AsAc(601890) 平安证券·2025-04-30 01:25Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Views - The company has shown steady growth in its traditional business while the floating offshore wind business is expected to present new opportunities [7][8] - In 2024, the company achieved a revenue of 1.989 billion yuan, a year-on-year increase of 2.98%, and a net profit attributable to shareholders of 282 million yuan, up 19.21% year-on-year [4] - The company plans to achieve a revenue of 2.188 billion yuan in 2025, representing a 10% increase from 2024 [7] Financial Summary - Revenue and Profit Forecasts: - 2024 revenue: 1.989 billion yuan, 2025 forecast: 2.188 billion yuan, 2026 forecast: 2.302 billion yuan, 2027 forecast: 2.600 billion yuan [6] - 2024 net profit: 282 million yuan, 2025 forecast: 305 million yuan, 2026 forecast: 337 million yuan, 2027 forecast: 402 million yuan [6] - Profitability Metrics: - Gross margin for 2024 is projected at 31.41%, an increase of 0.82 percentage points year-on-year [7] - Net profit margin for 2024 is expected to be 14.2% [6] - Earnings Per Share (EPS): - 2024 EPS is projected at 0.29 yuan, increasing to 0.32 yuan in 2025 and 0.35 yuan in 2026 [6] Business Operations - The company produced 136,700 tons of ship anchors in 2024, a year-on-year increase of 2.66% [7] - New orders received in 2024 totaled 185,300 tons, a year-on-year increase of 2.6% [7] - The floating offshore wind business is expected to grow significantly, with the company already supplying mooring chains for several domestic floating prototypes [8]