SHANTUI(000680) 国金证券·2025-04-23 01:37Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in the upcoming years [5]. Core Insights - The company achieved a revenue of 14.219 billion RMB in 2024, representing a year-on-year increase of 25.12%, and a net profit of 1.102 billion RMB, up 40.72% year-on-year, exceeding market expectations [2]. - The overseas market continues to drive growth, with overseas revenue accounting for over 55% of total revenue in 2024, amounting to 7.411 billion RMB, a 26.08% increase year-on-year [3]. - The company's gross margin improved to 20.05% in 2024, up 1.61 percentage points year-on-year, reflecting ongoing cost reduction and efficiency enhancement efforts [3]. - The return on equity (ROE) for 2024 was 16.94%, an increase of 2.27 percentage points year-on-year, indicating improved asset quality and operational efficiency [4]. Summary by Sections Performance Review - In Q4 2024, the company reported a revenue of 4.38 billion RMB, a 14.27% increase year-on-year, and a net profit of 428 million RMB, up 52.46% year-on-year [2]. Operational Analysis - The company is focusing on cost control and efficiency improvements, with a reduction in the expense ratio to 10.77%, down 1.74 percentage points year-on-year [3]. - A share buyback proposal of 150-300 million RMB was announced, reflecting management's confidence in long-term growth [3]. Financial Forecast - Projected revenues for 2024-2026 are 16.108 billion RMB, 18.731 billion RMB, and 21.827 billion RMB, respectively, with net profits expected to be 1.332 billion RMB, 1.643 billion RMB, and 2.133 billion RMB [5]. - The company is expected to maintain a price-to-earnings (P/E) ratio of 11, 9, and 7 for the years 2024, 2025, and 2026, respectively [5].