Investment Rating - The report maintains a "Buy" rating for the company with a target price of 46.00, compared to the last closing price of 35.82 [1]. Core Insights - The company's 2024 performance met expectations, with revenue of 1.534 billion, a year-on-year increase of 22.85%, and a net profit of 255 million, up 54.64% [4][5]. - The company has implemented a stock incentive plan to enhance employee motivation, granting 2.5 million restricted shares, which is 2.31% of the total share capital [6]. - The company anticipates revenue growth for 2025-2027, projecting revenues of 1.671 billion, 1.803 billion, and 1.993 billion respectively, with corresponding net profits of 271 million, 300 million, and 337 million [7]. Financial Performance - The company achieved a gross margin of 32.19% in 2024, an increase of 9.04 percentage points year-on-year, attributed to a higher proportion of high-throughput heat exchanger sales and increased export revenue [5]. - The company reported a significant increase in sales orders, totaling 1.541 billion, a year-on-year growth of 3.74%, with a backlog of 1.719 billion at the end of 2024 [5]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.47, 2.72, and 3.07 respectively, with corresponding price-to-earnings ratios of 18.62, 14.51, and 13.15 [7].
锡装股份（001332）：2024业绩符合预期，盈利能力提升