SANXING(SH:601567) Soochow Securities·2025-04-27 08:32Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance meets market expectations, with 2024 revenue projected at 14.6 billion yuan, a year-on-year increase of 27.4%, and net profit attributable to shareholders at 2.26 billion yuan, up 18.7% year-on-year [8] - The overseas localization strategy is progressing steadily, with overseas revenue reaching 2.714 billion yuan in 2024, a 38% increase year-on-year, and a backlog of overseas orders at 5.748 billion yuan, up 27% year-on-year [8] - Domestic revenue from power distribution and utilization is expected to grow steadily, with a projected increase of 10-15% [8] - The rehabilitation hospital business is gaining scale, with revenue of 3.258 billion yuan in 2024, a 17% increase year-on-year [8] - Cost control measures have been effective, with operating expenses increasing by 23% year-on-year, while the expense ratio decreased by 0.6 percentage points [8] Financial Summary - Total revenue for 2023 is 11.463 billion yuan, with projections of 14.6 billion yuan for 2024, 18.315 billion yuan for 2025, and 25.017 billion yuan for 2027 [1][9] - Net profit attributable to shareholders is expected to grow from 1.904 billion yuan in 2023 to 4.316 billion yuan in 2027, reflecting a compound annual growth rate of approximately 30% [1][9] - The company's earnings per share (EPS) is projected to increase from 1.35 yuan in 2023 to 3.06 yuan in 2027 [1][9] - The price-to-earnings (P/E) ratio is expected to decrease from 19.43 in 2023 to 8.57 in 2027, indicating improving valuation [1][9]