Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 12.25 [7][9]. Core Views - The company achieved a revenue of RMB 3.799 billion in 2024, representing a year-on-year increase of 30.67%, and a net profit attributable to shareholders of RMB 227 million, up 3.97% year-on-year, slightly below expectations due to increased market competition leading to a decline in gross margin [1][5]. - The company has a strong advantage in the new energy sanitation vehicle market, with a significant increase in sales, and is expected to see continued growth in performance and shareholder returns from 2025 to 2027 [1][5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of RMB 3.799 billion, a 30.67% increase year-on-year, and a net profit of RMB 227 million, which is a 3.97% increase year-on-year [1][6]. - The operating cash flow for 2024 was RMB 572 million, a substantial increase from RMB 36 million in 2023, primarily due to reductions in inventory and contract assets [4][6]. Market Position - The company’s sales of new energy sanitation vehicles grew by 77.4% year-on-year, with total sanitation equipment revenue reaching RMB 1.543 billion, a 17.2% increase [3][6]. - The penetration rate of new energy sanitation equipment reached 13.4%, up 5.3 percentage points year-on-year, indicating a growing acceptance of new energy technologies in the market [2][3]. Future Outlook - The company is expected to benefit from the ongoing trends of electrification and intelligence in sanitation vehicles, with projected EPS for 2025, 2026, and 2027 at RMB 0.49, RMB 0.57, and RMB 0.66 respectively [5][6]. - The report anticipates continued growth in new energy equipment sales from 2025 to 2027, contributing to long-term value for shareholders [1][5].
宇通重工(600817):新能源车销量同增77%,经营现金流充沛