JEMC(SZ:000922) China Post Securities·2025-04-28 05:23Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price compared to the benchmark index of over 20% within six months [10]. Core Insights - The company reported a revenue of 4.899 billion yuan in 2024, a decrease of 7.92% year-on-year, and a net profit attributable to shareholders of 256 million yuan, down 35.78% year-on-year [3][4]. - The electric motor business faced challenges in 2024, with revenues of 3.901 billion yuan, a decline of 13.77%, and a gross margin of 17.94%, down 6.11 percentage points [3]. - The nuclear power business showed strong growth in 2024, with revenues of 869 million yuan, an increase of 26.67%, and a gross margin of 37.90%, up 17.51 percentage points [4]. - The company is well-positioned in the nuclear power sector, benefiting from a favorable regulatory environment and competitive advantages in product offerings [4]. Financial Performance and Forecast - The company is projected to achieve revenues of 5.039 billion yuan in 2025, representing a growth of 2.85%, and a net profit of 370 million yuan, an increase of 44.36% [5][8]. - The earnings per share (EPS) is expected to rise from 0.37 yuan in 2024 to 0.53 yuan in 2025 [9]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 28.84 in 2024 to 19.98 in 2025, indicating improved valuation metrics [9].