DOUBLE ARROW(SZ:002381) Haitong Securities International·2025-05-06 00:32Investment Rating - The report maintains an "Outperform" rating for the company [2][10]. Core Views - The company's recurring net profit declined by 37.70% year-on-year in FY2024, with operating income of RMB 2.713 billion, up 4.64% year-on-year [6][10]. - The decline in profit is attributed to increased rubber prices and significant depreciation and amortization from newly launched projects [6][10]. - The company plans to distribute a cash dividend of approximately RMB 82.32 million, accounting for 53.60% of the net profit attributable to the parent company [7][10]. - The company is actively expanding its international market presence, with overseas revenue reaching RMB 539 million, a year-on-year increase of 19.81% [8][10]. - Ongoing projects are progressing well, with future conveyor belt production capacity expected to reach 150 million square meters [9][10]. - Profit forecasts have been adjusted downward, with expected net profits of RMB 231 million, RMB 336 million, and RMB 410 million for 2025-2027, respectively [10]. Financial Summary - For FY2024, the company reported a revenue of RMB 2.713 billion and a net profit of RMB 154 million [6][10]. - The projected revenue for 2025 is RMB 3.218 billion, with a corresponding net profit of RMB 231 million [5][10]. - The company’s gross profit margin is expected to improve from 17.6% in 2024 to 19.6% by 2027 [5][10]. - The company’s return on equity (ROE) is projected to increase from 7.1% in 2024 to 14.6% by 2027 [5][10].