GUOTONG PP(SH:600444) Huaan Securities·2025-04-18 12:23Investment Rating - The investment rating for the company is "Accumulate" (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 net profit after deducting non-recurring items was 39 million yuan, reflecting a growth of 5.98% [4] - The company has been actively expanding its market presence across various divisions, with the Environmental Engineering Division achieving a revenue of 405 million yuan, a year-on-year increase of 36.39% [5] - The company is focusing on enhancing its R&D capabilities and concentrating resources on its core fluid machinery business, having authorized 23 patents in 2024 [6] - The long-term development outlook for the company is positive, with revised revenue forecasts for 2025-2027 set at 867 million, 991 million, and 1.137 billion yuan respectively, and net profit forecasts of 44 million, 50 million, and 57 million yuan [7] Financial Summary - The company’s total assets are projected to grow from 1,343 million yuan in 2024 to 1,687 million yuan by 2027, with total liabilities increasing from 634 million yuan to 888 million yuan over the same period [11] - The gross profit margin is expected to improve from 14.1% in 2024 to 14.8% in 2027, while the return on equity (ROE) is forecasted to rise from 5.7% to 7.1% [13] - The earnings per share (EPS) is projected to increase from 0.27 yuan in 2024 to 0.39 yuan in 2027, with corresponding P/E ratios decreasing from 55.45 to 37.19 [12]