Workflow
陕鼓动力:一季度业绩符合预期,各业务板块稳步前进,分红率持续提升-20250506

Investment 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 is expected to achieve a revenue of 10.277 billion yuan in 2024, representing a year-on-year growth of 1.32%, and a net profit attributable to the parent company of 1.042 billion yuan, up 2.09% year-on-year [1]. - The gross profit margin for 2024 is projected to be 22.51%, an increase of 1.02 percentage points compared to the previous year [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 - For Q4 2024, the company reported a revenue of 2.988 billion yuan, a year-on-year increase of 3.97%, and a net profit of 375 million yuan, up 27.6% year-on-year [2]. - The gross profit margin for Q4 2024 was 21.66%, showing a year-on-year increase of 4.98 percentage points [2]. - The company achieved overseas revenue of 1.06 billion yuan in 2024, with a gross margin of 28.18%, higher than the domestic business margin of 21.73% [3]. Earnings Forecast - The company forecasts net profits attributable to the parent company of 1.152 billion yuan, 1.290 billion yuan, and 1.442 billion yuan for 2025, 2026, and 2027, respectively [4]. - The report indicates a steady growth trajectory with expected revenue growth rates of 11.10%, 10.23%, and 9.79% for the years 2025, 2026, and 2027 [4].