Jereh Group(SZ:002353) Shenwan Hongyuan Securities·2025-04-30 07:43Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported stable performance for 2024 and a positive outlook for Q1 2025, with sufficient orders on hand [4][6] - The company achieved a revenue of 13.355 billion yuan in 2024, a decrease of 4.00% year-on-year, while the net profit attributable to shareholders was 2.627 billion yuan, an increase of 7.03% year-on-year [4] - In Q1 2025, the company reported a revenue of 2.687 billion yuan, a year-on-year increase of 26.07%, and a net profit of 466 million yuan, up 24.04% year-on-year [4][6] Financial Data and Profit Forecast - Total revenue for 2024 was 13.355 billion yuan, with a projected increase to 15.256 billion yuan in 2025, representing a growth rate of 14.2% [6] - The net profit for 2024 was 2.627 billion yuan, expected to rise to 2.993 billion yuan in 2025, reflecting a growth rate of 13.9% [6] - The company’s gross margin for 2024 was 33.7%, with a slight increase expected in the following years [6] - The company secured new orders worth 18.232 billion yuan in 2024, a year-on-year increase of 30.64%, leading to a backlog of 10.155 billion yuan, up 34.52% year-on-year [7] - The cash flow from operating activities improved significantly, increasing by 409.68% in Q1 2025 due to effective cash flow management [7] - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 2.993 billion, 3.357 billion, and 3.816 billion yuan respectively [7]