中材国际：盈利能力持续改善，运维服务转型提速-20250326

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's profitability continues to improve, with a transformation in operation and maintenance services accelerating [1] - The overseas business shows steady growth in revenue and profitability, with an overall gross margin increase [2] - The operation and maintenance business is experiencing significant growth, contributing positively to the company's overall business model [3] - The expected dividend yield for 2025 is attractive at 5.3%, with a substantial increase in the dividend payout ratio [4] Financial Performance Summary - In 2024, the company achieved a revenue of 461 billion, a year-on-year increase of 0.7%, and a net profit attributable to shareholders of 29.8 billion, up 2.3% [1] - The gross margin for the year was 19.63%, an increase of 0.2 percentage points, primarily due to improved profitability in overseas operations [2] - The operation and maintenance segment signed new contracts worth 173 billion, a 27% increase, with significant contributions from mining and cement operations [3] - The company forecasts net profits of 32 billion, 35 billion, and 38 billion for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.22, 1.33, and 1.42 [4][5]