STEC(600820) KAIYUAN SECURITIES·2025-04-30 07:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a year-on-year decline in revenue and net profit, but there was a slight improvement in gross margin. The overall business operations remain stable, and the investment business is thriving. The profit forecasts for 2025-2027 are set at 32.2 billion, 33.1 billion, and 32.9 billion yuan respectively, with corresponding EPS of 1.02, 1.05, and 1.05 yuan. The current stock price corresponds to PE ratios of 6.0, 5.8, and 5.9 times [6][10] Revenue and Profit Performance - In 2024, the company achieved operating revenue of 688.16 billion yuan, a year-on-year decrease of 7.28%. The net profit attributable to shareholders was 28.41 billion yuan, down 3.54% year-on-year. The gross margin and net margin were 12.15% and 4.30%, respectively, showing increases of 1.87 percentage points and 0.02 percentage points year-on-year [7] - In Q1 2025, the company reported operating revenue of 105.49 billion yuan, a year-on-year decline of 25.33%, and a net profit of 3.30 billion yuan, down 25.38% year-on-year [7] Order Growth - The company secured new orders worth 1,030.16 billion yuan in 2024, representing a year-on-year growth of 8.01%. Notably, the municipal and energy engineering sectors saw increases exceeding 30% [8] Financial Structure - As of the end of 2024, the company's total debt financing amounted to 390.59 billion yuan, with a debt structure that remains reasonable. Short-term loans accounted for 17.90% of the total, while long-term loans made up 48.71% [9]