Keda Group(SH:600499) Changjiang Securities·2025-04-02 04:42Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved an annual revenue of approximately 12.6 billion yuan, representing a year-on-year growth of 30%. However, the net profit attributable to shareholders was about 1 billion yuan, a decline of 52% year-on-year, with non-recurring net profit also down by 51% [2][4]. - In Q4, the company reported revenue of approximately 4 billion yuan, a year-on-year increase of 51%, with net profit attributable to shareholders reaching about 300 million yuan, up 318% year-on-year, and non-recurring net profit increasing by 479% [2][4]. Summary by Sections Revenue Growth - The company experienced significant revenue growth in 2024, driven by its two core businesses: machinery equipment and overseas building materials, which grew by 35% and 29% year-on-year, respectively. The overall gross margin was approximately 26.0%, a decrease of 3.3 percentage points year-on-year [9]. Machinery Equipment - The machinery equipment segment, primarily focused on building materials machinery, saw a revenue increase of about 25% year-on-year, reaching approximately 5.6 billion yuan. The overseas market contributed significantly, with revenue from overseas building materials machinery growing by 53% to about 3.3 billion yuan, accounting for over 60% of total revenue in this segment [9]. Overseas Building Materials - The overseas building materials business generated approximately 4.7 billion yuan in revenue, a year-on-year increase of 29%. The sales volume reached about 17.2 million cubic meters, up 21.5% year-on-year, with an average price of approximately 27.4 yuan per cubic meter, reflecting a 6% increase [9]. Lithium Carbonate - The company's associate, Blue Lithium Industry, produced about 40,000 tons of lithium carbonate, with sales of approximately 42,000 tons, marking a 9% year-on-year increase. However, the average price dropped by 55% to 74,000 yuan per ton, leading to a significant decline in net profit [9]. Employee Stock Ownership Plan - The company announced an employee stock ownership plan, setting performance targets based on 2024's results, aiming for cumulative growth in revenue and net profit from 2025 to 2027. The revenue target for 2027 is set to increase by 175% compared to 2014 [9].