Nisco(SH:600282) Orient Securities·2025-03-30 08:23Investment 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 forecasted net asset per share for 2025-2027 [2][9]. Financial Summary - Revenue for 2023 was 72.543 billion yuan, with a projected decrease to 61.811 billion yuan in 2024, followed by a slight recovery to 64.364 billion yuan in 2025 [3]. - The gross profit margin is expected to improve from 11.9% in 2024 to 12.9% in 2025, indicating a positive trend in profitability [3]. - The net profit attributable to the parent company is forecasted to grow from 2.261 billion yuan in 2024 to 2.927 billion yuan in 2027, with a corresponding increase in earnings per share from 0.37 yuan to 0.47 yuan [3][9]. Market Performance - The company achieved record export volumes, with a 25% increase in export volume to 150.5 million tons in 2024, highlighting its strong position in the international market [8]. - The stock price as of March 28, 2025, was 4.74 yuan, with a 52-week high of 5.33 yuan and a low of 3.88 yuan [4].