KinLong(002791) Soochow Securities·2025-03-31 06:04Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's overall revenue is under pressure, with a significant decline in domestic market performance, while overseas market expansion shows positive results [7] - The company reported a total revenue of 6.638 billion yuan in 2024, a year-on-year decrease of 14.92%, and a net profit attributable to shareholders of 0.90 billion yuan, down 72.23% year-on-year [7] - The company is actively developing new markets and products to counteract the downturn in the domestic market, with some new products experiencing rapid revenue growth [7] - The gross margin slightly decreased to 31.65% in 2024, impacted by intensified industry competition and changes in product structure [7] - The company maintains good operating cash flow and has reduced its debt ratio to 39.67% by the end of 2024 [7] - Future profit forecasts have been adjusted, with net profit predictions for 2025, 2026, and 2027 set at 2.60 billion, 3.45 billion, and 4.04 billion yuan respectively [7] Financial Summary - In 2024, the company achieved total revenue of 6.638 billion yuan, with a projected revenue increase of 6.04% in 2025 [8] - The net profit attributable to shareholders is expected to recover to 2.60 billion yuan in 2025, reflecting a significant rebound from the previous year's performance [8] - The company's earnings per share (EPS) for 2024 is projected at 0.25 yuan, with expectations of growth to 0.74 yuan in 2025 [8] - The price-to-earnings (P/E) ratio is forecasted to be 31.62 in 2025, indicating a potential recovery in valuation as earnings improve [8]