Luenmei Quantum (SH:600167) Xinda Securities·2025-05-05 04:05Investment Rating - The investment rating for the company is not explicitly stated in the report [1] Core Views - The company's clean energy business is stable and shows positive growth, with a total revenue of 3.509 billion yuan in 2024, a year-on-year increase of 2.87%. However, the net profit attributable to the parent company decreased by 23.29% to 659 million yuan due to impairment losses [2][3] - The company is actively expanding its hydrogen energy and heat pump business, leveraging technological innovations to promote green development. It has strategic investments in hydrogen energy equipment and is implementing projects for ultra-low emissions and heat recovery [3] - The company has demonstrated a strong commitment to shareholder returns through cash dividends, share buybacks, and special dividends, with a total profit distribution amounting to 907 million yuan, exceeding its net profit for 2024 [3][4] Financial Summary - In 2024, the company achieved total revenue of 3.509 billion yuan, with a year-on-year growth rate of 2.87%. The net profit attributable to the parent company was 659 million yuan, reflecting a decrease of 23.29% [2][5] - The projected revenues for 2025 to 2027 are 3.570 billion yuan, 3.689 billion yuan, and 3.812 billion yuan, with growth rates of 1.7%, 3.3%, and 3.3% respectively. The net profit for the same period is expected to be 843 million yuan, 918 million yuan, and 972 million yuan, with growth rates of 27.9%, 8.9%, and 5.9% respectively [4][5] - The overall gross margin for 2024 was 33.35%, a decrease of 1.28 percentage points compared to the previous year, primarily due to increased depreciation costs [3][5]