SNS(300470) Huaxin Securities·2025-04-19 08:05Investment Rating - The report maintains a "Buy" investment rating for the company [2][9] Core Views - The company has achieved steady revenue growth driven by both organic and external factors, with a 14.40% year-on-year increase in revenue to 1.567 billion yuan and a 13.21% increase in net profit to 392 million yuan for 2024 [4][9] - The company demonstrates operational resilience through effective cost control and a high dividend policy, proposing a cash dividend of 5 yuan per 10 shares for 2024 [4] - Strategic breakthroughs have been made through mergers and acquisitions, with significant contributions from acquired companies and a 50% increase in overseas revenue, reaching 200 million yuan [5][9] - The company is focusing on technological advancements and capacity expansion, with a research investment of 75.77 million yuan in 2024 and the successful production of diamond-coated seals [8][9] Summary by Sections Financial Performance - In 2024, the company reported revenue of 1.567 billion yuan, a 14.40% increase year-on-year, and a net profit of 392 million yuan, reflecting a 13.21% growth [4][11] - The gross profit margin decreased by 1.31 percentage points to 48.34%, while the expense ratio improved by 1.49 percentage points to 20.24% [4] Mergers and Acquisitions - The company has successfully integrated several acquisitions, including Yutai Technology and Xin Di Pei Er, with net profits of 29.90 million yuan and 28.18 million yuan respectively, showing significant synergy effects [5] - The acquisition of KS GmbH further strengthens the company's upstream integration capabilities in the rubber and plastic sealing sector [5] International Expansion - The company has seen a notable increase in international business, with overseas revenue growing by 50% to 200 million yuan, successfully entering high-end projects in Abu Dhabi and Algeria [5] Technological Development - The company invested 75.77 million yuan in R&D, achieving breakthroughs in core technologies and securing 19 patents in 2024 [8] - Capacity upgrades are ongoing, with the production line for rubber and plastic seals fully operational and efficiency improvements through PLM/WMS systems [8] Profit Forecast - Revenue forecasts for 2025, 2026, and 2027 are 1.761 billion yuan, 2.015 billion yuan, and 2.239 billion yuan respectively, with corresponding EPS of 2.16 yuan, 2.50 yuan, and 2.74 yuan [9][11]