Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has shown stable revenue growth, with opportunities arising from high-demand sectors such as rail transit, nuclear power, marine engineering, and data centers [5] - In 2024, the company achieved operating revenue of 529 million yuan (up 4.06% year-on-year) and a net profit attributable to shareholders of 54.66 million yuan (down 9.76% year-on-year) [5] - The company plans to distribute a cash dividend of 4.00 yuan per 10 shares, totaling an expected distribution of 29.36 million yuan [5] - The company’s cooling systems and ventilation business generated revenues of 109.52 million yuan (up 5.54% year-on-year) and 40.87 million yuan (up 3.59% year-on-year) respectively in 2024 [5] - The company has a strong order backlog, with 507 million yuan in hand as of December 31, 2024, including 141 million yuan in the nuclear power sector [5] Summary by Sections Market Performance - The closing price as of April 29, 2025, was 37.50 yuan, with a market capitalization of 2,752.50 million yuan and a circulating market value of 1,422.40 million yuan [3] Financial Forecast and Valuation - The company’s projected operating revenue for 2025 is 600 million yuan, with a year-on-year growth rate of 13.57% [6] - The estimated net profit attributable to shareholders for 2025 is 61 million yuan, with an EPS of 0.83 yuan per share [7] - The company’s P/E ratios for 2025, 2026, and 2027 are projected to be 45.11, 36.86, and 29.77 respectively [7] Business Opportunities - The company is expected to benefit from the growing wind turbine market, projected to reach 136.6 billion yuan by 2030 [5] - The company’s products have been recognized in national energy-saving and carbon reduction technology equipment directories, enhancing its market position [5] - The establishment of a new factory in Mexico is part of the company’s strategy to accelerate overseas expansion [5]
克莱特（831689）：收入稳定增长，轨交、核电、海工、数据中心等高景气度领域提供发展机遇