CEC CoreCast(SH:600764) Soochow Securities·2025-05-06 08:23Investment Rating - The report maintains an "Accumulate" rating for China Marine Defense (600764) [1] Core Views - The company's performance in 2024 is under pressure, with total revenue of 3.173 billion yuan, a year-on-year decrease of 11.65%, and a net profit attributable to shareholders of 228 million yuan, down 26.11% [2][3] - The decline in performance is attributed to product price fluctuations and market factors, leading to a decrease in gross margins for certain products [2] - The company has made significant product accumulations and technological breakthroughs in various fields, including underwater information systems and smart manufacturing, which are expected to support future business expansion [3] - Future development plans focus on ensuring quality and quantity in defense research and production, enhancing innovation resources, and diversifying market exploration [3] - The earnings forecast has been adjusted, with net profit estimates for 2025 and 2026 revised to 295 million yuan and 367 million yuan, respectively, and a new estimate for 2027 at 463 million yuan [3] Financial Summary - In 2024, the company reported total revenue of 3.173 billion yuan and a net profit of 228 million yuan, reflecting significant declines from the previous year [1][2] - Accounts receivable increased by 19.11% to 4.145 billion yuan, and inventory rose by 11.41% to 1.686 billion yuan, indicating pressure on sales collection and inventory management [2] - The weighted average return on equity decreased by 1.08 percentage points to 2.80% [2] - The company's earnings per share (EPS) for 2024 is projected at 0.32 yuan, with a price-to-earnings (P/E) ratio of 86.49 [1][3]