GUOTONG PP(600444) Huaan Securities·2025-04-18 11:03Investment Rating - Investment Rating: "Add" (Maintained) [1] Core Views - The company reported a 2024 annual revenue of 766 million yuan, a year-on-year increase of 1.47%, and a net profit attributable to shareholders of 40 million yuan, up 0.28% year-on-year. The adjusted net profit after excluding non-recurring items was 39 million yuan, reflecting a growth of 5.98% [4] - The environmental engineering division achieved a revenue of 405 million yuan, a significant increase of 36.39% year-on-year, while the refrigeration and air conditioning sector saw a slight decline in revenue by 0.23% [5] - The company is focusing on enhancing its research and development capabilities, with 23 patents granted in 2024, and is optimizing its business by gradually exiting the plastic pipe business to concentrate resources on its core fluid machinery sector [6] Financial Summary - Revenue Forecast for 2025-2027: 867 million yuan (2025), 991 million yuan (2026), 1.137 billion yuan (2027) [7] - Net Profit Forecast for 2025-2027: 44 million yuan (2025), 50 million yuan (2026), 57 million yuan (2027) [7] - Earnings Per Share (EPS) Forecast: 0.30 yuan (2025), 0.34 yuan (2026), 0.39 yuan (2027) [7] - Current Price-to-Earnings (P/E) Ratios: 46 (2025), 41 (2026), 36 (2027) [7] Key Financial Metrics - 2024 Revenue: 766 million yuan, with a year-on-year growth of 1.5% [9] - 2024 Net Profit: 40 million yuan, with a year-on-year growth of 0.3% [9] - Gross Margin: 14.1% in 2024, projected to increase to 14.8% by 2027 [9] - Return on Equity (ROE): 5.7% in 2024, expected to rise to 7.1% by 2027 [9]