GenTech(SH:688596) Huaan Securities·2025-05-05 05:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of approximately 5.47 billion yuan for 2024, representing a year-on-year growth of about 42.6%. The net profit attributable to shareholders was approximately 530 million yuan, a year-on-year increase of about 31.5%. The gross profit margin was approximately 26.0%, a decrease of about 1.1 percentage points [5] - In Q1 2025, the company achieved a revenue of approximately 680 million yuan, a year-on-year growth of about 14.9%, but a quarter-on-quarter decline of about 65.6%. The net profit attributable to shareholders was approximately 30 million yuan, a year-on-year increase of about 38.2%, but a quarter-on-quarter decline of about 82.5% [5] - The company's revenue growth in 2024 was attributed to enhanced market competitiveness, increased market share of existing products and services, rapid growth in OPEX-related business, and expansion into new markets such as renewable energy and new materials [5] - The non-equipment business segment has become a significant driver of the company's sustained growth, with its revenue share reaching 31.0% in 2024 and further increasing to 43% in Q1 2025 [6] - The company is actively expanding into emerging markets in advanced manufacturing, particularly in renewable energy and new materials, with a market share growth to 11.5% in these sectors [6] Financial Summary - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be approximately 716 million, 986 million, and 1.32 billion yuan, respectively, with a downward adjustment compared to previous forecasts [7] - The projected P/E ratios for 2025, 2026, and 2027 are 15.16, 11.01, and 8.25 times, respectively, maintaining the "Accumulate" rating [8] - Key financial indicators for 2024 include a revenue of 5.47 billion yuan, a net profit of 528 million yuan, and a gross margin of 26.0% [10]