 percentage points year-on-year, driven by a higher proportion of overseas revenue and effective cost control [8] - The domestic market remains stable, while the overseas market is expanding rapidly, with expectations of significant growth in overseas revenue [8] Summary by Relevant Sections Financial Performance - In 2024, the company achieved total revenue of 15.458 billion yuan, a 24.06% increase from 2023, and net profit of 2.087 billion yuan, reflecting a 33.85% growth [8] - The fourth quarter of 2024 saw revenue of 5.051 billion yuan, a 30% increase year-on-year, and net profit of 595 million yuan, up 45% year-on-year [8] Profitability Metrics - The company reported a net profit margin of 13.5% for 2024, an increase of 0.98 percentage points year-on-year, and a net profit margin of 12.38% when excluding non-recurring items, up 0.97 percentage points [8] - The fourth quarter of 2024 had a net profit margin of 11.78%, an increase of 1.19 percentage points year-on-year [8] Market Outlook - The domestic market for power grid infrastructure is robust, with a completion amount of approximately 529 billion yuan in 2024, a 19% increase year-on-year [8] - The company is focusing on overseas markets, with expectations of doubling overseas revenue in 2024 and maintaining over 50% growth in 2025 [8] Valuation and Forecast - The report revises the company's net profit forecasts for 2024-2026 to 2.07 billion yuan, 2.72 billion yuan, and 3.52 billion yuan respectively, with corresponding price-to-earnings ratios of 28x, 21x, and 16x [8] - The target price is set at 98.0 yuan per share based on a 28x PE for 2025 [8]