CIMC(000039) 国金证券·2025-01-25 23:32Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4]. Core Insights - The company is projected to achieve a net profit attributable to shareholders of 2.5 to 3.5 billion yuan in 2024, representing a year-on-year growth of 493% to 731% [1][2]. - The container manufacturing business is expected to benefit from the recovery in global trade, with a significant increase in demand for containers, leading to record production levels [2]. - The offshore engineering sector is also anticipated to see improved performance due to rising equipment prices and stable utilization rates [3]. Summary by Sections Performance Review - The company forecasts a net profit of 2.5 to 3.5 billion yuan for 2024, with a substantial increase in both net profit and profit excluding non-recurring items [1]. Operational Analysis - The recovery in the container and offshore engineering sectors is driving the company's strong performance, with record production and sales in container manufacturing [2]. - The global trade outlook is positive, with the WTO predicting a 2.7% growth in global merchandise trade for 2024, which is expected to further boost container demand [2]. - The offshore engineering sector is experiencing price increases for equipment, with a 42% year-on-year increase in cumulative orders [3]. Profit Forecast, Valuation, and Rating - Revenue projections for 2024-2026 are 166.4 billion, 180.5 billion, and 193.7 billion yuan respectively, with net profits of 3.1 billion, 4.0 billion, and 5.0 billion yuan [4]. - The corresponding price-to-earnings ratios are projected to be 13X, 10X, and 8X for the respective years [4].