ShaanGu(601369) NORTHEAST SECURITIES·2025-04-30 08:17Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next six months [4]. Core Insights - The company reported a steady revenue growth of 1.32% year-on-year for 2024, achieving total revenue of 10.277 billion yuan and a net profit attributable to shareholders of 1.042 billion yuan, reflecting a 2.09% increase [1][2]. - The gas operation segment has been a key driver of revenue growth, with the company continuing to deliver strong performance into Q1 2025 [2]. - The high-end equipment segment is showing robust growth, with overseas market expansion contributing positively to revenue [3]. Financial Performance Summary - For 2024, the company achieved revenues of 10.277 billion yuan, with a gross profit margin of 22.51%, an increase of 1.02 percentage points year-on-year [2][12]. - The company’s net profit margin for 2024 was 10.14%, reflecting a slight increase from the previous year [12]. - In Q4 2024, the company reported revenues of 2.988 billion yuan, a year-on-year increase of 3.97%, and a net profit of 375 million yuan, up 27.60% year-on-year [1][2]. Product Segment Performance - Revenue from energy conversion equipment, industrial services, and energy infrastructure operations for 2024 was 4.496 billion yuan, 1.793 billion yuan, and 3.962 billion yuan respectively, with year-on-year changes of +3.83%, -22.81%, and +14.37% [1]. - The gross profit margins for these segments were 29.72%, 18.82%, and 15.71%, showing improvements across the board [1]. Future Projections - The company is projected to achieve revenues of 10.837 billion yuan, 11.676 billion yuan, and 12.725 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.121 billion yuan, 1.222 billion yuan, and 1.319 billion yuan [3][12]. - The expected price-to-earnings (PE) ratios for the next three years are 13.17x, 12.09x, and 11.20x, indicating a favorable valuation trend [3].