DAFENG INDUSTRY(SH:603081) KAIYUAN SECURITIES·2025-05-02 08:14Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has successfully transitioned through a challenging period in its cultural and tourism operations, with a backlog of orders expected to support a return to growth [1] - The company reported a revenue of 1.843 billion yuan in 2024, a year-on-year decrease of 4.9%, and a net profit attributable to shareholders of 65 million yuan, down 36% year-on-year [4] - The company is focusing on optimizing its order structure and reducing high-risk projects, leading to a gradual recovery in revenue [4] - The company has a strong order backlog, with 8.04 billion yuan in new orders announced, representing approximately 44% of its 2024 revenue [6] Financial Summary - In 2024, the company achieved revenues of 1.843 billion yuan, with a year-on-year decline of 4.9% [4] - The net profit attributable to shareholders for 2024 was 65 million yuan, down 36% year-on-year [4] - The company expects net profits to recover significantly in the coming years, with projections of 125 million yuan in 2025, 190 million yuan in 2026, and 257 million yuan in 2027, reflecting year-on-year growth rates of 93.2%, 52.4%, and 35.1% respectively [4] - The company's earnings per share (EPS) are projected to be 0.29 yuan in 2025, 0.44 yuan in 2026, and 0.59 yuan in 2027 [4] - The price-to-earnings (P/E) ratio is expected to decrease from 39.4 in 2025 to 19.2 in 2027, indicating improving valuation metrics [4] Business Segments - In 2024, the revenue breakdown by business segment was as follows: cultural and sports equipment (1.072 billion yuan, down 22.72%), digital art technology (272 million yuan, up 18.14%), rail transit (212 million yuan, up 99.95%), and cultural tourism operations (262 million yuan, up 44.26%) [5] - The company has successfully implemented a full industry chain operating model, with over 20 cultural tourism complex projects in operation by the end of 2024 [5] - The company is exploring new business boundaries, including a joint venture focused on humanoid robot development for cultural and entertainment applications [6]