CIMC(000039) 东吴证券·2025-01-27 00:15Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [2][9]. Core Insights - The company forecasts a net profit attributable to shareholders of 2.5 to 3.5 billion RMB for 2024, representing a year-on-year growth of 493% to 731% [2]. - The fourth quarter of 2024 is expected to yield a net profit of 670 million to 1.67 billion RMB, marking a turnaround from a loss of 70 million RMB in the same period of 2023 [2]. - The strong performance is attributed to the recovery in the container sector and improved demand in the offshore engineering segment [2]. Summary by Sections Financial Performance - The company anticipates total revenue of 157.8 billion RMB in 2024, a year-on-year increase of 23.5% [9]. - The net profit for 2024 is projected at 3 billion RMB, with a significant increase in earnings per share (EPS) from 0.08 RMB in 2023 to 0.56 RMB in 2024 [9]. Container Sector - The demand for containers is driven by international trade and the need for replacement of aging units, with an estimated annual update of 2.5 million TEU based on a 20-year lifespan [3]. - The global container trade volume is expected to grow steadily, with projected growth rates of 2.9% and 2.6% for 2025 and 2026, respectively [3]. Offshore Engineering - The offshore engineering segment is experiencing a recovery, with a significant increase in new orders, totaling 3.25 billion USD in the first three quarters of 2024, a 121% year-on-year increase [4]. - The company has secured contracts for advanced offshore equipment, including FPSO hulls, showcasing its manufacturing capabilities in high-end offshore engineering [4].