CIMC(SZ:000039) Soochow Securities·2025-03-29 13:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance meets market expectations, with significant growth in the container, offshore engineering, and logistics service segments [2] - The company achieved total revenue of 177.664 billion yuan in 2024, a year-on-year increase of 39%, and a net profit attributable to shareholders of 2.97234 billion yuan, representing a 606% increase year-on-year [2] - The container segment generated revenue of 62.2 billion yuan, up 106% year-on-year, benefiting from the recovery in the shipping market [2] - The logistics service segment saw revenue of 31.4 billion yuan, a 56% increase year-on-year, also supported by the recovery in global trade [2] - The offshore engineering segment reported revenue of 16.6 billion yuan, a 58% increase year-on-year, marking a turnaround for the segment [2] Revenue and Profitability - The company's gross profit margin for 2024 was 12.5%, a decrease of 1.3 percentage points year-on-year, while the net profit margin improved to 2.4%, an increase of 0.9 percentage points year-on-year [3] - The company’s operating expenses ratio decreased to 7.7%, down 2.6 percentage points year-on-year, indicating improved operational efficiency [3] Future Outlook - The company is expected to maintain stable growth, supported by increased container manufacturing and a robust order book in the energy and chemical equipment sectors [4] - The forecast for net profit attributable to shareholders for 2025 and 2026 has been adjusted to 3 billion yuan and 3.8 billion yuan, respectively, with an expected net profit of 4.6 billion yuan in 2027 [4] - The current market capitalization corresponds to a price-to-earnings ratio of 16 for 2025, 13 for 2026, and 11 for 2027 [4]