OKE(SH:688308) Soochow Securities·2025-04-28 03:03Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company achieved a revenue of 1.127 billion yuan in 2024, representing a year-on-year increase of 9.81%, while the net profit attributable to shareholders was 57.3 million yuan, down 65.48% year-on-year [2] - The decline in net profit is attributed to increased expenses and asset impairment losses, despite steady revenue growth [3] - The company continues to invest heavily in research and development, with R&D expenses reaching 86 million yuan, a year-on-year increase of 34.50% [5] Revenue and Profitability - The company's total revenue for 2024 was 1.127 billion yuan, with a year-on-year growth of 9.81% [2] - The net profit attributable to shareholders for 2024 was 57.3 million yuan, reflecting a significant decline of 65.48% year-on-year [2] - The gross profit margin for 2024 was 22.66%, down 6.66 percentage points year-on-year [3] Product Performance - The revenue from CNC tool products was 598 million yuan, up 3.35% year-on-year, while hard alloy products generated 501 million yuan, an increase of 12.50% [2] - Domestic revenue was 904 million yuan, a year-on-year increase of 2.28%, while international revenue reached 209 million yuan, up 49.22% year-on-year, indicating successful overseas channel development [2] Cost and Expenses - The company's operating expenses increased, with the expense ratio rising to 18.06%, up 3.74 percentage points year-on-year [3] - The increase in management expenses was driven by higher employee compensation and depreciation of new R&D office buildings [3] Cash Flow and Inventory - As of the end of 2024, the company's inventory was 631 million yuan, a year-on-year increase of 27.70% [4] - The net cash flow from operating activities improved to 38 million yuan, compared to a negative 9 million yuan in 2023 [4] Research and Development - The company has maintained high R&D investment, with a total of 4470 new hard tool varieties and over 5000 varieties of CNC blades and tool bodies added in 2024 [5] - The total number of patents authorized in China reached 187, including 29 invention patents and 82 utility model patents [5] Financial Forecasts - The report forecasts a net profit of 104.82 million yuan for 2025, with a projected growth rate of 82.93% year-on-year [11] - The projected P/E ratios for the next few years are 25.83 for 2025, 18.25 for 2026, and 14.40 for 2027 [11]