AsAc(601890) 信达证券·2025-05-09 08:02Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on revenue growth and market conditions [1]. Core Insights - The company achieved a revenue of 1.989 billion yuan in 2024, reflecting a year-on-year increase of 3.0%, and a net profit attributable to shareholders of 282 million yuan, up 19.2% year-on-year [3][4]. - In Q1 2025, the company reported a revenue of 588 million yuan, a significant year-on-year increase of 31%, although the net profit attributable to shareholders decreased by 23% to 52 million yuan [1][4]. - The company is expected to benefit from the high demand in the shipbuilding market, with a total order intake of 185,300 tons in 2024, including 161,800 tons for marine anchor chains and accessories [4]. - The gross margin for Q1 2025 was reported at 27.99%, showing an improvement compared to previous periods, with overall expense ratios being well-controlled [4]. Financial Summary - The projected total revenue for the company is expected to grow from 2.332 billion yuan in 2025 to 3.112 billion yuan by 2027, with year-on-year growth rates of 17.3%, 15.5%, and 15.6% respectively [3]. - The net profit attributable to shareholders is forecasted to increase from 310 million yuan in 2025 to 433 million yuan in 2027, with growth rates of 10%, 20%, and 17% respectively [4]. - The company's gross margin is projected to remain stable around 31% over the next few years, indicating consistent profitability [3][4]. - The P/E ratio is expected to decrease from 28.72 in 2025 to 20.58 by 2027, suggesting a potentially more attractive valuation over time [3].