Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance is under pressure due to a decrease in shale oil and gas demand, with a focus on local production in Saudi Arabia and new product development [2][3] - 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 expanding its product lineup and deepening its market presence in the Middle East, with a focus on high-end products [3] Financial Summary - The company achieved a gross profit margin of 48.85% and a net profit margin of 17.27% in 2024, with respective year-on-year changes of +2.38 percentage points and -1.68 percentage points [2] - Revenue from high-pressure large-flow conveying hoses was 389 million yuan, down 18.84% year-on-year, while the gross margin for this product increased by 5.83 percentage points to 56.72% [2] - Revenue from ordinary lightweight conveying hoses was 159 million yuan, up 9.77% year-on-year, with a gross margin of 37.42%, an increase of 1.28 percentage points [2] - The company forecasts net profits of 116 million yuan in 2025, 139 million yuan in 2026, and 165 million yuan in 2027, with corresponding P/E ratios of 19.15, 16.01, and 13.48 [3]
中裕科技：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-20250319