KinLong(002791)2025-03-31 11:28Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 6.638 billion yuan and a net profit attributable to shareholders of 90 million yuan for 2024, reflecting a year-on-year decline of 14.92% and 72.23% respectively. The fourth quarter alone saw a revenue of 1.727 billion yuan, with a net profit of 57 million yuan, marking a year-on-year decrease of 23.33% and 68.22% [1][6] - The construction industry remains in a deep adjustment phase, with demand being weak overall. However, public construction products, particularly point-supported glass curtain wall components, showed notable growth due to improved payment conditions from downstream enterprises [1] - The company is accelerating its overseas expansion, particularly in emerging markets related to the "Belt and Road" initiative, with overseas revenue reaching 884 million yuan in 2024, a year-on-year increase of 14.72%, accounting for 13.32% of total revenue [2] - The gross margin for the company was 31.7%, slightly down by 0.6 percentage points year-on-year, primarily due to rising raw material costs, while the net profit margin decreased to 1.8% [2] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 6.638 billion yuan, a decrease of 14.92% from the previous year. The net profit attributable to shareholders was 90 million yuan, down 72.23% year-on-year. The fourth quarter results showed a revenue of 1.727 billion yuan, with a net profit of 57 million yuan, reflecting a decline of 23.33% and 68.22% respectively [1][6] - The company expects revenues for 2025-2027 to be 6.581 billion yuan, 6.944 billion yuan, and 7.445 billion yuan respectively, with net profits projected at 214 million yuan, 269 million yuan, and 333 million yuan [3] Market Outlook - The company is focusing on risk control and enhancing internal management while exploring new market opportunities, particularly in overseas and new scene markets, which are expected to contribute to revenue growth [3] - The gross margin is expected to improve as the share of overseas business increases, which currently has a higher gross margin compared to domestic operations [2]