NEWAY(603699) 东吴证券·2025-04-24 03:35Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation for future stock performance [1][10]. Core Views - The company achieved a total revenue of 6.2 billion yuan in 2024, representing a year-on-year growth of 13%, with a net profit attributable to shareholders of 1.16 billion yuan, up 60% year-on-year [2][10]. - The company reported a significant increase in Q4 revenue, with a 37% year-on-year growth, driven by overseas markets and expansion into emerging sectors [2]. - The company’s gross profit margin improved significantly to 38.1%, up 6.7 percentage points year-on-year, benefiting from structural optimization and lower steel prices [3]. - The outlook for 2025 is positive, with expectations of continued order growth and stable performance, particularly in the Middle East and emerging sectors like nuclear power and water treatment [4]. Financial Performance Summary - Total revenue projections for the company are as follows: 5.54 billion yuan in 2023, 6.24 billion yuan in 2024, and expected growth to 10.42 billion yuan by 2027, with a compound annual growth rate of approximately 17.32% [1][11]. - The net profit attributable to shareholders is projected to grow from 721.8 million yuan in 2023 to 2.06 billion yuan by 2027, reflecting a robust growth trajectory [1][11]. - The earnings per share (EPS) are expected to increase from 0.94 yuan in 2023 to 2.69 yuan in 2027, indicating strong profitability growth [1][11].