Eurocrane(603966) 国海证券·2025-05-05 15:15Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][10]. Core Insights - The company has demonstrated stable revenue growth, with a 6.9% year-on-year increase in revenue to 2.13 billion yuan in 2024 and a 2.2% increase in net profit to 170 million yuan [1]. - The internationalization strategy has shown effectiveness, with overseas revenue reaching 767 million yuan in 2024, a 59% increase year-on-year, contributing to 36% of total revenue [3]. - The company is expanding its global footprint, establishing subsidiaries in Saudi Arabia and Indonesia, and has gained recognition in the European market [3]. - The company’s products serve a wide range of industries, mitigating cyclical impacts, and it focuses on high-end markets for European-style cranes and robotics [4][5]. Financial Performance Summary - In Q1 2025, the company reported a revenue of 410 million yuan, an 18.4% increase year-on-year, and a net profit of 34 million yuan, up 38.4% [1]. - The gross profit margin for Q1 2025 was 27.3%, a slight decrease of 1.1 percentage points year-on-year, while the net profit margin improved to 8.65%, an increase of 1.3 percentage points [1]. - The company’s R&D expenses increased by 27% to 128 million yuan in 2024, with an R&D expense ratio of 6% [1]. Future Projections - Revenue projections for 2025 to 2027 are estimated at 2.4 billion yuan, 2.7 billion yuan, and 3.1 billion yuan, respectively, with corresponding net profits of 211 million yuan, 253 million yuan, and 301 million yuan [9][10]. - The company is expected to benefit from the increasing penetration of high-end European-style cranes and the effectiveness of its global expansion strategy [9].