CJJG(SH:600496) Tianfeng Securities·2025-04-13 13:14Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][16]. Core Views - The company achieved a revenue of 18.49 billion yuan in 2024, representing a year-on-year growth of 12.03%, while the net profit attributable to shareholders was 511.68 million yuan, down 6.69% year-on-year [1][4]. - The company is experiencing a transformation in its business structure, focusing on prefabricated buildings, industrial chains, strategic alliances, and BIPV (Building Integrated Photovoltaics), which is expected to optimize its business model [1][4]. - The company has seen a significant increase in overseas business, with new orders growing by 8.4% year-on-year to 21.97 billion yuan, and the international orders increased by 202.9% [2][4]. Financial Performance - The gross margin for 2024 was 12.7%, a slight decrease of 0.33 percentage points year-on-year, while the net profit margin was 2.85%, down 0.61 percentage points [3][4]. - The company reported a cash flow from operations (CFO) of 771 million yuan, an increase of 301 million yuan year-on-year, indicating improved cash flow management [3][4]. - The company expects net profits for 2025-2027 to be 572.93 million yuan, 644.81 million yuan, and 721.65 million yuan, respectively, with growth rates of 12%, 12.55%, and 11.92% [4][5]. Market Position and Growth Potential - As a leading player in the steel structure industry, the company has strong brand advantages and customer loyalty, with potential for increased market share in the medium to long term [4][5]. - The company aims to accelerate its overseas expansion and leverage emerging businesses to create a second growth curve [4][5].