SZNH(SH:600736) Soochow Securities·2025-04-28 03:03Investment Rating - The report maintains a "Buy" rating for Suzhou Gaoxin (600736) [1] Core Views - The company reported a revenue of 7.3 billion yuan in 2024, a year-on-year decrease of 6.6%, while the net profit attributable to shareholders was 130.62 million yuan, down 35.4% year-on-year [7] - Revenue is stabilizing, but gross margin and impairment losses are impacting performance. The increase in asset impairment losses due to inventory write-downs reached 580 million yuan, significantly higher than the previous year [7] - The company is actively developing its industrial park operations and investment strategies, focusing on emerging industries [7] Summary by Sections Financial Performance - Total revenue for 2024 is projected at 7.3 billion yuan, with a year-on-year decline of 6.58% [1] - Net profit attributable to shareholders is expected to be 130.62 million yuan, reflecting a 35.36% decrease year-on-year [1] - The latest diluted EPS is forecasted at 0.11 yuan for 2024, with P/E ratios of 48.83 [1][8] Industrial Operations - The industrial park operations generated revenue of 750 million yuan in 2024, marking a 27.1% increase year-on-year [7] - The company is focusing on traditional strengths in green low-carbon and medical device sectors, successfully attracting over 30 projects in green low-carbon and 209 projects in medical devices [7] Investment Strategy - The company is enhancing its integrated capabilities in production, finance, and investment, with a total investment of 2.12 billion yuan in Jiangsu Guoxin shares [7] - In 2024, the company issued 20 direct financing products totaling 8.3 billion yuan, with a comprehensive financing cost of 3.16%, down 45 basis points from 2023 [7]