Eurocrane(SH:603966) Huachuang Securities·2025-04-30 09:34Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 13.2 yuan, based on expected performance exceeding the benchmark index by over 20% in the next six months [5][18]. Core Insights - The company reported a revenue of 2.13 billion yuan for 2024, representing a year-on-year increase of 6.9%. The net profit attributable to shareholders was 167 million yuan, up 2.2% year-on-year, while the net profit excluding non-recurring items was 158 million yuan, reflecting a 10.0% increase [2][4]. - For Q1 2025, the company achieved a revenue of 408 million yuan, marking an 18.4% year-on-year growth, with a net profit of 34 million yuan, which is a significant increase of 38.4% year-on-year [2][4]. Financial Performance Summary - Revenue Growth: The total revenue is projected to grow from 2.13 billion yuan in 2024 to 3.69 billion yuan by 2027, with year-on-year growth rates of 21.9%, 20.1%, and 18.3% for the subsequent years [4][10]. - Net Profit: The net profit is expected to rise from 167 million yuan in 2024 to 376 million yuan in 2027, with growth rates of 43.0%, 27.5%, and 23.8% respectively [4][10]. - Earnings Per Share (EPS): EPS is forecasted to increase from 0.46 yuan in 2024 to 1.05 yuan in 2027 [4][10]. - Valuation Ratios: The price-to-earnings (P/E) ratio is expected to decrease from 20 times in 2024 to 9 times in 2027, while the price-to-book (P/B) ratio is projected to decline from 2.1 times to 1.5 times over the same period [4][10]. Business Segment Insights - Core Business Growth: The company benefits from the increasing penetration of high-end European-style cranes, with revenue from crane-related products and services expected to reach 1.96 billion yuan in 2024, a 10.3% increase year-on-year [9][10]. - International Expansion: The company has significantly increased its overseas revenue, which is projected to reach 767 million yuan in 2024, a 59.3% increase year-on-year, accounting for 36% of total revenue [9][10]. - Order Growth: New orders for 2024 are expected to grow by over 20%, reaching a historical high [9][10].