SHAREATE(SH:688257) Soochow Securities·2025-04-18 12:04Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance is steadily growing, with a projected 10.89% year-on-year increase in net profit attributable to shareholders in 2024 [2] - Revenue for 2024 is expected to reach 1.862 billion yuan, reflecting a year-on-year growth of 20.17% [2] - The company is enhancing its product matrix and accelerating overseas channel development, which is expected to support future growth [5] Financial Performance Summary - In 2024, the company achieved a revenue of 1.862 billion yuan, up 20.17% year-on-year, and a net profit of 180.73 million yuan, up 10.89% year-on-year [2] - The gross margin for 2024 is projected at 31.8%, a slight decrease of 0.7 percentage points year-on-year [3] - The company’s operating cash flow for 2024 is expected to be 202 million yuan, a significant increase of 346.93% year-on-year [4] Product and Market Development - The company is expanding its product offerings, including the integration of Drillco and the deepening of cutting tool product layout through the acquisition of Zimi [5] - In 2024, domestic revenue is projected to be 1.031 billion yuan, a year-on-year increase of 34.56%, while overseas revenue is expected to be 782 million yuan, up 6.02% year-on-year [2]