HXSS(SH:600477) Yin He Zheng Quan·2025-04-22 03:07Investment Rating - The report assigns a neutral rating to the company, indicating that its performance is expected to be within a range of -5% to 5% relative to the benchmark index [13]. Core Views - The company is projected to experience a gradual increase in revenue, with expected figures of 79.47 billion in 2024, 82.10 billion in 2025, 86.10 billion in 2026, and 91.10 billion in 2027, reflecting a growth rate of 3.31% in 2025 and 4.87% in 2026 [8]. - The net profit is forecasted to rise from 1.63 billion in 2024 to 2.00 billion in 2027, with a growth rate of 2.47% in 2025 and 5.03% in 2026 [8]. - The company's gross margin is expected to remain stable, with figures of 15.82% in 2024, 16.47% in 2025, and slightly declining to 16.05% by 2027 [8]. Financial Summary - Balance Sheet: Total assets are projected to decrease slightly from 165.39 billion in 2024 to 160.79 billion in 2025, before increasing to 174.94 billion by 2027. Current assets are expected to decline from 107.32 billion in 2024 to 97.00 billion in 2025 [7]. - Cash Flow Statement: Operating cash flow is expected to improve significantly from -7.65 billion in 2024 to 13.12 billion in 2025, indicating a recovery in operational efficiency [7]. - Profit and Loss Statement: The operating profit is projected to increase from 1.79 billion in 2024 to 2.08 billion in 2027, with a slight increase in operating expenses over the same period [8]. Key Financial Ratios - The return on equity (ROE) is expected to improve from 3.33% in 2024 to 3.58% in 2026, indicating better profitability relative to shareholders' equity [8]. - The debt-to-asset ratio is projected to decrease from 67.19% in 2024 to 64.92% in 2027, suggesting a potential improvement in financial stability [8]. - The price-to-earnings (P/E) ratio is expected to decline from 36.32 in 2024 to 30.99 in 2027, indicating a potentially more attractive valuation over time [8].