Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is under pressure due to weak demand in traditional infrastructure, particularly in the railway and highway markets, leading to a decline in sales orders. The company has prioritized high-quality orders with favorable payment terms, resulting in an overall decrease in sales volume [2][3] - The company is accelerating its expansion into water conservancy, mining, and aftermarket services, which are expected to see significant revenue growth. The aftermarket segment has shown a remarkable increase of 102.60% year-on-year, driven by enhanced service offerings [3] - The trend of overseas expansion in engineering machinery is confirmed, with the company focusing on water conservancy, mining, and aftermarket sectors for future growth. The establishment of a wholly-owned subsidiary for international operations supports this strategy [4] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 799 million yuan, down 16.26% year-on-year, and a net profit of 105 million yuan, down 36.07% year-on-year. The first quarter of 2025 saw revenue of 173 million yuan, down 10.77% year-on-year, and a net profit of 33 million yuan, down 10.08% year-on-year [2] - The gross profit margin decreased by 3.99 percentage points to 32.85%, and the net profit margin decreased by 4.06 percentage points to 13.10% in 2024 [2] Revenue Breakdown - By product category, the main machine and aftermarket segments generated revenues of 712 million yuan and 58 million yuan, respectively, with year-on-year changes of -20.61% and +102.60% [3] - By market segment, revenues from water conservancy and mining sectors grew significantly, with year-on-year increases of 96.06% and 78.36%, respectively [3] Profit Forecast and Valuation - The profit forecast for 2025 and 2026 has been revised down to 121 million yuan (originally 162 million yuan) and 144 million yuan (originally 193 million yuan), with a new forecast for 2027 set at 170 million yuan. The corresponding dynamic P/E ratios are projected to be 23.82, 20.03, and 17.01 times [4]
五新隧装：2024年报&2025一季报点评：传统基建需求低迷致业绩承压，看好水利/矿山/后市场增量-20250502