GWYD(600517) Soochow Securities·2025-04-25 03:33Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has achieved expected performance in 2024, with total revenue of 112.88 billion yuan, a year-on-year increase of 3.60%, and a net profit attributable to shareholders of 15.74 billion yuan, up 15.39% year-on-year [7] - The financial segment shows steady development, with trust business maintaining stability and significant profit growth in securities and futures business [7] - The industrial segment, particularly the power equipment business, continues to show high growth, with revenue of 74.45 billion yuan, a year-on-year increase of 5.29% [7] - The report highlights the company's long-term growth potential, particularly in its financial and manufacturing dual business model [7] Financial Summary - Total revenue forecast for 2023A is 10,895 million yuan, with a projected growth of 3.60% in 2024A to 11,288 million yuan [1] - Net profit attributable to shareholders is expected to grow from 1,364 million yuan in 2023A to 1,574 million yuan in 2024A, reflecting a growth rate of 15.39% [1] - The report projects earnings per share (EPS) to increase from 0.24 yuan in 2023A to 0.28 yuan in 2024A [1] - The price-to-earnings (P/E) ratio is forecasted to decrease from 20.37 in 2023A to 17.65 in 2024A [1]