Eurocrane(603966) 东方证券·2025-02-10 03:48Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 10.08 CNY based on a projected EPS of 0.51 CNY for 2024 and 0.63 CNY for 2025 [2][4]. Core Insights - The company is advancing its globalization strategy in the industrial crane sector, with nearly 40% of new orders in the first half of 2024 coming from overseas, marking a record high for overseas order proportion [8]. - The company is focusing on deepening its presence in the downstream industry chain, particularly in the shipbuilding sector, to leverage the growing demand for material handling solutions [8]. - Despite a slight decline in revenue in the first three quarters of 2024, the company is expected to recover with a projected revenue increase of 23.7% in 2025 and 27.9% in 2026 [2][8]. Financial Performance Summary - Revenue for 2022 was 1,870 million CNY, with a growth of 17.7%. The forecast for 2024 is 2,088 million CNY, reflecting a growth of 4.8% [3][11]. - The company's gross profit margin is expected to improve to 27.8% by 2024, up from 24.0% in 2023 [3][11]. - The net profit attributable to the parent company is projected to be 182 million CNY in 2024, with a year-on-year growth of 11.6% [3][11].