SSC(600871) 光大证券·2025-03-19 16:07Investment Rating - The report maintains an "Accumulate" rating for both A-shares and H-shares of the company [1]. Core Insights - The company achieved a record high in new contract signing, with a total of 912 billion CNY in 2024, representing a year-on-year growth of 10.7% [6]. - The company’s total revenue for 2024 was 811 billion CNY, a slight increase of 1.39% year-on-year, while the net profit attributable to shareholders was 6.32 billion CNY, up 7.19% year-on-year [4][5]. - The company is expected to benefit from the ongoing high demand in the oil service industry and the sustained capital expenditure from its parent company [9]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 811 billion CNY, with a net profit of 6.32 billion CNY, reflecting a stable growth trajectory [4][5]. - The gross profit margin improved to 7.81%, an increase of 0.57 percentage points year-on-year, while the return on equity (ROE) was 7.58%, a slight decrease of 0.02 percentage points [5]. Market Expansion - The company significantly enhanced its engineering service capabilities, achieving a record new contract amount of 912 billion CNY in 2024, with notable growth in overseas markets [6]. - The new contracts included 470 billion CNY from Sinopec, 199 billion CNY from domestic external markets, and 243 billion CNY from overseas markets, with the latter showing a remarkable growth of 45.5% [6]. Cost Reduction and Efficiency Improvement - The company implemented effective cost reduction strategies, optimizing human resources and asset management, which contributed to a decrease in operational costs [7]. - The operational cost per hundred CNY of revenue decreased by 0.57 CNY year-on-year, indicating improved operational efficiency [7]. Future Outlook - The company forecasts new contract amounts to reach 835 billion CNY in 2025, with expectations of continued high demand in both domestic and international markets [6]. - The report anticipates steady growth in net profit, projecting 8.10 billion CNY for 2025, 10.01 billion CNY for 2026, and 12.28 billion CNY for 2027 [10].