AIM(300446) China Post Securities·2025-04-02 12:23Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in stock price relative to the benchmark index [7][8]. Core Insights - The company achieved a revenue of 7.781 billion yuan in 2024, representing a year-on-year growth of 32.78%, with a net profit of 792 million yuan, up 87.02% from the previous year [4][5]. - The automotive parts business continues to grow rapidly, with revenue reaching 7.003 billion yuan in 2024, a 37.73% increase, benefiting from the rising market share of domestic brands and the expansion into the new energy vehicle sector [5][6]. - The oil and gas equipment business generated a net profit of 238 million yuan in 2024, despite a slight revenue decline of 5.96%, indicating a stable profit margin due to cost reduction efforts [6][8]. - The company is positioned to benefit from the national focus on "deep-sea technology," which is expected to enhance the development of oil and gas resources, particularly given China's high dependency on foreign oil and gas [6][8]. - Future profit projections estimate net profits of 902 million yuan, 1.108 billion yuan, and 1.380 billion yuan for 2025, 2026, and 2027 respectively, indicating a growth rate of 14%, 23%, and 25% [8][10]. Financial Summary - The company reported a total revenue of 7.781 billion yuan for 2024, with projected revenues of 8.986 billion yuan in 2025, 10.426 billion yuan in 2026, and 12.113 billion yuan in 2027 [10][13]. - The projected earnings per share (EPS) are expected to increase from 0.94 yuan in 2024 to 1.63 yuan by 2027, reflecting strong growth potential [10][13]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 22.26 in 2024 to 12.77 in 2027, indicating an attractive valuation as earnings grow [10][13].