Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Insights - The company reported better-than-expected performance for 2024, with revenue of 28.66 billion RMB, a year-on-year increase of 14.8%, and a net profit attributable to the parent company of 6.24 billion RMB, up 36.9% year-on-year [6]. - The DCF target valuation is set at 93.18 HKD, reflecting an optimistic outlook for the company's growth potential [2][7]. - The company is expected to maintain a high production capacity utilization rate, with an output growth of no less than 10% in 2025, despite uncertainties in the external environment [6]. Financial Performance Summary - Revenue Forecast: Projected revenues for 2024-2026 are 28.66 billion, 32.21 billion, and 36.13 billion RMB, respectively [2][10]. - Net Profit: Expected net profits for the same period are 6.24 billion, 6.70 billion, and 7.66 billion RMB, respectively [2][10]. - Earnings Per Share (EPS): EPS is forecasted to be 4.15, 4.46, and 5.10 RMB for 2024-2026 [2][10]. - Profit Margins: The gross margin is expected to improve to 28.1% in 2024, with a net profit margin of 21.8% [6][10]. - Valuation Ratios: The projected P/E ratios for 2024-2026 are 12.4, 11.6, and 10.1, indicating a favorable valuation [2][10]. Market Performance - The company's stock price as of March 25, 2025, was 55.3 HKD, with a 52-week high of 84.23 HKD and a low of 54.78 HKD [3]. - The report notes a relative underperformance compared to the Hang Seng Index over various time frames [4].
申洲国际：业绩超预期，期待2025年表现-20250327