CBGF(SZ:002478) GOLDEN SUN SECURITIES·2025-03-28 01:05Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company experienced a year-on-year decline in profit, with a net profit of 634 million yuan in 2024, down 19% from the previous year [1] - The company's special material projects are progressing steadily, with a production capacity of 1 million tons of special pipes and significant market share in various segments [2] - The downstream demand is expected to improve, with a stable and expanding market for oil and gas pipelines and boiler pipes anticipated in 2025 [2] Financial Performance - In 2024, the company achieved operating revenue of 5.696 billion yuan, a decrease of 14.48% year-on-year [1] - The gross profit margin for oil casing in 2024 was 15.95%, down 6.67 percentage points year-on-year [1] - The company’s quarterly sales gross margin improved from 16.27% in Q1 to 17.45% in Q4 of 2024 [1] Future Projections - The company is projected to achieve net profits of 713 million yuan, 799 million yuan, and 852 million yuan for the years 2025, 2026, and 2027, respectively [3] - The expected P/E ratios for 2025, 2026, and 2027 are 7.0, 6.2, and 5.8, indicating potential for growth [3] Market Outlook - The oil and gas pipeline market is expected to stabilize and optimize, with increased demand for high-end products in unconventional oil and gas resource development [2] - The investment in thermal power is projected to increase by 32.7% in 2024, which is likely to positively impact the boiler pipe market [2]