AsAc(601890) 浙商证券·2025-04-30 07:35Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is experiencing a growth phase driven by the shipbuilding and offshore oil service cycles, alongside expansion into floating wind power [3] - The company reported a 19% year-on-year increase in net profit for 2024, with a projected compound annual growth rate (CAGR) of 25% for net profit from 2025 to 2027 [4] Financial Performance Summary - In 2024, the company achieved operating revenue of 1.989 billion, a year-on-year increase of 2.98%, and a net profit of 282 million, up 19.21% year-on-year [2][11] - For Q1 2025, the company reported operating revenue of 588 million, a year-on-year increase of 30.88%, while net profit decreased by 22.77% year-on-year [2] - The gross profit margin for 2024 was approximately 31.41%, an increase of 0.82 percentage points year-on-year [2] Market and Industry Insights - The shipbuilding industry is entering a period of increased demand due to a replacement cycle and environmental regulations, which is expected to boost orders [3] - The offshore oil and gas sector is recovering, with increased capital expenditure anticipated, benefiting the company's mooring chain products [3] - The floating offshore wind power market is growing, and the company has secured multiple contracts in this area, positioning it well for future growth [3] Earnings Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 318 million, 402 million, and 495 million respectively, with year-on-year growth rates of 13%, 27%, and 23% [4][11] - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated to be 26, 20, and 17 times respectively [4][11]