Eurocrane(603966) 中邮证券·2025-04-27 03:41Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [7][15]. Core Insights - The company reported a steady revenue growth of 6.88% year-on-year for 2024, achieving a total revenue of 2.129 billion yuan, with a net profit of 166.95 million yuan, reflecting a 2.2% increase [4]. - In Q1 2025, the company experienced a significant revenue increase of 18.43% year-on-year, reaching 408 million yuan, and a net profit growth of 38.37% [4]. - The internationalization strategy has shown remarkable results, with overseas revenue growing by 59.33% to 767 million yuan, contributing to 36% of total revenue in 2024 [5][6]. Financial Performance - The company’s gross margin improved to 26.06% in 2024, up by 2.05 percentage points, with overseas gross margin rising significantly by 10.13 percentage points to 26.95% [5]. - The company’s operating expenses increased, with the total expense ratio rising to 15.97% in 2024, driven by increases in sales, management, and R&D expenses [5]. - Revenue projections for 2025-2027 are estimated at 2.437 billion, 2.719 billion, and 2.946 billion yuan, with corresponding net profits of 224.69 million, 271.35 million, and 309.92 million yuan, indicating strong growth rates [7][11]. Market Position and Strategy - The company is expanding its global footprint, establishing subsidiaries in Saudi Arabia and Indonesia, and covering over 50 countries and regions [6]. - The new order intake has shown robust growth, exceeding 20% year-on-year, suggesting strong revenue visibility for 2025 [6].