Shanghai Bloom Technology (SH:603325) Huaxin Securities·2025-05-06 12:23Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The petrochemical industry is undergoing rapid transformation and upgrading, benefiting the company through equipment modernization [2] - The company has a substantial order backlog of 4.772 billion yuan, with a significant portion from large engineering projects, ensuring high revenue certainty for the future [3] - The first quarter of 2025 showed remarkable growth, with revenue reaching 328 million yuan, a year-on-year increase of 131.09%, and net profit of 104 million yuan, up 270.28% [4][8] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.157 billion yuan, a decrease of 5.43% year-on-year, while net profit was 297 million yuan, an increase of 3.32% [1] - For the first quarter of 2025, the company achieved a revenue of 328 million yuan, a year-on-year growth of 131.09%, and a net profit of 104 million yuan, reflecting a growth of 270.28% [4][8] Order Backlog and Project Progress - As of the end of 2024, the company had an order backlog totaling 4.772 billion yuan, with 74.22% from polyolefin pneumatic conveying systems [3] - The company is advancing its fundraising projects, with key projects expected to be operational by early 2026, enhancing capacity and technology [3] Market Outlook and Growth Projections - The company is projected to generate revenues of 1.616 billion yuan, 2.123 billion yuan, and 2.654 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 6.17 yuan, 7.75 yuan, and 9.70 yuan [9][11]