CSICPCL(SH:600482) ZHESHANG SECURITIES·2025-05-18 10:04Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a significant increase in net profit for 2024, with a year-on-year growth of approximately 78%, and a staggering 349% growth in Q1 2025 [1] - The growth in revenue and profit is attributed to the continued improvement in the global shipbuilding market and high production and sales in the diesel engine segment [1][3] - The company is expected to benefit from the rising demand in the shipbuilding cycle and the expansion of its after-market services for diesel engines [4][10] Summary by Sections Financial Performance - In 2024, the company achieved an operating revenue of 51.697 billion yuan, a year-on-year increase of 14.62%, and a net profit attributable to shareholders of 1.391 billion yuan, up 78.43% [1] - For Q1 2025, the company reported an operating revenue of 12.311 billion yuan, a 7.98% increase year-on-year, and a net profit of 396 million yuan, reflecting a 348.96% growth [3] - The gross profit margin for 2024 increased by 1.53 percentage points, while Q1 2025 saw a 5.53 percentage point increase in gross profit margin [3] Business Segments - The shipbuilding industry segment generated revenue of 23.147 billion yuan in 2024, with a completion rate of 127.1% for annual plans [2] - The application industry achieved revenue of 22.060 billion yuan, with new contracts signed amounting to 21.755 billion yuan [2] - The emerging industry segment, particularly in energy-saving and emission-reduction equipment, saw a 60.92% increase in new orders for wind power operation and maintenance [2] Market Outlook - The shipbuilding cycle is on an upward trend, with demand for ship engines expected to rise due to supply constraints and increasing ship prices [4] - The company is positioned as a leading manufacturer of marine engines, likely to benefit from the favorable supply-demand dynamics in the industry [4] - The after-market service for diesel engines is projected to grow significantly, with a revenue increase of nearly 25% expected in 2024 [4][10] Forecast and Valuation - Revenue projections for 2025-2027 are approximately 60.037 billion yuan, 68.109 billion yuan, and 75.742 billion yuan, respectively, with year-on-year growth rates of 16%, 13%, and 11% [11] - The net profit attributable to shareholders is forecasted to be 2.135 billion yuan, 3.007 billion yuan, and 3.772 billion yuan for the same period, with growth rates of 54%, 41%, and 25% [11]