SIEYUAN(SZ:002028) Huaan Securities·2025-05-04 08:08Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has set ambitious operational targets for 2025, aiming for a 25% year-on-year growth in new contract orders, reaching 268 billion yuan (excluding tax), and a 20% increase in revenue to 185 billion yuan [6] - In 2024, the company achieved a revenue of 15.458 billion yuan, a year-on-year increase of 24.06%, and a net profit attributable to shareholders of 2.049 billion yuan, up 31.42% [5][9] - The company is focusing on consolidating its domestic market share while expanding into key overseas markets and investing in product development and technological innovation [6] Financial Performance - In Q4 2024, the company reported a revenue of 5.051 billion yuan, a 30.20% increase year-on-year, and a net profit of 558 million yuan, up 35.73% [5] - For Q1 2025, the company achieved a revenue of 3.227 billion yuan, a 21.41% increase year-on-year, and a net profit of 446 million yuan, up 22.91% [5] - The gross profit margin for 2024 was 31.25%, an increase of 1.75 percentage points year-on-year [5] Revenue and Profit Forecast - Revenue projections for 2025-2027 are 18.680 billion yuan, 22.416 billion yuan, and 26.899 billion yuan respectively, with corresponding net profits of 2.769 billion yuan, 3.360 billion yuan, and 3.663 billion yuan [7][9] - The expected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 20.2, 16.7, and 15.3 respectively [7]