GRI(600894) 华鑫证券·2025-02-25 10:23Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [4][9]. Core Insights - The elevator aftermarket is experiencing accelerated growth, with high dividends and strategic transformation reshaping the valuation center [4]. - The company is benefiting from policy support and increasing demand for elevator upgrades and maintenance, indicating a structural opportunity in the market [4]. - The company's profitability is improving despite external challenges, with a notable increase in gross margin and net profit margin [5]. - A digital transformation strategy is being implemented, enhancing competitive advantages and expanding growth opportunities through national layout [6][8]. Summary by Sections Market Performance - The company's stock price is currently at 11.35 yuan, with a total market capitalization of 99 billion yuan and a 52-week price range of 7.71 to 14.6 yuan [1]. Industry Dynamics - The elevator industry in China has over 11 million units, with approximately 900,000 units over 15 years old, leading to increased demand for upgrades and maintenance services [4]. - Recent government policies emphasize the importance of updating old elevators, providing a strong support framework for the industry [4]. Financial Performance - For the first three quarters of 2024, the company reported a gross margin increase of 1.19 percentage points and a net profit margin increase of 1.77 percentage points [5]. - The company has committed to a shareholder return plan with a minimum dividend payout ratio of 60% over the next three years, alongside a significant cash dividend distribution [5]. Strategic Initiatives - The company is focusing on digital transformation and has initiated several projects in smart building solutions, enhancing its service offerings [6][8]. - The strategic upgrade aims to create competitive barriers and expand the company's national presence [6]. Earnings Forecast - Revenue projections for 2024, 2025, and 2026 are 79.15 billion yuan, 82.77 billion yuan, and 86.30 billion yuan, respectively, with corresponding EPS of 0.94, 1.03, and 1.09 yuan [9][11].