Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance is under pressure due to a decrease in shale oil and gas demand, alongside rising shipping costs and increased operational expenses from overseas subsidiaries [2] - The company reported a revenue of 599.27 million yuan for 2024, a year-on-year decrease of 10.23%, and a net profit attributable to shareholders of 104.83 million yuan, down 17.32% year-on-year [2] - The decline in revenue is primarily attributed to reduced orders from the US and Middle Eastern markets, despite an increase in sales of ordinary lightweight conveying hoses [2] - The company is focusing on expanding its product range and enhancing its market presence in the Middle East, with a new production facility in Saudi Arabia expected to commence operations [3] Financial Summary - The company forecasts total revenue of 660.76 million yuan in 2025, with a projected growth rate of 10.26% [1] - The net profit attributable to shareholders is expected to reach 116.35 million yuan in 2025, reflecting a growth of 10.99% [1] - The latest diluted EPS is projected to be 1.14 yuan per share in 2025, with a corresponding P/E ratio of 19.15 [1] - The gross profit margin for 2024 is expected to be 48.85%, with a net profit margin of 17.27% [2]
中裕科技（871694）：2024年报点评：页岩油气需求减少致业绩承压，关注沙特本土化生产与新品拓展