北方国际：盈利能力大幅提升，投建营一体版图稳步扩张-20250403

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has significantly improved its profitability, with a notable acceleration in performance in Q4 2024, achieving a revenue of 19.1 billion and a net profit of 1.05 billion, representing a year-on-year increase of 14.3% [1][2]. - The integrated investment and construction projects are progressing steadily, with the Bangladesh thermal power station expected to contribute investment returns starting this year [3]. - The company is expanding its operational scale through a planned capital increase of 960 million, with 720 million allocated to a photovoltaic project in Bosnia [4]. Financial Performance - In 2024, the company achieved a comprehensive gross margin of 12.82%, an increase of 2.5 percentage points year-on-year, driven by improved profitability in core businesses [2]. - The net profit margin rose to 5.5%, up 1.23 percentage points year-on-year, with operating cash flow remaining stable at 650 million [2]. - The company expects net profits of 1.18 billion, 1.32 billion, and 1.45 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.10, 1.24, and 1.35 [5][4]. Business Segments - Revenue from engineering construction, resource equipment supply chain, power operation, and industrial manufacturing was 8.36 billion, 8.97 billion, 440 million, and 1.24 billion respectively, with notable declines in resource equipment and power operation segments [1]. - The company has maintained a large volume of coal sales, with 5.12 million tons sold in 2024, despite a high base from the previous year [3]. Future Outlook - The company plans to continue expanding its integrated investment and construction strategy, with a focus on renewable energy projects in the Asia-Pacific and Central and Eastern Europe regions [4]. - The projected net profit growth rates for the next three years are 13%, 12%, and 9% respectively, indicating a stable growth trajectory [4].