GUJING(000596) Huaxin Securities·2025-04-10 01:23Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company's performance slightly exceeded expectations, with total revenue and net profit for 2024 reaching 23.578 billion and 5.514 billion yuan, respectively, representing year-on-year growth of 16.41% and 20.15% [5] - The company aims to solidify its domestic market while expanding its presence in external markets, with a focus on customer needs and product lines [6] - Earnings per share (EPS) forecasts for 2024-2026 are 10.43, 11.88, and 13.43 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 17, 15, and 13 times [7] Summary by Sections Financial Performance - The company reported total revenue and net profit for Q4 2024 at 4.509 billion and 0.767 billion yuan, with year-on-year changes of +4.85% and -1.17% respectively [5] - The net profit margin for 2024 and Q4 2024 was 23.39% and 17.02%, showing a year-on-year increase of 0.73 percentage points and a decrease of 1.04 percentage points respectively [5] Market Strategy - The company has set a strategic focus for 2025, emphasizing customer satisfaction, product and talent lines, and operational effectiveness [6] - The company plans to continue expanding its market share both domestically and in external markets, with a strong emphasis on maintaining its main product's growth [6] Earnings Forecast - The projected main revenue for 2024-2026 is 23.578 billion, 26.105 billion, and 29.040 billion yuan, with growth rates of 16.4%, 10.7%, and 11.2% respectively [9] - The forecasted net profit for the same period is 5.516 billion, 6.278 billion, and 7.100 billion yuan, with growth rates of 20.2%, 13.8%, and 13.1% respectively [11]