COOEC(600583) 太平洋·2025-03-24 06:48Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [1][12]. Core Insights - The company achieved a net profit of 2.161 billion yuan in 2024, a year-on-year increase of 33.38%, despite a slight decline in revenue [3][4]. - The company’s order backlog reached a record high of 40 billion yuan, providing strong momentum for future growth [5]. - The report highlights significant improvements in profit margins, with the gross margin increasing from 10.75% in 2023 to 12.28% in 2024 [4][9]. Financial Performance Summary - In 2024, the company reported total revenue of 29.954 billion yuan, a decrease of 2.59% year-on-year, while the net profit attributable to shareholders rose by 33.38% [3][4]. - The company’s operating income is projected to grow to 33.112 billion yuan in 2025, reflecting a growth rate of 10.54% [6]. - The earnings per share (EPS) are expected to increase from 0.49 yuan in 2024 to 0.55 yuan in 2025 [6][9]. Operational Highlights - The company significantly increased its operational capacity, with a 15.73% year-on-year increase in ship days and a 100% increase in land construction completed [4][5]. - The report notes a substantial reduction in subcontracting and material costs, contributing to improved profitability [4][5]. Market Outlook - The company is expected to continue its growth trajectory, with projected net profits of 2.420 billion yuan in 2025 and 2.628 billion yuan in 2026, indicating sustained performance [6][9]. - The report emphasizes the positive industry outlook, predicting that the overall industry returns will exceed the CSI 300 index by more than 5% in the next six months [11].