CSICPCL(SH:600482) Shenwan Hongyuan Securities·2025-04-27 11:15Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6]. Core Insights - The company's performance exceeded expectations, with significant growth in revenue and net profit for 2024 and Q1 2025, driven by increased diesel engine deliveries and improved gross margins [6]. - The impact of the 301 policy on shipyards has significantly weakened, which is expected to stabilize and potentially increase ship orders and prices [6]. - The company is actively expanding its maintenance services, which could contribute an estimated 1.1 billion yuan to net profit annually if fully integrated with the WinGD brand [6]. Financial Summary - Total revenue for 2024 is projected at 51.697 billion yuan, with a year-on-year growth rate of 14.6% [2]. - The net profit attributable to the parent company for 2024 is expected to be 1.391 billion yuan, reflecting a substantial year-on-year increase of 78.4% [2]. - Earnings per share (EPS) for 2025 is estimated at 0.91 yuan, with a projected gross margin of 16.2% [2]. - The return on equity (ROE) is forecasted to improve from 1.0% in 2025 to 7.8% by 2027 [2]. Market Data - As of April 25, 2025, the closing price of the stock is 20.85 yuan, with a market capitalization of approximately 46.97 billion yuan [3]. - The stock has a price-to-earnings (PE) ratio of 34 for 2024, which is expected to decrease to 13 by 2027 [2][3].