新大正（002968）：2024年报点评：实现全国化布局战略，稳步提升股东回报

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved its national expansion strategy, significantly enhancing its regional market capabilities. It has completed strategic layouts in 16 key cities and covers over 100 cities across 26 provinces/municipalities, becoming the first private enterprise in the public construction sector to achieve nationwide coverage [8] - The company's revenue for 2024 is projected to be 3.39 billion yuan, representing an 8.3% year-on-year growth, while the net profit attributable to shareholders is expected to decline by 29.0% to 113.78 million yuan due to various factors affecting profit margins [8] - The company has consistently increased its cash dividend payout ratio since its listing in 2019, with a proposed total cash dividend of 64.08 million yuan for 2024, reflecting a 16.3 percentage point increase in the dividend payout ratio to 56.3% [8] Financial Forecasts and Valuation - Revenue and profit forecasts indicate a steady growth trajectory, with total revenue expected to reach 4.11 billion yuan by 2027, while net profit is projected to recover to 144 million yuan by the same year [1][9] - The earnings per share (EPS) is forecasted to be 0.63 yuan by 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 19.43 in 2024 to 15.40 in 2027, indicating potential value appreciation [1][9] - The company maintains a strong financial position with a projected asset-liability ratio of around 39.63% by 2027, reflecting prudent financial management [9]