Moon Environment Technology (000811) 长江证券·2025-04-17 08:27Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a total revenue of 6.635 billion yuan for 2024, a year-on-year decrease of 11.48%. The net profit attributable to the parent company was 628 million yuan, down 4.76% year-on-year. The net profit excluding non-recurring items was 519 million yuan, a decline of 8.21% year-on-year. However, the revenue decline narrowed in Q4 2024, and the year-end contract liabilities showed a positive growth of 1.9%, marking the first positive growth in the past six quarters, which may support revenue for 2025. The overseas revenue grew by 20.95% year-on-year, accounting for 29.8% of total revenue, indicating successful market expansion [2][6]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 6.635 billion yuan, with a year-on-year decline of 11.48%. The net profit attributable to the parent company was 628 million yuan, down 4.76% year-on-year. The net profit excluding non-recurring items was 519 million yuan, a decrease of 8.21% year-on-year. In Q4 2024, the revenue was 1.679 billion yuan, a year-on-year decline of 12.6%, while the net profit attributable to the parent company increased by 71.8% to 154 million yuan [2][6]. Revenue Breakdown - Domestic revenue was 4.656 billion yuan, down 20.53% year-on-year, while overseas revenue reached 1.979 billion yuan, up 20.95% year-on-year, with the overseas market share increasing by 8.0 percentage points [12]. Strategic Outlook - The company has set a strategic theme for 2025 as "Starting with the End in Mind, Standing Tall," focusing on maintaining technological leadership and achieving global breakthroughs. The goal is to ensure revenue and profit growth rates exceed national economic growth rates [12]. Profitability Metrics - The net profit margin for 2024 was 10.06%, an increase of 1.19 percentage points year-on-year. The gross margin was 27.6%, up 2.07 percentage points, primarily due to a 15.06% decrease in direct material costs. The total expense ratio was 18.2%, up 1.14 percentage points year-on-year [12]. Cash Flow and Dividends - The net cash flow from operating activities for 2024 was 721 million yuan, a year-on-year increase of 112%. The total cash dividend for the year was approximately 191 million yuan, with a dividend payout ratio of 30.39% and a dividend yield of about 2.3% [12]. Earnings Forecast - The company is expected to achieve revenues of 7.144 billion yuan, 7.832 billion yuan, and 8.618 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 7.7%, 9.6%, and 10.0%. The net profit attributable to the parent company is projected to be 696 million yuan, 785 million yuan, and 879 million yuan for the same years, with corresponding growth rates of 10.8%, 12.9%, and 12.0% [12].