ShaanGu(601369) Tianfeng Securities·2025-05-06 05:41Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [5]. Core Views - The company achieved a revenue of 10.28 billion yuan in 2024, representing a year-on-year increase of 1.32%, and a net profit attributable to shareholders of 1.04 billion yuan, up 2.09% year-on-year [1]. - The gross profit margin for the year was 22.51%, an increase of 1.02 percentage points compared to the previous year, while the net profit margin was 10.14%, up 0.08 percentage points [1]. - The company has made significant progress in various business segments, including breakthroughs in compressor equipment for compressed air energy storage and offshore platforms [3]. - The dividend payout ratio has increased to 74.5% in 2024, reflecting the company's commitment to returning value to shareholders [4]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 2.99 billion yuan, a year-on-year increase of 3.97% and a quarter-on-quarter increase of 30.73% [2]. - The net profit attributable to shareholders for Q4 2024 was 375 million yuan, up 27.6% year-on-year and 80.73% quarter-on-quarter [2]. - The company expects net profits for 2025 to reach 1.15 billion yuan, with a growth rate of 10.56% [4]. Business Development - The company has made strides in its compressor equipment business, with notable projects in compressed air energy storage and offshore platform compressors [3]. - The overseas business generated 1.06 billion yuan in revenue in 2024, an increase of 8.07% year-on-year, with a gross margin of 28.18% [3]. - The company has signed several significant overseas contracts, including the largest air separation compressor project for export from China [3].