ycec(SH:600248) Tianfeng Securities·2025-05-01 10:52Investment Rating - The report maintains a "Buy" rating for the company [7][18] Core Views - The company's performance is under pressure due to impairment losses, but its business outside the province and overseas is experiencing significant growth [1][2] - For 2024, the company is expected to achieve a revenue of 151.14 billion, a decrease of 16.29% year-on-year, with a net profit of 2.96 billion, down 25.3% year-on-year [2] - The company plans to distribute a cash dividend of 525 million for 2024, with a dividend payout ratio of 17.74% [2] - The company aims for a new contract signing target of 390.8 billion for 2025, representing a year-on-year growth of 12.6% [4] Financial Performance - In Q1 2025, the company reported a revenue of 23.24 billion, down 16.3% year-on-year, and a net profit of 417 million, down 24.5% year-on-year [1] - The gross profit margin for 2024 is reported at 11.7%, an increase of 1.11 percentage points year-on-year [3] - The company’s cash flow from operations (CFO) for 2024 was -8.19 billion, a year-on-year increase in outflow of 7.17 billion [5] Business Segmentation - In 2024, the construction engineering segment generated revenue of 140.27 billion, down 14.75% year-on-year, while the petrochemical engineering segment saw a revenue of 9.095 billion, down 28.6% year-on-year [3] - The company’s domestic revenue was 148.36 billion, down 16.87% year-on-year, while overseas revenue increased by 58.19% to 2.228 billion [3] Future Projections - The company forecasts net profits for 2025, 2026, and 2027 to be 3.26 billion, 3.62 billion, and 4.06 billion respectively, with corresponding P/E ratios of 4.5, 4.1, and 3.6 [2][6] - The expected revenue growth rates for 2025, 2026, and 2027 are 8.02%, 9.38%, and 9.58% respectively [6]