Nisco(SH:600282) Orient Securities·2025-03-30 07:00Investment Rating - The report maintains a "Buy" rating for the company [4][9]. Core Views - The company achieved a net profit of 2.261 billion yuan in 2024, representing a year-on-year growth of 6.37%, despite a 14.79% decline in revenue to 61.811 billion yuan [8]. - The advanced steel products significantly contributed to profit growth, with a gross margin of 17.17% for advanced steel materials, which accounted for 46.56% of the total gross profit from steel products [8]. - The company set a target price of 6.02 yuan based on a 1.27X PB valuation for 2025, reflecting an upward adjustment in the forecast for specialized plate sales [9]. Financial Summary - Revenue: 2023 revenue was 72.543 billion yuan, projected to decrease to 61.811 billion yuan in 2024, with a forecasted recovery to 64.364 billion yuan in 2025 [3][12]. - Net Profit: The net profit for 2023 was 2.125 billion yuan, expected to rise to 2.461 billion yuan by 2025, with a growth rate of 8.8% [3][12]. - Earnings Per Share (EPS): EPS is projected to increase from 0.34 yuan in 2023 to 0.40 yuan in 2025 [3][12]. - Gross Margin: The gross margin is expected to improve from 10.6% in 2023 to 12.9% in 2025 [3][12]. - Net Margin: The net margin is projected to rise from 2.9% in 2023 to 3.8% in 2025 [3][12]. - Return on Equity (ROE): ROE is expected to increase from 8.1% in 2023 to 8.9% in 2025 [3][12].