SZNH(SH:600736) Soochow Securities·2025-04-28 03:23Investment Rating - The investment rating for the company is "Buy" (maintained) [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 1.3 billion yuan, down 35.4% year-on-year [7] - Revenue is stabilizing, but gross margin and impairment losses are dragging down performance. The impairment loss from real estate inventory write-downs increased significantly to 580 million yuan, and investment income decreased by 36.1% to 310 million yuan [7] - The company is actively developing new industries, with a focus on green low-carbon and medical device sectors, achieving a 27.1% year-on-year revenue growth in its industrial park operations [7] - The company has made significant investments in emerging industries, including a 2.12 billion yuan acquisition of shares in Jiangsu Guoxin and participation in several strategic investments [7] - Financing costs have decreased, with a comprehensive financing cost of 3.16% in 2024, down 45 basis points from 2023 [7] Financial Summary - Total revenue forecast for 2024 is 7.3 billion yuan, with a projected net profit of 1.3 billion yuan [1][8] - Earnings per share (EPS) for 2024 is expected to be 0.11 yuan, with a price-to-earnings (P/E) ratio of 48.83 [1][8] - The company’s gross margin is projected to be 17.76% in 2024, with a net profit margin of 1.79% [8]