SHANTUI(SZ:000680) China Post Securities·2025-04-24 05:07Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [2][8]. Core Insights - The company reported a revenue of 14.219 billion yuan for 2024, representing a year-on-year increase of 25.12%. The net profit attributable to shareholders reached 1.102 billion yuan, up 40.72% year-on-year [5][6]. - The company's gross margin improved by 0.39 percentage points to 20.28%, with domestic and international segments showing increases in gross margin [6]. - The company is a leading player in the domestic bulldozer industry and has completed the integration of Shandong Heavy Industry's construction machinery, which is expected to enhance market share [6][7]. - The company has made significant advancements in new energy technologies and product development, launching several high-end products and achieving breakthroughs in key technologies [7]. - The overseas market expansion has strengthened the company's risk resilience, with overseas export revenue accounting for 57.41% of main business income in 2024 [7]. Financial Summary - The company forecasts revenues of 15.876 billion yuan, 17.559 billion yuan, and 19.252 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 11.65%, 10.60%, and 9.64% [8][11]. - The projected net profit attributable to shareholders for the same period is 1.315 billion yuan, 1.554 billion yuan, and 1.814 billion yuan, with growth rates of 19.28%, 18.16%, and 16.76% [8][11]. - The company's price-to-earnings (P/E) ratio is expected to decrease from 12.77 in 2024 to 7.76 by 2027, indicating an attractive valuation [8][11].