Shanghai YanPu(605128) 华安证券·2025-04-02 09:22Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to experience significant operational growth in 2024, driven by new business developments and a strong performance in Q4 2024, with a record high quarterly revenue [7][8] - The company has successfully expanded into new projects, including the chair frame and railway container sectors, which are anticipated to contribute significantly to revenue [7] - 2025 is identified as a critical year for fundamental changes in the company, with expectations for breakthroughs in the automotive seating business [7] Financial Performance Summary - For 2024, the company achieved a revenue of 2,276 million yuan, representing a year-on-year increase of 49.9%, and a net profit attributable to the parent company of 137 million yuan, also up by 50.3% [6][7] - The projected revenues for 2025, 2026, and 2027 are 2,812 million yuan, 3,621 million yuan, and 4,511 million yuan, respectively, with growth rates of 23.5%, 28.8%, and 24.6% [6][7] - The net profit attributable to the parent company is expected to reach 220 million yuan in 2025, 328 million yuan in 2026, and 436 million yuan in 2027, with growth rates of 60.7%, 48.8%, and 32.9% respectively [6][7] Key Financial Metrics - The gross margin for 2024 is reported at 17.3%, with expectations to improve to 18.5% in 2025 [6][7] - Return on equity (ROE) is projected to increase from 8.3% in 2024 to 16.2% by 2027 [6][7] - The price-to-earnings (P/E) ratio is expected to decrease from 32.13 in 2024 to 13.36 in 2027, indicating a potential increase in valuation attractiveness over time [6][7]