Bingshan(000530) Huaan Securities·2025-05-14 10:53Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 4.531 billion yuan in 2024, a year-on-year decrease of 5.91%, while the net profit attributable to the parent company was 110 million yuan, a year-on-year increase of 123.46% [4] - In Q1 2025, the company achieved a revenue of 1.163 billion yuan, a slight increase of 0.26%, and a net profit of 30 million yuan, up by 2.90% [4] - The company is actively expanding its industrial refrigeration sector, focusing on high-end clients and leading in commercial cold chain business [5] - The acquisition business is steadily developing, with significant progress in new ventures related to energy conservation and carbon reduction [6] - The revenue forecast for 2025-2027 is adjusted to 49.97 billion yuan, 55.19 billion yuan, and 61.79 billion yuan respectively, with net profits of 1.60 billion yuan, 2.07 billion yuan, and 2.70 billion yuan [7] Financial Summary - In 2024, the company reported a gross margin of 16.9%, which is expected to increase to 18.4% by 2027 [9] - The return on equity (ROE) is projected to rise from 3.5% in 2024 to 7.6% in 2027 [9] - The earnings per share (EPS) is forecasted to grow from 0.13 yuan in 2024 to 0.32 yuan in 2027 [9] - The price-to-earnings (P/E) ratio is expected to decrease from 46.23 in 2024 to 17.23 in 2027 [9]