CIMC(SZ:000039) Changjiang Securities·2025-03-31 13:16Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In 2024, the company reported a continuous profit release in its container segment and an upward trend in the offshore engineering sector. Looking ahead to 2025, the offshore segment is expected to remain in a favorable cycle, with overall performance across other business segments also improving, benefiting from advancements in deep-sea technology [2][6]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved a revenue of 177.664 billion yuan, representing a year-on-year increase of 39.01%. The net profit attributable to shareholders was 2.972 billion yuan, a significant year-on-year growth of 605.60%. In Q4 2024, revenue reached 48.693 billion yuan, up 48.98% year-on-year, with a net profit of 1.144 billion yuan, reversing a loss from Q4 2023 [6][12]. Container Segment - The container manufacturing business generated a revenue of 62.205 billion yuan in 2024, a year-on-year increase of 105.89%, with a net profit of 4.088 billion yuan, up 127.84%. The demand for containers surged due to global trade recovery and disruptions in shipping efficiency caused by various events. The company achieved record production and sales volumes, with dry cargo container sales reaching 3.4336 million TEU, a year-on-year increase of approximately 417.03% [12][6]. Offshore Engineering Segment - The offshore engineering business saw a revenue of 16.556 billion yuan in 2024, a year-on-year increase of 58.41%, with a net profit of 0.224 billion yuan, compared to a loss in 2023. The global shipbuilding and offshore market conditions improved, driven by high international oil prices and increased marine operations, leading to higher utilization rates and rental prices for offshore equipment. The company secured new orders worth 3.25 billion USD, nearly doubling year-on-year, with a backlog of orders amounting to 6.92 billion USD by the end of 2024 [12][6]. Product Business Layout - The company has a diverse product business layout and is expected to benefit from the development of deep-sea technology. The government has prioritized deep-sea technology in its strategic development plans, and the company is well-positioned in deep-sea oil and gas and renewable energy sectors, with strong capabilities in constructing FPSO and FLNG equipment [12][6]. Future Profit Projections - The company is projected to achieve net profits of 3.48 billion yuan and 4.46 billion yuan in 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 14 and 11 times [12][6].