SNS(SZ:300470) Huaan Securities·2025-05-06 06:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a net profit attributable to shareholders of 392 million yuan for 2024, representing a year-on-year increase of 13.21%, and for Q1 2025, the net profit was 94 million yuan, up 13.84% year-on-year [4][5] - The company achieved a record high net profit of 120 million yuan in Q4 2024, with a full-year gross margin of 48.34%, slightly down by 1.31 percentage points year-on-year [5] - The company has a strong order backlog and is actively expanding production, with significant projects underway, including the construction of a new sealing plant expected to be completed by 2026 [5][6] Financial Performance Summary - In 2024, the company achieved revenue of 1.567 billion yuan, a year-on-year increase of 14.4%, and for Q1 2025, revenue was 410 million yuan, up 21.99% year-on-year [6] - The company’s international business revenue reached 200 million yuan in 2024, growing nearly 50% year-on-year, driven by expansion in the overseas mid-to-high-end petrochemical market [6] - The company’s mechanical sealing segment continues to perform well domestically, while the rubber and plastic sealing segment reported revenue of 180 million yuan for the first time [6] Earnings Forecast and Valuation - The earnings forecast for 2025-2027 predicts revenues of 1.751 billion yuan, 1.960 billion yuan, and 2.201 billion yuan respectively, with net profits of 448 million yuan, 502 million yuan, and 560 million yuan [7][8] - The projected diluted EPS for 2025-2027 is 2.15 yuan, 2.41 yuan, and 2.69 yuan respectively, with corresponding PE ratios of 16.6, 14.8, and 13.3 [7][8] - The company is positioned as a leading domestic mechanical sealing enterprise, focusing on import substitution in core areas and expanding its international business [7]