东华科技：业绩稳健增长，海外订单持续高增-20250331

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a total revenue of 8.86 billion yuan in 2024, representing a year-on-year increase of 17.3%, and a net profit attributable to shareholders of 410 million yuan, up 19.3% year-on-year [1] - The company signed new orders worth 22.285 billion yuan in 2024, a 24% increase, with overseas orders growing significantly by 65% [3] - The company is expected to benefit from increased investment in coal chemical projects in Xinjiang, with projected net profits of 510 million yuan, 650 million yuan, and 800 million yuan for 2025, 2026, and 2027 respectively [3] Financial Performance - The company's gross margin for 2024 was 12.1%, an increase of 1.72 percentage points year-on-year, driven by improved profitability in the chemical sector [2] - Operating cash flow for the year was 590 million yuan, an increase of 80 million yuan year-on-year, indicating a positive trend in operational cash flow [2] - The company reported a net profit margin of 4.6% for the year, a slight increase of 0.1 percentage points year-on-year [2] Order Book and Future Outlook - As of the end of 2024, the company had an uncompleted contract amount of 49.8 billion yuan, which is 5.6 times its revenue for the year, indicating strong future revenue support [3] - The company is expected to see accelerated revenue and profit growth in 2025 due to robust order intake and ongoing projects in the coal chemical sector [1][3]