SANXING(SH:601567) SINOLINK SECURITIES·2025-04-25 01:23Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][11]. Core Viewpoints - The company reported a revenue of 14.6 billion RMB for 2024, a year-on-year increase of 27.4%, and a net profit attributable to shareholders of 2.26 billion RMB, up 18.7% year-on-year [2]. - The company has a robust order backlog, with 13.2 billion RMB for 2024, reflecting a 25.8% year-on-year growth, and 15.72 billion RMB for Q1 2025, up 26.1% year-on-year [2]. - The company plans to distribute at least 45% of its profits as cash dividends annually from 2025 to 2027, with potential mid-term profit distributions [2]. Performance Analysis - The overseas business has established a significant presence with 5 production bases and 11 sales centers, generating 2.71 billion RMB in revenue for 2024, a 38.4% increase year-on-year [2]. - In the domestic market, the company has maintained a leading position in the power distribution sector, with significant contracts awarded, including 1.29 billion RMB from Southern Power Grid, a 68.3% increase year-on-year [3]. - The medical services segment achieved a revenue of 3.26 billion RMB in 2024, growing 17.1% year-on-year, with a gross margin of 34.3% [4]. Financial Forecasts - The company is projected to achieve revenues of 18.0 billion RMB, 22.04 billion RMB, and 26.48 billion RMB for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 23%, 22%, and 20% [5]. - The net profit attributable to shareholders is expected to reach 2.87 billion RMB, 3.50 billion RMB, and 4.22 billion RMB for the same years, with growth rates of 27%, 22%, and 21% respectively [5]. - The current price-to-earnings (P/E) ratio is projected to be 13, 11, and 9 for the years 2025, 2026, and 2027 [5].