Investment Rating - The report maintains a "Buy" rating with a target price of HKD 23.25 [3][7] Core Views - The company reported a revenue of CNY 36.22 billion for 2024, representing a year-on-year growth of 9%. However, the net profit attributable to the parent company decreased by 41% to CNY 1.15 billion, while the core net profit fell by 5% to CNY 2.23 billion [2][3][7] - The cyclical business showed steady growth, with a revenue of CNY 30.79 billion from cyclical operations, marking a 16% increase year-on-year, which now constitutes 85% of total revenue [7] - The company is actively reducing risks associated with related party transactions, with the proportion of revenue from related party transactions decreasing by 4 percentage points to 9.5% [7] Financial Summary - For 2024, the company’s revenue is projected to be CNY 36.22 billion, with a growth rate of 9.2% [4] - The net profit attributable to the parent company is expected to be CNY 1.15 billion, reflecting a decline of 41.2% [4] - The earnings per share (EPS) for 2025 is forecasted at CNY 1.54, with subsequent years showing an increase to CNY 1.90 in 2026 and CNY 2.10 in 2027 [3][4] - The gross margin is expected to decline to 13.0% in 2024, with a slight recovery projected in the following years [4] - The company’s total assets are estimated to grow from CNY 39.38 billion in 2023 to CNY 50.15 billion by 2027 [9]
万物云：2024年报点评：循环业务稳健增长，主动化解关联方风险-20250430