Beijing Tianma Intelligent (688570) Xinda Securities·2025-03-21 16:30Investment Rating - The investment rating for Tianma Zhikong is "Buy" [4] Core Views - The company focuses on its core business, maintaining a leading market share in its primary products. In 2024, the revenue from its unmanned intelligent mining control system solutions was 1.247 billion yuan, a year-on-year decrease of 20.57%, while the cost was 775 million yuan, down 19.5%. The gross margin remains high at 38% [4] - The intelligent mining construction in China is still in the demonstration phase, with significant growth potential in the coming years. By the end of 2024, over 2,000 intelligent mining faces have been established nationwide, indicating a window of opportunity for intelligent mining construction [4] - The company has made significant progress in the intelligent manufacturing sector, achieving a revenue of 24 million yuan in 2024, a year-on-year increase of 689%. The company is also advancing fundraising projects to create a second growth curve [5] Financial Summary - In 2024, the company achieved total revenue of 1.861 billion yuan, a decrease of 15.66% year-on-year, and a net profit attributable to the parent company of 340 million yuan, down 20.01% year-on-year. The operating cash flow was 367 million yuan, an increase of 38% year-on-year [1][2] - The projected financial performance for 2025-2027 includes net profits of 350 million yuan, 386 million yuan, and 430 million yuan, respectively, with diluted EPS of 0.81 yuan, 0.89 yuan, and 0.99 yuan [7] - The company plans to distribute a cash dividend of 3.3 yuan per 10 shares in 2024, totaling 143 million yuan, which represents 42.08% of the net profit attributable to shareholders [7]