CSG Energy(003035) 东吴证券·2025-04-07 06:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a total revenue of 3.155 billion yuan in 2024, representing a year-on-year growth of 5.58%. However, the net profit attributable to shareholders was -58.13 million yuan, a decrease of 118.71% year-on-year [7] - The core business of industrial and building energy conservation showed stable growth, with industrial energy conservation revenue reaching 1.642 billion yuan, up 11.7% year-on-year, and building energy conservation revenue at 949 million yuan, up 4.89% year-on-year [7] - The company has decided to exit the biomass resource utilization business due to operational inefficiencies and is refocusing on its core energy-saving business, which is expected to enhance profitability [7] - The total installed capacity increased by 31.76% to 3.0846 million kilowatts, with sufficient project reserves for future growth [7] - The company’s operating cash flow improved by 38.62% to 1.428 billion yuan, indicating good cash flow management [7] - The profit forecast for 2025 and 2026 has been raised to 4.8 billion yuan and 5.6 billion yuan respectively, with a projected net profit of 6.7 billion yuan in 2027 [7] Financial Summary - In 2024, the company achieved a gross profit of 1.158 billion yuan, with a gross margin of 36.7%, an increase of 3.5 percentage points year-on-year [7] - The company’s total assets are projected to grow from 20.771 billion yuan in 2024 to 25.664 billion yuan by 2027 [8] - The debt-to-asset ratio is expected to remain stable around 64% over the forecast period [8] - The earnings per share (EPS) is projected to improve from -0.02 yuan in 2024 to 0.18 yuan in 2027 [8]