L&K(603929) 长江证券·2025-02-06 02:15Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company is expected to achieve operating revenue of between 5.166 billion and 5.597 billion yuan in 2024, representing an increase of 1.965 billion to 2.396 billion yuan compared to the previous year, which corresponds to a year-on-year growth of 61.39% to 74.84%. The net profit attributable to shareholders is projected to be between 611 million and 662 million yuan, an increase of 324 million to 375 million yuan year-on-year, reflecting a growth of 112.90% to 130.64% [2][6]. Summary by Sections Revenue and Profit Forecast - For 2024, the company anticipates significant revenue growth driven by ongoing projects in Singapore, with a projected revenue increase of 61.39% to 74.84% and a net profit increase of 112.90% to 130.64% [2][6][12]. Project Contributions - The revenue growth is primarily attributed to the continuous contribution from the Singapore project, alongside increased income from other construction projects. The company reported that from January to November 2024, it achieved a revenue of approximately 13.644 billion yuan, with 22% coming from mainland China [12]. Order Status - The company maintains a strong order intake, with new contracts signed in mainland China amounting to approximately 2.598 billion yuan and an unexecuted contract amount of about 2.110 billion yuan as of November 2024. This indicates a robust pipeline for future revenue [12]. Future Prospects - In 2025, domestic projects are expected to benefit from the availability of debt relief funds, which may accelerate bidding processes. The company has established long-term partnerships with key players in the semiconductor industry, positioning it well for future growth [12].